Retail is back on top, ending 2025 as the top performing real estate asset class. How can the sector's resurgence bring insights - and valuable lessons - to apply to other commercial real estate sectors? We dive into Stephen Springham's insight series 'Retail Renaissance' to find out.

Host Will Matthews, Knight Frank’s Head of Commercial Insight, is joined by Stephen Springham, Head of UK Markets Insight, who brings over 30 years of industry experience.

In this episode you'll discover why 'relevance' trumps 'prime', and the importance of addressing underinvestment and complacency. Plus: how to navigate the complexities of repurposing retail spaces, and why strong occupier relationships are vital for a sustainable market.

For more insights like this subscribe to Will Matthews' newsletter for his weekly take on commercial real estate markets.

And you can read Stephen Springham’s Retail Renaissance papers, exploring what other real estate sectors can learn from Retail’s fall and unlikely rise again.

Produced by Rethink Audio

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In this episode, we take a deep dive into Los Angeles’ luxury housing market—one of the world’s largest super‑prime residential hubs, currently ranking third globally for $10‑million‑plus sales. Despite a range of challenges in recent years, the market continues to show remarkable resilience and remains a key destination for global private wealth.

Liam is joined by Nick Segal to unpack the dynamics of a market that has recorded 250 sales above $10 million in the past 12 months, totalling $4.6 billion. Nick explains how the city is navigating significant headwinds—from the ULA tax reform, which imposes an excise tax of up to 5.5% on high‑value transactions, to complex insurance challenges and the emotional toll following last year’s devastating fires. While these factors have prompted some wealth migration to states such as Texas and Florida, the conversation explores why a degree of “stickiness” remains, and why some buyers are already returning to California.

The discussion explores the structural shifts in buyer behaviour, noting a move away from “aspirational” pricing towards a necessary realism among sellers. Nick highlights how tech wealth and other alternative sectors are backfilling changes in the traditional entertainment industry. In addition, a new trend in wellness‑driven development is reshaping the luxury landscape, with an increasing emphasis on lifestyle quality.

Looking ahead to 2026, Liam and Nick discuss the potential for a “righting of the ship,” driven by anticipated interest rate reductions and growing political momentum to recalibrate tax initiatives. They identify key sub‑markets to watch, including the Palisades—which is poised for a major recalibration—and Beverly Hills, which remains a stronghold for developers due to its exemption from the ULA tax.

For more insight into global wealth, luxury markets and the assets that sit alongside property subscribe to Liam’s twice-weekly research briefing here: https://preferences.knightfrank.com/subscribe-to-research?utm_campaign=2703391_Data%20Protection%20-%20Not%20asked%20consent%20%28Headshot%29&utm_medium=Email%20Marketing&utm_source=Dotmailer&dm_t=0,0,0,0,0

Host: Liam Bailey, Global Head of Research at Knight Frank & Editor of The Wealth Report, liam.bailey@knightfrank.com

Guest: Nick Segal, Managing Broker at the leading Los Angeles brokerage, Carolwood, which has recently launched a new strategic alliance with Knight Frank.

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Rob Perrins, Executive Chairman of Berkeley Group, joins Tom Bill to explore the realities behind the government’s housing ambitions, the impact of the Autumn Budget, and what it will really take to deliver 1.5 million homes. With over 30 years at Berkeley, Rob offers a unique perspective on the UK’s planning system and the challenges of delivering homes at scale, particularly in London. He discusses why housing delivery has stalled, how the regulatory burden and taxation are undermining viability, and why restoring confidence and the “feelgood factor” is critical for the market. Rob also reflects on his career at Berkeley, the legacy of founder Tony Pidgley, and how the company’s culture of regeneration, placemaking and long-term investment continues to shape its approach today.

⁠Subscribe⁠ to Tom Bill's UK Residential Outlook, for all the latest properties, exclusive market analysis, news and data.

Produced by Ollie Peart at ⁠⁠Rethink Audio⁠⁠.

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