Real estate plays a defining role in the American economy, making up over 40% of private assets nationally, while it simultaneously plays a role in our everyday lives as an expression of health, innovation, community, and culture. Real estate is also cyclical, the most recent reset triggered by the subprime mortgage crisis and the Great Recession. As illustrated in recent research, the market is overdue for its next reset, due to five converging and disruptive trends, many of which have been exacerbated by the COVID-19 pandemic: persistent segregation by race and income, America’s ongoing demographic transformation, destabilized regional housing markets, the future of work, and disruptions to the retail ecosystem.