Bisnow's audio series, Bisnow Reports, examines every facet of the international commercial real estate industry — from the murky future of retail and office to real estate’s reckoning with diversity to the effects of climate change on the built world, and so much more. You can subscribe on iTunes, Spotify and Amazon Music, or scroll down to listen in your browser.

On this year's final episode of Bisnow Reports, we hear from journalists across Bisnow's global newsroom about what has shaped the commercial real estate industry over the past year and what is top of mind for the industry heading into 2023.

UK Editor Mike Phillips, Los Angeles reporter Bianca Barragán and Dallas-Fort Worth reporter Olivia Lueckemeyer discuss the effects of rising interest rates and inflation, the push toward sustainability, the push against ESG investing and the contentious conversations happening in communities around all kinds of development.

“If you take a step back, last year, inflation was a huge topic of conversation, but I think there was the expectation amongst economists that inflation would be a bit more transitory,” Phillips said on the podcast. “Everyone kind of knew it was untenable for rates to stay at zero forever, but 0% interest rates are absolutely brilliant for commercial real estate. … People had been factoring in that rise in rates, but not as sharply and as quickly as it actually came through.”