2026 USC Lusk Annual Retreat: Speakers, Insights and Takeaways
By Jason Bergman, Luxury Real Estate Advisor at The Agency and Alumnus of the USC Ross Program in Real Estate
Each year, the USC Lusk Retreat brings together leaders from real estate, finance, development, academia, public policy and the University of Southern California community for several days of conversation about the forces shaping the built environment.
The 2026 USC Lusk Annual Retreat, held June 10–12 at the Ojai Valley Inn in Ojai, California, came at a particularly interesting moment for real estate.
Housing affordability remains one of the defining challenges facing Los Angeles and California. Capital markets continue to reset. Artificial intelligence is changing how companies operate and how people work. Construction costs and regulation continue to affect development. Retail, office, industrial and residential markets are moving in very different directions.
The theme USC Lusk chose for the 2026 retreat captured that tension perfectly: “It Was the Best of Times, It Was the Worst of Times.”
Over three days, those contradictions became the foundation for conversations about real estate markets, housing, capital, leadership, artificial intelligence, Measure ULA, generational differences in the workplace and the future of Los Angeles.
As an alumnus of the USC Ross Program in Real Estate, returning to the USC Lusk community for the Annual Retreat was also an opportunity to reconnect with professors, alumni and industry leaders while continuing an education that extends well beyond the classroom.
What made the retreat valuable was not simply the caliber of the speakers. It was the range of perspectives in the room and the willingness to challenge assumptions about where real estate is headed next.
USC Lusk Retreat
What Is the USC Lusk Retreat?
The USC Lusk Annual Retreat is an annual gathering organized by the USC Lusk Center for Real Estate that brings together members of the USC real estate community and leaders from across the industry.
Rather than focusing on a single property sector, the retreat looks broadly at the economic, financial, technological and public policy issues affecting real estate.
The 2026 program reflected that approach.
Sessions examined residential, commercial and industrial real estate; capital markets; housing; leadership; Measure ULA; workplace demographics; artificial intelligence; and broader changes affecting the University of Southern California and Los Angeles.
The setting is also an important part of the retreat.
The 2026 event took place at the Ojai Valley Inn, with formal sessions supplemented by dinners, golf, a social hike and informal conversations throughout the property. That format creates opportunities for discussions to continue well after a panel or presentation ends.
For me, some of the most interesting conversations happened exactly that way: after a session, over a meal or while talking with someone whose experience offered a completely different perspective on the issue we had just heard discussed.
The 2026 USC Lusk Retreat Theme: “It Was the Best of Times, It Was the Worst of Times”
The theme felt especially appropriate for real estate in 2026.
There are enormous opportunities emerging from technology, artificial intelligence, new construction methods and changing patterns of investment.
At the same time, the industry is confronting high development costs, housing affordability challenges, changing capital markets, uncertainty across several commercial sectors and a regulatory environment that continues to shape what can and cannot be built.
Instead of presenting a single outlook for real estate, the retreat allowed those competing realities to exist in the same conversation.
That became one of my biggest takeaways from the event.
There isn't one real estate market right now.
Different property types, geographies, capital structures and consumer groups are experiencing very different conditions.
USC President Beong-Soo Kim on Leadership and Open Dialogue
One of the opening conversations featured USC President Beong-Soo Kim, who spoke about leadership and the changing environment facing universities.
A point that stayed with me was the importance of being able to disagree productively.
President Kim discussed USC's work around open dialogue and the idea that education should not simply teach people what to think. Universities should also create environments where people can encounter different perspectives, disagree and learn from those disagreements.
That idea extended well beyond higher education.
Real estate is filled with complicated decisions involving investors, residents, developers, lenders, elected officials, planners and communities. Those groups will not always agree.
The ability to listen, explain decisions transparently and engage seriously with opposing perspectives is increasingly important.
It was an interesting way to begin a retreat built around exactly that type of exchange.
Real Estate Markets: Residential, Commercial and Industrial
One of Thursday's major sessions examined residential, commercial and industrial real estate, moderated by John Loper of USC Price and featuring David B. Dollinger of Dollinger Properties, Arturo Sneider of Primestor and Carly Stevenson of Avanath Capital Management.
The discussion reinforced how differently individual real estate sectors are behaving.
One observation that stood out was the description of retail as a tale of two cities.
Retail is not experiencing one uniform story. In markets where communities remain underserved by stores, there can still be substantial demand and opportunity.
The conversation also turned to industrial real estate and how demand has evolved. One observation was that the market for smaller business-oriented industrial space has weakened substantially in certain areas as economic activity has become increasingly concentrated among larger companies.
The discussion was a reminder that broad labels such as “retail,” “industrial” or even “commercial real estate” can hide enormous differences underneath them.
Understanding the individual market matters more than following the headline.
Modular Construction and the Cost of Building Housing
One of the subjects I found particularly interesting was modular construction.
The conversation explored how modular building has improved and become increasingly feasible as a method of delivering housing.
For multifamily development, the potential economics can be compelling. But the discussion also highlighted one of the recurring challenges facing innovation in construction: a better way to build something does not automatically mean the regulatory, inspection and financing systems are designed to accommodate it.
One line from the conversation captured the challenge particularly well:
“Modular housing is financed like refrigerators.”
The point was less about the technology itself and more about the systems surrounding it.
Real estate innovation does not happen in isolation. Financing, inspections, regulation, insurance and entitlement processes all influence whether a new construction method can actually scale.
For Los Angeles, where the cost of producing housing remains a central issue, that conversation was especially relevant.
Eric Garcetti and the Complexity of Building in Los Angeles
The retreat also featured a Trojan Talk with Eric Garcetti, whose discussion touched on Los Angeles, economic competitiveness and the cumulative effects of regulation.
One analogy from the conversation stayed with me.
A single regulation can feel like adding one stone to a backpack. One stone may not seem significant. But continue adding stones and eventually the weight of the backpack changes what is possible.
That is an interesting framework for thinking about development.
Individual requirements may each have a rationale. The challenge is understanding their cumulative effect on whether projects can be financed, entitled and ultimately built.
For a city facing significant housing affordability and supply challenges, the relationship between regulation, development costs and housing production remains one of the most important conversations in Los Angeles real estate.
Measure ULA: Three Years In
One of the most directly Los Angeles-focused sessions was “The Aftermath of ULA Tax,” presented by Mott Smith of Amped Kitchens.
Measure ULA has become an important part of the conversation surrounding Los Angeles real estate because it affects certain higher-value property transfers and was created to fund housing and homelessness programs.
The session examined the measure several years after implementation, including its revenue, spending, transaction activity and potential effects on development and investment.
What I found most useful was hearing the policy discussed through the lens of actual real estate activity.
Policies do not exist independently of markets. Investors, developers, lenders, property owners and buyers respond to incentives and costs, and those responses can affect transactions, development feasibility and ultimately the tax base itself.
Whether discussing Measure ULA or any other major housing policy, understanding those second-order effects is essential.
Caroline Bhalla and Jason Bergman at the USC Lusk Retreat, Ross Program in Real Estate.
Capital Markets: “Debt Is King”
The capital markets discussion brought together perspectives from Oaktree Capital Management, Bain Capital, Harrison Street Asset Management, Newmark and other institutional real estate leaders.
One phrase summarized much of the conversation:
Debt is king.
After years of dramatic changes in interest rates and valuations, the structure of real estate capital has become increasingly important.
The panel discussed where investors are finding relative value, how institutional investment committees are evaluating opportunities and how real estate compares with other asset classes.
There was also discussion around real assets and infrastructure as areas attracting interest.
Office remained particularly interesting.
The gap between what buyers are willing to pay and what sellers are willing to accept has been one of the defining characteristics of the office market reset. The discussion suggested that the bid-ask spread remains meaningful, although there are signs that expectations are beginning to move closer together.
For anyone advising real estate clients, understanding capital markets is increasingly inseparable from understanding property markets.
Price is only one side of a transaction.
The availability, structure and cost of capital often determine whether the transaction happens at all.
Jennifer Deal on Generations in the Workplace
One of the most thought-provoking sessions had very little to do with property.
Jennifer J. Deal of the USC Marshall Center for Effective Organizations joined Mary Lynne Boorn and Richard K. Green for a discussion titled “Generations in the Workplace: Dynamics, Expectations, Education's Role.”
Deal challenged many of the assumptions we routinely hear about generational differences.
Complaints about younger workers are not new.
Older generations have been criticizing younger generations for centuries.
Her research suggested that a person's position and stage of life can often explain behavior more effectively than simply assigning characteristics based on birth year.
Younger workers have less experience because they are younger. Previous generations were once in exactly the same position.
The discussion also explored the role smartphones now play in social development.
Technology provides extraordinary access to information and communication, but it can also make it easier to avoid the uncomfortable interpersonal moments through which people historically learned how to navigate social situations.
For an industry built heavily around relationships, negotiation, communication and trust, that observation felt particularly relevant.
AI, USC and the Future of the Built Environment
Artificial intelligence appeared throughout the retreat, culminating in Friday's “AI at USC” discussion with Richard K. Green and Geoffrey Garrett of USC Marshall.
AI is already changing how information is analyzed, how companies operate and how professionals approach decision-making.
For real estate, the implications go much further.
Technology can change where people work, how much space companies require, how buildings operate, how investments are evaluated and ultimately how cities are designed.
Kev Zoryan also raised a broader question during his chair remarks: if AI changes how people live and earn, the built environment will have to respond to those changes.
That is the part of the AI conversation I find particularly interesting from a real estate perspective.
The question is not simply how real estate professionals will use artificial intelligence.
The larger question is how artificial intelligence will change the way people live, work and use physical space.
University of Southern California Ross Program cohort 2026
Ivy Zelman and the Housing Market
Friday's program included a keynote from Ivy Zelman, one of the country's best-known housing analysts.
Housing was an appropriate subject to bring the retreat toward its conclusion because so many of the issues discussed throughout the week ultimately intersect with it.
Interest rates affect affordability.
Construction costs affect supply.
Capital availability affects development.
Regulation affects feasibility.
Demographic change affects demand.
Technology can affect where and how people choose to live.
Looking at housing through only one of those variables rarely tells the entire story.
The retreat's broader structure made that particularly clear.
Inside the Castle Walls
Another Friday session, “Inside the Castle Walls,” featured Erroll G. Southers of the University of Southern California.
The discussion added another dimension to the retreat by examining safety, security and institutional risk.
Real estate conversations frequently focus on finance, design, construction and economics. But the built environment also has to respond to questions involving safety, resilience and how people experience physical spaces.
That broader perspective was consistent with the retreat as a whole.
The Conversations Between the Sessions
Some of the most valuable parts of the USC Lusk Annual Retreat never appeared on a presentation slide.
The program intentionally created room for those conversations.
Thursday afternoon included golf at the Ojai Country Club and a social hike, followed that evening by the Related California Gala Dinner. The retreat opened Wednesday with the Dollinger Properties Welcome Dinner and continued through Friday morning's final sessions.
Those settings matter.
A question raised during a panel can turn into a completely different conversation over lunch. Someone from capital markets may see an issue differently from a developer. A professor may challenge an assumption a practitioner has carried for years.
That exchange is a large part of what makes the retreat different from simply watching a conference online.
You are not only hearing ideas.
You are surrounded by people actively working through them.
Mott Smith speaking at the USC Lusk Retreat
My Connection to the USC Lusk Community
My connection to the USC Lusk community began through the USC Ross Program in Real Estate.
During my time in the program, my capstone team developed a housing-led mixed-use development proposal for a 6.6-acre site in Crenshaw. Our team's proposal was selected as the program's winning capstone project.
The experience strengthened the way I approach real estate today, particularly the relationship between market analysis, financial feasibility, development strategy and the communities surrounding a property.
Returning for the USC Lusk Annual Retreat extends that education.
Real estate changes too quickly for any education to end when a program does.
Markets move. Financing changes. New policies emerge. Technology creates new questions. Neighborhoods evolve.
For me, staying connected to USC Lusk is part of continuing to learn from people looking at those changes from very different perspectives.
What I Took Away From the 2026 USC Lusk Annual Retreat
I left Ojai thinking less about any single prediction and more about how interconnected the challenges facing real estate have become.
Housing cannot be separated from capital.
Development cannot be separated from regulation.
Technology cannot be separated from the workplace.
The workplace cannot be separated from commercial real estate.
Construction innovation cannot be separated from financing and inspections.
And public policy cannot be separated from how people and markets respond to it.
That was the value of the 2026 USC Lusk Annual Retreat.
It brought those conversations into the same room.
A sincere thank you to USC President Beong-Soo Kim, Richard K. Green, Ivy Zelman, Sean Burton, Eric Garcetti, Geoffrey Garrett, Jennifer Deal, Mott Smith, William Witte, Kev Zoryan and the many other speakers and participants who shared their perspectives throughout the retreat.
I am grateful to remain part of the USC Lusk community and look forward to continuing the conversations that began in Ojai.
RIchard Green and Beong-Soo Kim at the USC Lusk Retreat
Frequently Asked Questions About the USC Lusk Annual Retreat
What is the USC Lusk Annual Retreat?
The USC Lusk Annual Retreat is an annual real estate gathering organized by the USC Lusk Center for Real Estate. It brings together members of the USC real estate community and leaders from development, investment, finance, academia, housing, public policy and related fields for discussions about the forces affecting real estate and the built environment.
When was the 2026 USC Lusk Annual Retreat?
The 2026 USC Lusk Annual Retreat took place June 10–12, 2026.
Where was the 2026 USC Lusk Annual Retreat held?
The 2026 retreat was held at the Ojai Valley Inn in Ojai, California.
What was the theme of the 2026 USC Lusk Annual Retreat?
The theme was “It Was the Best of Times, It Was the Worst of Times.” The theme reflected the simultaneous opportunities and challenges facing real estate, housing, technology, capital markets and the broader economy.
Who spoke at the 2026 USC Lusk Annual Retreat?
The official program included USC President Beong-Soo Kim, Richard K. Green, Ivy Zelman, Sean Burton, Eric Garcetti, Geoffrey Garrett, Jennifer J. Deal, Mott Smith, Erroll G. Southers, William A. Witte, Kev Zoryan, Arturo Sneider, Carly Stevenson, David B. Dollinger and leaders from Oaktree Capital Management, Bain Capital, Harrison Street Asset Management, Newmark and other organizations.
What topics were discussed at the 2026 USC Lusk Retreat?
The program covered residential, commercial and industrial real estate; housing markets; capital markets; modular construction; Measure ULA; leadership; generational dynamics in the workplace; artificial intelligence; institutional safety and risk; and the future of real estate and the built environment.
Did the 2026 USC Lusk Retreat discuss artificial intelligence?
Yes. Artificial intelligence appeared in several conversations, including a dedicated “AI at USC” session featuring Richard K. Green and Geoffrey Garrett.
Did the USC Lusk Retreat discuss Measure ULA?
Yes. Mott Smith presented a session examining Measure ULA several years after its implementation and its relationship to Los Angeles real estate, housing and development.
What is Jason Bergman's connection to the USC Lusk Annual Retreat?
Jason Bergman is an alumnus of the USC Ross Program in Real Estate and attended the 2026 USC Lusk Annual Retreat in Ojai. During the Ross Program, Bergman's capstone team won the program's capstone competition for a housing-led mixed-use development proposal in Crenshaw.
Where can I find the official 2026 USC Lusk Annual Retreat program?
The USC Lusk Center for Real Estate publishes the official retreat program, speaker biographies, participant information, presentation materials and other retreat resources on its website.
About Jason Bergman
Jason Bergman is a Luxury Real Estate Advisor with The Agency serving Los Angeles and Southern California. He is an alumnus of the USC Ross Program in Real Estate and remains engaged with the USC Lusk community through alumni programming and events including the USC Lusk Annual Retreat.
His real estate practice focuses on strategic advisory, residential and luxury real estate, multifamily properties, redevelopment opportunities and helping buyers, sellers, investors and developers understand the market forces affecting real estate throughout Los Angeles.
