Among the markets to watch identified by Emerging Trends, the newcomers to the top 10 list—including Atlanta, Dallas/Fort Worth, Charlotte, Nashville and Portland, OR—reflect the desire by Millennials and other demographic groups to gravitate toward 18-hour cities for job opportunities, urban lifestyle and amenities. New York City, Boston, San Francisco (number seven) and Washington D.C. are all 24-hour global cities that moved down the list for 2016.

The panel discussion that followed Warren's presentation cautioned against investing too heavily in these 18-hour markets, however. While the trend may result in outsized and short-term gains, a portfolio strategy that favors the global gateway cities that have lasting value during many cycles may be a wise one.

The panel also advised a measured outlook and emphasized the need for investment diversification. While 84% of Emerging Trends respondents reported their business prospects in the coming year were good or excellent, a recession may not be that far off in the future, particularly since the 2016 cycle eerily resembles the pre–Great Recession conditions of 2006, said Mary K. Ludgin, director of global investment research at Heitman. "None of us knows what will be the trigger for the next recession," she said, adding that it will likely not be as widespread or focused on housing as it was in 2007, but that it could affect certain markets and sectors acutely.”

Other noteworthy trends identified in the report include a reconsideration of suburbs as attractive and affordable places to live, particularly those that mimic the dense, transit-oriented and walkable CBDs. As they start to settle down and have children, Millennials are increasingly opting for these locations.