Emergent, yes. I don’t know of a better explanation. It has to be “physical”; otherwise, how could it influence our perceived reality? Anything that interacts with physical reality must itself be considered physical. That leaves only either consciousness as an emergent property or some form of panpsychism, as far as I know. I haven’t come across any notable physical theories describing anything like a field of consciousness or whatever. So emergent property it is.

Edit: this is assuming some form of ontological realism. There exists people who think reality is entirely constructed by one’s consciousness, for example. I don’t see such ideas as particularly fruitful.