U.S. cities begin leveraging infrastructure coordinators, Texas tax appraisers have been put on notice, China’s property market is projected to worsen throughout 2022, and more.
Businesses renovate office spaces at a historic pace, China plans to build a 3D-printed hydropower dam without human workers, the U.S. infrastructure package has thousands of projects underway, and more.
Over the last several years, the proptech movement has become entrenched in the lexicon of the real estate industry as developers use the term as a catch-all term for using technology in the construction of new commercial buildings and begin planning for Smart Cities. The various technologies incorporate wireless sensors, broadband service and other cloud-based applications to reduce energy costs, improve transportation and enhance security.
From our homes to our workplaces, the deployment of smart technology is becoming increasingly prevalent. The Wall Street Journal notes that smart-building-related companies raised $2.88 billion in venture capital in 2021. In previous posts, we’ve discussed the increased use of smart technology in commercial real estate, the importance of a thorough and rigorous research and evaluation process, and various factors to consider in contracts for smart technology. These evaluation and contract processes are vital for developing security guardrails to which smart technology suppliers must adhere. A rigorous, security-centric approach to smart home technology can help protect real estate companies from catastrophic PR and financial fallout from a security incident such as the Mirai malware attack in 2016 that targeted insecure Internet of Things (IoT) devices. The average cost of data breach incidents increases with each year and, in 2021, the average cost of a data breach incident was $4.24 million. More than ever, companies must not only be aware of the cybersecurity risks of these technologies but take the necessary steps to address their vulnerabilities.
The Biden Administration plans to require U.S.-made steel and iron for American infrastructure, two major real estate players expand into the metaverse, robotics may be a solution to the construction industry’s labor shortage, and more.
Construction defects emerge in pandemic-era buildings, investor confidence is improving in China’s real estate market, the proptech field continues to show significant signs of growth, and more.
Phishing schemes target the mortgage industry, housing prices rise in Europe as Ukrainian refugees flee from their home country, the SEC announces new climate change regulations that will impact commercial real estate, and more.
Office vacancy rates are on the rise, 3D printing technology will be used to build a portfolio of affordable homes, resources from the Biden Administration’s Infrastructure Bill are projected to speed up the creation of “smart cities,” and more.
New home construction projects experience the fastest growth rate since 2006, President Biden signs the Consolidated Appropriations Act of 2022 into law, big U.S. hotel chains place developments in Russia on hold, and more.