Although the 2022 Men’s FIFA World Cup concluded less than six weeks ago, plans are already being laid for the next iteration of the tournament, which will take place in cities across North America. The United States, Canada and Mexico won their joint bid to host the 2026 Men’s World Cup, which is returning to North America for the first time since the U.S. hosted the tournament in 1994. In June of 2022, FIFA—the international governing body for the sport of soccer—announced the 16 cities which will play host to the tournament.
Real Estate & Construction News Round-Up (02/08/23) – The Build America, Buy America Act, ESG Feasibility, and University Partnerships
This week’s round-up explores President Joe Biden’s recent State of the Union address and plans for the Build America, Buy America Act, the feasibility of real estate companies achieving their ESG goals, and how developers, lenders, and tenants are partnering with universities to solve real estate challenges.
The Increasing Popularity of Women’s Soccer Heralds a Surge in Investment Opportunities
This spring, the National Women’s Soccer League (NWSL), the top professional women’s soccer league in the United States, will kick off its eleventh season of play. It is by far the longest-enduring and most successful professional women’s soccer league in U.S. history, and appears poised for significant growth in its viewership, fan engagement, and financial strength in 2023 and 2024. Savvy investors and entrepreneurs are looking increasingly toward women’s soccer as an area of great potential growth in the coming years, and for good reason.
The “Builder’s Remedy” Looms Over Bay Area Cities
Cities in the San Francisco Bay Area are frantically working to finalize their state-mandated “housing elements” in their General Plans by the January 31, 2023, deadline imposed by the California Department of Housing and Community Development (HCD). For Bay Area cities like San Francisco, Oakland, San Jose and Berkeley, the plans must be approved by HCD on or before January 31, 2023. California municipalities have extra incentive to get their housing elements approved this year, because the failure to meet the deadline may subject them to a remedy known as the “builder’s remedy.”
Real Estate & Construction News Round-Up (01/25/23) – Artificial Intelligence, Proptech Innovation, and Drone Adoption
This week’s round-up explores new artificial intelligence tools and their projected impact on real estate agents, key trends driving proptech innovation, barriers to adopting drones in the construction industry, and more.
Recent Measures Establish Tax Increases on Real Property in California Cities
In “Recent Measures Establish Unprecedented Tax Increases on Real Property in California Cities,” Craig A. Becker, Breann E. Robowski, Rachel B. Horsch and David W. Wright examine the array of local measures approved by California voters in the 2022 midterms, which includes an increase in city-level transfer taxes and the addition of new taxes on property in LA and Bay Area cities.
Real Estate & Construction News Round-Up (01/18/23) – Construction Inventory, 3D Printing, and Metaverse Replicas
This week’s round-up dives into projections on construction inventory in the housing market, the first 3D-printed house, a replica of South Korea’s Seoul in the Metaverse, and more.
Real Estate & Construction News Round-Up (01/11/23) – Construction Tech, Housing Market Confidence, and Decarbonization
To kick of 2023, this week’s news round-up dives into contech inventions projected to impact the industry, shifting home prices and buyer confidence, investors prioritizing decarbonization efforts, and more.
Parking Reform Takes Off on the West Coast
Starting January 1, 2023, real estate developers in Oregon and California will no longer be required to build off-street parking facilities for certain projects located near public transit. Both states enacted new rules during the course of 2022 which are effective as of the beginning of 2023, and which seek to reduce the costs of building at least some new projects in major population centers.
Commercial Real Estate in 2023: A Snapshot
As we close out the last remaining weeks of 2022, all eyes look ahead to 2023. Below is a quick snapshot highlighting three trends and predictions that may continue to shape the commercial real estate landscape in 2023.
- Office space and the digital economy present attractive investment opportunities and potential. Even with all of the chatter about office vacancies during the last three years, according to Moody’s Analytics, “it’s important to note that none of the regions across the U.S. have seen office vacancy rates dip below their pre-pandemic Q4 2019 levels.” This might be due to creative and reimagined office spaces as the return to office continues. The hybrid work format and flexibility in spaces will continue in 2023.
- Data analytics and Proptech will continue to play a larger role, allowing property owners and tenants to collaborate to provide more efficiency, whether to achieve sustainability goals or leverage technology like immersive experiences to entice tenants to new spaces. An increase in demand for technology to solve issues will most likely continue in commercial real estate.
- ESG will continue to be a trending topic, particularly around regulatory and disclosure requirements. In 2022, we saw commercial real estate taking notice if increased ESG enforcement. In 2023, the industry will take specific and actionable steps to apply ESG (and leverage smart technology in commercial real estate) to reduce carbon footprint and greenhouse emissions in commercial buildings, collaboratively with tenants and retail locations.