Each year, the Counselors of Real Estate organization polls its members and thereafter releases a summary of the “Top 10 Issues Affecting Real Estate.” You can find the article here.
As expected, COVID-19 dominated the headlines and ranked number 1 on the list of issues. Aside from the personal, emotional, and economic toll, COVID-19 raises serious questions about the future demand for real estate, and whether it will be reduced by the “virtual office” and preference for home entertainment? There is a huge question mark regarding how long social distancing will persist, and whether it will result in permanent changes to how people live their lives (including at places such as restaurants, theaters, offices, government buildings, airports, stores, etc.).
What were the other real estate issues highlighted by the CRE? They are as follows:
- Economic Renewal
- Capital Market Risk
- Public & Private Indebtedness
- Affordable Housing
- Flow of People
- Space Utilization
- Technology & Workflow
Some of these are really significant issues, particularly as they pertain to our world of public infrastructure and eminent domain. For example:
- How do government agencies continue to fund important public projects as the national debt continues to skyrocket?
- How do governments appropriately plan for the future when the flow of people--and where they will live and how they will commute--is completely up in the air?
- How do local cities and counties plan for affordable housing and meet affordable housing goals through zoning regulations and without taxing communities or home buyers?
- How does the government approach major infrastructure disruptors, including the pandemic, extreme weather, wild fires, rising sea levels, cyberattacks, and terrorism—all of which will require novel, adaptable and strengthened infrastructure across the globe?
These will all be important issues to tackle as we look toward the future.
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