Key Highlights
- Counselors of Real Estate newest report points to current and emerging issues expected to most impact commercial real estate throughout 2021-2022 cycle
- Counselors of Real Estate is international consortium of commercial property professionals
International Consortium of Commercial Real Estate Professionals Issues Latest Report
The Counselors of Real Estate, an international consortium of commercial real estate professionals, just released its annual report titled “Top Ten Issues Affecting Real Estate.”
This international consortium of commercial real estate professionals researched, identified, debated and voted on the present and emerging issues anticipated to have the most significant impact on real estate through 2021-2022.
Top Issues
- Remote Work & Mobility
- Determined to be the number one issue that will affect commercial buildings globally.
- Technology
- Acceptance of technology, rather than new tech itself, was driven by lockdown changes in work, the economy, social structures and personal behavior “…forced the industry to put any earlier reluctance arise.”
- Environmental, Social, and Governance (ESG)
- Led to shifts in consumer preferences, regulatory requirements, trillions in wealth transference to younger generations committed to philanthropic living, blurring of work and societal expectations and sprint to attract/retain top talent
- Supply Chain Logistics
- Infrastructure
- Housing Supply and Affordability
- Political Polarization
- Economic Change
- Adaptive Reuse
- Bifurcation of Capital Markets
Pandemic Seen as “Stress Test”
According to Michel Couillard, CRE, 2021 global chair of The Counselors of Real Estate and president & CEO of Montreal’s BUSAC Real Estate, “The pandemic was a stress test, revealing vulnerabilities, appetites, and new and increased risks…(all) highly interconnected and indicative of a newly changed and further evolving real estate environment.”
Couillard said that in a time span of weeks/months, the commercial real estate industry saw “…high profile hacks, shortages of resources like microchips, lumber and labor, and rising prices across the board.”
Inventory Vulnerability in US Highlighted
This latest Counselors of Real Estate report points to specific challenges in the US commercial real estate market.
Couillard said, “In the US, the supply of housing was already anemic, but when the pandemic hit, plunging mortgage rates and the resulting surge in sales created what is now an historic low level of housing inventory.”
Thanks to The Counselors of Real Estate.
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