The Senate passes the Inflation Reduction Act, construction costs continue to rise across the U.S., commercial real estate advances the adoption of ESG strategies, and more.

• The recently-passed Inflation Reduction Act of 2022 leaves out the carried interest tax hike, much to the relief of real estate investors worldwide. (Taylor Driscoll, Bisnow)
• Commercial real estate continues to push forward ESG strategies, given the significant carbon footprints left by most office buildings. (Ted Jackson, CFO)
• “Space as a Service” tech company Neighbor, which re-purposes under-utilized real estate into storage for tenants, hits its stride in the post-pandemic landscape as the excess of unprofitable space rises. (The Real Deal)
• A recent study by Deloitte reveals that blockchain technology is poised to take over more than 50% of commercial real estate’s entire leasing and sale processes. (Arijit Sakar, Cointelegraph)
• NFTs (non-fungible tokens) and real estate sales are becoming more intertwined as blockchain technology grows in popularity, calling for safe and legal operations to be established. (Johan Hajji, Forbes)
• Construction costs continue to rise across the U.S., but three cities have taken the lead, with 4.10%, 3.95% and 2.67% increases compared to the nationwide average of 2.4%. (Zachary Phillips, Construction Dive)

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