Real Estate & Construction News Round-Up (08/10/22)

Pillsbury - Gravel2Gavel Construction & Real Estate Law
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Pillsbury - Gravel2Gavel Construction & Real Estate Law

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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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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