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Sustainability continues to be a top priority for leaders across the globe, including newly elected U.S. President Joe Biden who has taken a whole-of-government approach to combating the ongoing climate crisis. In January 2021, Biden announced a series of executive orders, including his international and domestic climate change agenda that calls for investing in renewable and clean energy, rejoining the Paris Agreement, and achieving a net-zero emission economy by 2050. Nothing specific in these executive orders appear to point to the commercial real estate sector, but as plans are set in motion these actions will likely set a broader precedent for all industries. Here are some trends to look for as it relates to office:
In the News
CBRE's Senior VP Todd Siegel Offers Strategic Insights for Meeting the Needs of Customers in Mixed-Use Environments
The office landscape and workforce has seen a dramatic transformation in the last decade: open layouts replaced large cubicle footprints; daily work schedules are less "scheduled" and more digital and flexible; and in-person assemblies are now virtual gatherings. Leading this charge is technology.
In an effort to merge close-knit communities with urban-style living, developers and investors have sought innovative ways to create a lifestyle setting where the opportunity to work, live, shop and play can all be found in relatively close proximity. The result has been a rise in modern mixed-use properties, which are generally a fusion of two or more uses, including commercial, residential or retail space.
We usually think of capital as something which has value. Traditionally we have defined that value by the willingness of borrowers to pay interest and by the returns which investors see as acceptable. But now we have a new consideration.
While fears of economic decline kept some industry insiders on a cautious path throughout 2019, the U.S. economy is showing signs of maintaining relative stability throughout 2020 — with the commercial real estate market appearing to follow suit. Rod Richerson, regional president, Western United States of KBS, reflects back on 2019 and explores the possibilities for the year ahead.
A lot of buzz is being generated these days around the importance of sustainability. So much so, that headline-grabbing efforts, including the rise of environmental activism and the surge in climate-change advocacy, have inspired builders and tenants to strive for greater energy efficiency. It’s a trend that continues to gain crucial momentum.
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