Money and people. These are the things that power commercial real estate. However, in recent years the industry has begun to take more seriously the emergence of a new paradigm: climate change.
Say what you will about the science and politics, but the topic of climate change and how it is already impacting real estate development is here. And based on conversations at Bisnow events and in our news reporting over the past year, this is a topic that is firmly on the minds of real estate professionals around the world.
That’s because the threat of rising sea levels is no longer something that might happen. It is already happening — from New York to California to the Philippines to Italy. Small communities and major gateway cities alike are now experiencing the effects of rising tides.
If the science is right and these trends continue, one can only assume that the money will follow — or leave, depending on one’s perspective. Not yet, however. Because while the science might tell you to go, the money and people are telling you to stay.
Read the full story here.