CRE Leaders Growing More Alarmed By Climate Crisis, Other Social Problems And Say Action Is Needed
Hot sectors and rising markets typically highlight the Urban Land Institute’s annual Emerging Trends in Real Estate report, but the 2022 edition also emphasizes other major shifts in commercial real estate.
“The real estate industry is now being called to participate in the improvement of society,” PwC US Real Estate Leader Byron Carlock said.
Released Thursday during ULI’s fall meeting at the McCormick Convention Center in Chicago and jointly prepared with PwC, the report is a survey of more than 1,000 industry leaders and experts. Alongside thoughts about how well various cities’ office markets are progressing toward recovery or how supply chain bottlenecks may threaten new development, it reflects growing recognition that social problems, especially climate change, may now be the biggest threat.
“The rash of natural disasters and the obvious warming we’ve experienced in the past two to three years have really heightened sensitivity,” Carlock said.
2021 saw devastating wildfires and drought afflict much of the U.S., while other nations, such as China and Germany, suffered deadly floods. That helps explain why more than 80% of survey respondents told ULI and PwC they consider environmental, social and governance issues before making major investment or development…
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