No matter where you turn to get your news, you’re likely to be bombarded by anything and everything related to COVID-19 right now. The full impact of this novel virus on our world has yet to be fully understood. In fact, you’ve probably heard the term “unchartered water” more than once — and this is probably the best way to describe today’s environment.
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When purchasing any commercial property, it is important to know the history of that property and find out if there might be environmental contamination that could impact plans for, or the occupants of the property. In order to thoroughly evaluate a property and shield a new owner from liability for existing environmental issues, it is important to conduct a Phase 1 Environmental Site Assessment (ESA).
2020 marks the start of a new year and, perhaps more excitingly, a new decade. And while economic and real estate cycles do not revolve around the calendar year – aside from any actions resulting from changes in calendar year tax policy – it is still a great time to reflect on what real estate decisions were successful and which may require rethinking in the year(s) ahead.
Commercial real estate is one of the world’s most influential businesses. Since CRE gives physical shape to the industries around us, it has the power to change up the game on a global scale.
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Across the United States, there are a number of eyesores that are hard to miss. One of these is the abandonment of shopping malls and other huge “big box” stores that were once industry giants, such as Toys R Us. These types of abandoned buildings are the perfect visual representation of the current shift in the retail landscape – consumers are pulling their dollars from shopping malls and, instead, are spending more and more of their dollars online.
Sustainable living is increasing in popularity. Not only is sustainability mainstream, but it is also necessary for the wellbeing of our earth and people. According to the U.S. Green Building Council, “green building is the practice of designing, constructing and operating buildings to maximize occupant health and productivity, use fewer resources, reduce waste and negative environmental impacts, and decrease life-cycle costs.”
The demand for warehouse space is at an all-time high. In fact, according to the U.S. Bureau of Labor, over 2,000 warehouses have been added to the market since 2008. And, the total number of warehouses and storage spaces in the U.S. has almost reached 20,000 establishments.
It’s likely that you’ve read about, heard about, or encountered the word — PropTech. These days, PropTech is one of the biggest buzzwords in commercial real estate. But, how much do you actually know about PropTech? In this article, we’re going to dive into what PropTech really is, along with the relevant information about the term.