To kick of 2023, this week’s news round-up dives into contech inventions projected to impact the industry, shifting home prices and buyer confidence, investors prioritizing decarbonization efforts, and more.
Parking Reform Takes Off on the West Coast
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Starting January 1, 2023, real estate developers in Oregon and California will no longer be required to build off-street parking facilities for certain projects located near public transit. Both states enacted new rules during the course of 2022 which are effective as of the beginning of 2023, and which seek to reduce the costs of building at least some new projects in major population centers.
Commercial Real Estate in 2023: A Snapshot
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As we close out the last remaining weeks of 2022, all eyes look ahead to 2023. Below is a quick snapshot highlighting three trends and predictions that may continue to shape the commercial real estate landscape in 2023.
- Office space and the digital economy present attractive investment opportunities and potential. Even with all of the chatter about office vacancies during the last three years, according to Moody’s Analytics, “it’s important to note that none of the regions across the U.S. have seen office vacancy rates dip below their pre-pandemic Q4 2019 levels.” This might be due to creative and reimagined office spaces as the return to office continues. The hybrid work format and flexibility in spaces will continue in 2023.
- Data analytics and Proptech will continue to play a larger role, allowing property owners and tenants to collaborate to provide more efficiency, whether to achieve sustainability goals or leverage technology like immersive experiences to entice tenants to new spaces. An increase in demand for technology to solve issues will most likely continue in commercial real estate.
- ESG will continue to be a trending topic, particularly around regulatory and disclosure requirements. In 2022, we saw commercial real estate taking notice if increased ESG enforcement. In 2023, the industry will take specific and actionable steps to apply ESG (and leverage smart technology in commercial real estate) to reduce carbon footprint and greenhouse emissions in commercial buildings, collaboratively with tenants and retail locations.
A Court-Side Seat: An End-of-Year Environmental Update
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As 2022 draws to a close, here is a brief description of recent environmental and regulatory law rulings, as well as new federal rulemaking proceedings.
Acquisition of Distressed Loans: Bankruptcy Considerations and the 363 Sale
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There are no shortage of bankruptcy considerations that must be understood by an incoming lender who acquires a distressed commercial real estate loan and whose borrower shortly thereafter files for bankruptcy protection. For the purposes of this article, we imagine a hypothetical distressed debt buyer who has acquired the loan with the goal of eventually obtaining the underlying property and who may be distressed (pun intended!) by the bankruptcy filing. While often considered an impediment to acquisition efforts, we believe that bankruptcy presents significant benefits and opportunities for the strategic loan-to-own investor.
The G2G Year-End Roundup (2022)
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Our year-end roundup highlights the top-read Gravel2Gavel posts from 2022. Our authors addressed the legal implications for a variety of hot topics and market disruptions, providing deep industry insights that spanned Metaverse real estate investments, economic sanctions in Russia, and cybersecurity for smart buildings.
Real Estate & Construction News Round-Up (12/07/22) – Home Sales, EV Charging Infrastructure, and Office Occupancy
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This week’s round-up explores decreasing home sales, electric vehicle charging stations, office occupancy levels, and more.
Real Estate & Construction News Round-Up (11/30/22) – Proptech Trends, Green Construction, and Sustainable Buildings
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This week’s round-up explores 4 key trends expected to impact proptech in 2023, global investment in green construction technologies, sustainable buildings and their perceived value for tenants in Europe, and more.
UCC Foreclosure Basics: Acquisition of Distressed Real Estate Mezzanine Debt
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We recently provided an outline of items to diligence when purchasing a mortgage loan in distress—and separately also discussed issues to diligence when purchasing a mezzanine loan in distress. This post (the third in this series) outlines Uniform Commercial Code (UCC) foreclosures in general terms and describes key considerations for mezzanine lenders (and the purchasers of distressed mezzanine loans) contemplating or planning a UCC foreclosure.
Real Estate & Construction News Round-Up (11/16/22) – Backlog Shifts, Green Battery Storage, and Russia-Ukraine Updates
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This week’s round-up explores backlog shifts in the nonresidential construction sector, updates from the ongoing war between Russia and Ukraine, lithium-ion battery storage issues in New York City, and more.