Clean hydrogen has the potential to play a significant role in the energy transition by serving as a carbon-free form of energy storage and heat production. In real estate, hydrogen could provide heating, replace or supplement natural gas in many applications, or store excess rooftop solar power. The United Kingdom, United States and Japan are all homes to pilot projects attempting to scale out hydrogen for use in communities.
Over the last several years, the proptech movement has become entrenched in the lexicon of the real estate industry as developers use the term as a catch-all term for using technology in the construction of new commercial buildings and begin planning for Smart Cities. The various technologies incorporate wireless sensors, broadband service and other cloud-based applications to reduce energy costs, improve transportation and enhance security.
From our homes to our workplaces, the deployment of smart technology is becoming increasingly prevalent. The Wall Street Journal notes that smart-building-related companies raised $2.88 billion in venture capital in 2021. In previous posts, we’ve discussed the increased use of smart technology in commercial real estate, the importance of a thorough and rigorous research and evaluation process, and various factors to consider in contracts for smart technology. These evaluation and contract processes are vital for developing security guardrails to which smart technology suppliers must adhere. A rigorous, security-centric approach to smart home technology can help protect real estate companies from catastrophic PR and financial fallout from a security incident such as the Mirai malware attack in 2016 that targeted insecure Internet of Things (IoT) devices. The average cost of data breach incidents increases with each year and, in 2021, the average cost of a data breach incident was $4.24 million. More than ever, companies must not only be aware of the cybersecurity risks of these technologies but take the necessary steps to address their vulnerabilities.
The supply of homes for sale is on the uptick, the White House releases a plan to improve the permitting process for infrastructure projects, cryptocurrency opens the door to a new class of property owners, and more.
Non-Fungible Tokens (NFTs) are changing how we think about asset ownership in the real world and in the digital world. NFTs—unique digital tokens stored on a blockchain ledger that represent ownership of an asset, either real or virtual—have gained significant popularity in realms such as art, gaming and entertainment, as a means to establish authenticity and transfer various rights. As a result, entrepreneurs are searching for new industries to disrupt utilizing the advantages offered by NFTs and blockchain more generally. The traditional real estate industry, together with virtual land in the evolving Metaverse, has been on the radar of many.
Construction payment apps are on the rise, the European Union proposes to block Russians from buying European real estate, warehouse vacancy rates hit a 27-year low, and more.
Pillsbury’s Anne Idsal Austin moderated a Federal Bar Association (Houston Chapter) panel discussion with Erin Chancellor, Director of Legal Services at the Texas Commission on Environmental Quality (TCEQ), and Sam Gammage, General Counsel of the Texas Chemical Council (TCC), on Monday, April 18. The panelists brought to bear their regulatory, legislative, and legal expertise to discuss EPA’s increased emphasis on environmental justice (EJ) and Title VI, the TCEQ’s proposed compliance history rule, and the upcoming Sunset Review of the TCEQ
Though ESG has been around for a while, with roots that extend back to the environmental sustainability movement, the script for current ESG litigation and investigations is still being written. ESG efforts have expanded to include diversity within companies and an increased focus on compliance and governance within organizations. Regulatory oversight, especially from the SEC, has swiftly come to the fore to monitor those compliance efforts. As with many areas where the precise regulatory and enforcement regime is still coming into focus, it is crucial to recognize the importance of being both proactive and pragmatic.
The Biden Administration plans to require U.S.-made steel and iron for American infrastructure, two major real estate players expand into the metaverse, robotics may be a solution to the construction industry’s labor shortage, and more.
The Metaverse is an immersive world combining virtual reality and augmented reality, where users are represented by avatars and roam virtual spaces. It comprises a variety of platforms and environments that can be explored, experienced, and developed. Online social games like Second Life, Fortnite and Minecraft are among the first wave of successful Metaverse games. Now, Meta and Microsoft see the Metaverse as a place to play, live, and work. A JP Morgan white paper stated that opportunities in the Metaverse seem “limitless.” The bank predicted that virtual worlds will “infiltrate every sector in some ways in the coming years.” A March 31 report by Citi concluded that the Metaverse has the potential to become a $13 trillion opportunity by 2030, with total global users of between one and five billion. According to Citi, the Metaverse will become a significant part of the next iteration of the internet (referred to as Web3) enabled by a variety of existing and emerging technologies, including 5G connectivity, secure blockchain and payment platforms, crypto assets, cloud computing, artificial intelligence, 3D modeling tools and headset devices.
