Commercial Real Estate In 2023: A Snapshot
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...
CONTRIBUTOR ARTICLE 27 December 2022 Pillsbury Winthrop Shaw Pittman To print this article, all you need is to be registered or login on Mondaq.com. 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. 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. 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. 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. Specialist advice should be sought about your specific circumstances. AUTHOR(S) POPULAR ARTICLES ON: Real Estate and Construction from United States Real Estate Tips For Pro Athletes McLane Middleton, Professional Association High net worth individuals comprise a core of McLane Middleton's clientele, including a number of professional athletes.