Real Estate & Construction News Roundup (1/10/24) – New Type of Nuclear Reactor, Big Money Surrounding Sports Stadiums, and Positivity from Fannie May’s Monthly Consumer Survey
In our latest roundup, the commercial real estate market poses a risk to financial stability, New York City moves towards net-zero building emissions, workers at several Los Angeles area hotels tentatively agree to a new contract, and more!
- For the first time since Fannie May’s monthly consumer survey was launched in 2010, more homeowners overall believe rates will go down rather than up. (Diana Olick, CNBC)
- According to U.S. regulators, the commercial real estate market is potentially a leading risk to financial stability in 2024, noting rising vacancy rates, declining values of office properties, high interest rates and the possibility of an economic slowdown. (Jim Tyson, CFO Dive)
- New York City will soon begin penalizing owners of buildings that emit too much greenhouse gas — a move toward requiring net-zero building emissions by 2050. (Jennifer Kingson, Axios)
- The stadium used to do the heavy lifting when it came to ancillary revenue from professional sports teams, but now, it is becoming an afterthought as the big money is in the real estate surrounding the stadium. (Eric McConnell, Yahoo)
- The U.S. Nuclear Regulatory Commission is issuing a construction permit for a new type of nuclear reactor that uses molten salt to cool the reactor core, with the NRC expecting at least two more applications next year for construction permits on small modular reactors or advanced designs. (Jennifer McDermott, AP)
- Workers at 10 hotels in Los Angeles and Orange counties have signed tentative agreements to end a long contract dispute that led to rotating work stoppages this year. (NBC Los Angeles)
- Going into the new year, software makers and other tech providers are creating new offerings or updates to existing products that are designed to calm construction woes. (Shelley D. Hutchins, Construction Dive)
