Real Estate & Construction News Roundup (3/6/24) – Steep Drop in Commercial Real Estate Investment, Autonomous Robots Being Developed for Construction Projects, and Treasury Department Proposes Regulation for Real Estate Professionals
In our latest roundup, major league sports franchises turn to real estate to increase their value, the Associated Builders and Contractors releases a guide on artificial intelligence, New York City helps landlords convert empty office space into housing, and more!
- The Treasury Department proposed a regulation that would require real estate professionals to report information to the agency about all-cash sales of residential real estate to legal entities, trusts and shell companies. (Fatima Hussein, AP)
- For decades, major league teams depended on ticket sales, concessions and TV deals to generate revenue, but team owners in recent years have turned to real estate development to bring in extra cash and drive up the values of their franchises. (Nathaniel Meyersohn, CNN)
- The U.S. commercial real estate market saw a steep drop in investment last year, with the market plummeting by more than 50% to the lowest level since 2012 and CBRE noting a 91% year-over-year drop in direct real estate company investments. (Yuheng Zhan, Business Insider)
- Associated Builders and Contractors released an artificial intelligence guide for construction professionals that includes definitions of common AI terminology, example uses and some guiding principles for builders to apply the tech in their own work. (Matthew Thibault, Construction Dive)
- Two U.S. Senators introduced a bill last week meant to prevent the use of algorithmic systems to raise the price of rental housing units, and if passed, the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act of 2024 would make it unlawful for rental companies to use services that coordinate rental housing prices and unit supply information. (Mary Salmonsen, Multifamily Dive)
- Researchers in Drexel University’s College of Engineering have developed a system that they believe could enable efficient identification and inspection of problem areas by autonomous robots for buildings, roads and bridges. (Drexel University)
- New York City is moving ahead with its’ City Hall’s Office Conversion Accelerator program, that is meant to help landlords navigate the patchwork of regulations around renovating commercial buildings and incentivize them to convert empty office space into housing. (Ali Bauman, CBS)
