Features

Had Enough ‘Disruption’ Yet? Economic Reflections After the (First) Summer of COVID-19

It is now nearly a quarter-century since the adjective ‘disruptive’ gained currency as a positive value, rather than referring to its prior pejorative meaning of ‘disintegrative’ or ‘misbehaving’. The popular embrace of ‘disruption’ as an engine of forward economic change dates from a 1997 book by Harvard professor Clayton Christensen, The Innovator’s Dilemma.1 In a… Read more

Perspectives

What’s “Still” Special About Special Purpose Property

Introduction After fielding comments and inquiries on special purpose property definitions and refinements based on the original article “What’s so Special About Special Purpose Property?”1 It is clear that further explanation is warranted. Some of the terminology is in need of further commentary, in combination with the refined issues that unfold from valuation in litigation…. Read more

How American Cities Can Benefit from “Land Value Capture” Instruments in the Time of COVID-19 and Beyond

Why Now? The financial pressure cities are experiencing due to COVID-19 only amplifies the pre-existing historical underinvestment in municipal infrastructure and adds urgency to cities’ search for new sources of funding. Indeed, underinvestment in building new municipal infrastructure and replacing aging structures, along with chronic deferred maintenance, is an age-old story in many countries –… Read more

Perspectives

Mind the Gaps

The two issues brought forward by this column may not sound much like urgent real estate issues, but they are and if the industry does not mind them, it may miss out on important implications. The two issues are the state of municipal finances coming out of COVID-19 and the urgent need for municipalities to… Read more

Perspectives

The New Norm: ESG as a Material Risk and Opportunity for Real Estate

ESG was listed as the #10 issue in the 2020-21 Top Ten Issues Affecting Real Estate® by The Counselors of Real Estate®. Environmental, Social and Governance (ESG) is no longer an emerging trend, but a critical component of real estate investment integrated into investment decision-making. COVID-19 has further cemented this new “norm” as risk management,… Read more

Perspectives

Viewing Infrastructure Through a Different Lens

Infrastructure was listed as the #9 issue in the 2020-21 Top Ten Issues Affecting Real Estate® by The Counselors of Real Estate®. Infrastructure, the vital basic physical and social systems that support the subsistence and growth of global economies and populations, once again rears its head as a principal and critical issue impacting real estate this year. As the world reawakens to its vulnerability to extreme events amidst the current... Read More