Real Estate 2023Dec 16, 2022
Vin Vomero, co-founder and CEO of FoxyAI
As the founder and CEO of a PropTech firm, I always enjoy seeing what some of the top firms put out about Real Estate trends in the coming year. PWC just published their “Emerging Trends in Real Estate 2023” report.
Here are a few snippets (and my thoughts):
- “Many workers are not in the office full time. 10-20% of office space might need to be repurposed due to decreased demand.”
I don’t think this comes as a huge surprise to anyone!
- “Weather events continue to impact more Americans. As a result, pressure on the real estate industry for more ESG investing is mounting.”
Even if you just skim the headlines, this is also not surprising.
- “As interest rates rise, investors are stockpiling cash or moving to other assets like bonds. But long-term optimism is high.”
Bonds have also had a dismal year—there just hasn’t been anywhere to hide.
- “Supply shortage, inflation, and other factors mean housing is too expensive for many.”
I think the erosion of the single greatest driver of wealth for Americans, homeownership, should be a major concern for everyone.
- “Cities are increasing spending on infrastructure (roads, bridges, rails, etc.) from the Bipartisan Infrastructure Law.” “This also includes spending $65B on broadband access.”
Is it just me, or are we constantly spending on broadband access? Where does all this money go?
- No industry report is complete without some fluffery. “Business leaders are closely monitoring the potential impact on the real estate industry of the metaverse.”
Coming from spending everyday in a remote-first company, in-person beats the metaverse, for now.
Here’s the full report if you want to read it for yourself.
Here’s to a Happy and Prosperous 2023!