Real Estate & Construction News Round-Up (06/15/22)
The U.S. Department of Energy turns its focus to clean hydrogen hubs, key real estate players announce a new round of layoffs, Local Law 97 faces pushback in New York, and more. Key players in real estate, Redfin and Compass, announce a new round of layoffs after an abrupt demand shift in the housing market. The U.S. Department of Energy published a Notice of Intent to fund the Bipartisan Infrastructure Law's $8 billion program to develop regional clean hydrogen hubs across the U.S. The U.S. and European markets are facing a downwards shift in real estate prices, citing high inflation as a key driver. A coalition of co-ops and building owners is suing the city of New York to block Local Law 97, which imposes emissions caps on most buildings larger than 25,000 square feet. As prices of retail property become more attractive following years of weak growth, private investors are buying up shopping centers and other brick-and-mortar locations. The ongoing development of co-working spaces is situated to unravel the problem of sustainability in real estate.