“An expert is a man who has made all the mistakes which can be made in a very narrow field.”
James McCarthy has 30+ years in finance and private equity, corporate structuring and work-outs, and raising debt and equity as an investor, lender, investment manager, portfolio manager, financial advisor, corporate consultant, work-out consultant, and city planner. Clients have included domestic and offshore institutional investors, investment funds, hedge funds, high net worth investors, and private companies. I hold an MBA from Columbia University and a Master of City & Regional Planning from Rutgers University.
Special interests include green and sustainable design, resilience, passive energy design, waterfront, walkability, transit-oriented design, affordable housing, high-quality and innovative architecture and construction technology, mixed-use development, and the inclusion of public spaces and landscape architecture.
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The United Nations Department of Economic and Social Affairs projects that the world’s 10 fastest growing cities, between 2018 and 2035, will all be in Africa. The visualization below first maps the location of the fastest growing cities in the world with a population greater than 2.5 million. Interestingly, many of the fastest growing African cities are specifically located on the Gulf of Guinea including Lagos, Abuja, Abidjan, Doula, and Kumasi.
More people than ever want to live on the wild edges of Western cities, despite the risk wildfires pose to their homes. A recent study by researchers at the University of Nevada, Las Vegas, found that wildfires drive down real estate prices only in the immediate aftermath of a disaster. Home prices in burned areas typically rebound to pre-fire levels within one to two years.
Yet developers will continue to build in high-risk areas as long as there’s a demand. Residential growth in forested areas across the United States has exploded in recent years, from an estimated 12.5 million housing units in 2000 to 44 million by 2010. “We should be worried about that,” said University of Nevada, Las Vegas, research economist Shawn McCoy, who led the study. “The societal costs of wildfire will increase, because people continue to develop there. They know that those homes will sell regardless of the risk.”
The researchers found that the value of homes within sight of burn scars did dip after a fire and was slower to rebound. But even there, homebuyers’ awareness of fire risk didn’t impact their willingness to invest in those properties. Overall, housing values in the high-risk zones dropped in the year following a wildfire, but rebounded to pre-fire prices in one to two years.
….wildfire suppression accounts for 52 percent of the Forest Service’s budget; by 2021, it’s projected to increase to 67 percent….
Some 2.4 million American homes and businesses worth more than $1 trillion are at risk of “chronic inundation” by the end of the century, according to a report out Monday. That’s about 15 percent of all U.S. coastal real estate, or roughly as much built infrastructure as Houston and Los Angeles combined.
The sweeping new study from the Union of Concerned Scientists is the most comprehensive analysis of the risks posed by sea level rise to the United States coastal economy. Taken in context with the lack of action to match the scale of the problem, it describes a country plowing headlong into a flood-driven financial crisis of enormous scale.
Check out interactive map to see how your home, zip code or community does: http://US Coastal Property at Risk from Rising Seas.
Union of Concerned Scientists report at: Underwater: Rising Seas, Chronic Floods, and the Implications for US Coastal Real Estate (2018)
Let’s restate that, because it gets more shocking the more you think about it. The bailout money came from the European Central Bank and the IMF, largely meaning the taxpayers of France, Germany and other prosperous nations of Western Europe. Exactly none of it went to restore social services or repair roads in Greece. All of it was used to make payments on the Greek government’s existing debt — most of which was to banks in Western Europe. So Angela Merkel and François Hollande (then the French president) and other political leaders extorted money from their own taxpayers, on the pretense that they were helping out a small, struggling nation on Europe’s southern fringe, and siphoned it directly to the biggest European banks, largely in their own countries. It was a direct wealth transfer from ordinary people to the financial elite.
Dying lakes release dust, often polluted dust, that is literally killing people who can’t afford to move.
Though we often think of lakes as permanent landmarks, global warming, irrigation, and our constant thirst threaten these resources around the world. Terminal lakes like the Salton Sea, bodies of water that have no natural drain, are particularly vulnerable. Iran’s Lake Urmia — once the largest body of water in the Middle East — has shrunk by almost 90 percent over the last 30 years; Africa’s Lake Chad is also 90 percent smaller than it was in the 1960s; and Kazakhstan’s Aral Sea, once the fourth largest salt lake in the world, has practically been wiped off the map.
When these lakes evaporate, they can upend industries and erase surrounding communities. For residents near the Salton Sea, the most pressing problem is the threat of toxic dust. The receding Salton Sea will reveal at least 75 square miles of playa, the lake bed that the water once hid. When that soil dries, it will begin to emit dust laced with industrial runoff from the surrounding farms: up to 100 tons of dust could blow off the playa daily. If it isn’t captured, that dust will push the area’s asthma crisis from bad to dire. The Salton Sea is a dust bomb that has already begun going off.
Worthwhile to go to website and check out the photos.
Text description provided by the architects. Naiipa (Literally means ‘Deep in the Forest’) is a mixed use project consisted of an Art Gallery, Sound Recording Studio, Dance Studio, Restaurants, Coffee Shops, and Office Spaces. It is located on Sukhumvit 46, a small street that connects Rama 4 road to Phrakanong BTS Station on Sukhumvit road. The project is named after the concept of concealing the architecture in the forest as the vision of greenery is expanded by using reflective glass all around.
The United States needs new housing, but its building industry isn’t big enough to provide it. The number of residential construction workers is 23 percent lower than in 2006, while higher-skill trades like plumbers, carpenters and electricians are down close to 17 percent. With demand for housing high and the supply of workers short, builders are bidding up prices for the limited number of contractors. Advertisement Construction prices nationwide have risen about 5 percent a year for the past three years……
The global construction industry is a $10 trillion behemoth whose structures determine where people live, how they get to work and what cities look like. It is also one of the world’s least efficient businesses. The construction productivity rate — how much building workers do for each hour of labor they put in — has been flat since 1945, according to the McKinsey Global Institute. Over that period, sectors like agriculture, manufacturing and retail saw their productivity rates surge by as much as 1,500 percent. In other words, while the rest of the economy has been supercharged by machines, computers and robots, construction companies are about as efficient as they were in World War II.
The New Celestial Empire:
Author’s note: China’s “One Belt One Road” Initiative is an audacious plan to cover half the earth in Chinese-built infrastructure: railways, highways, shipping lanes, and energy corridors. One of the initiative’s marquee projects is a railway that China would like to build from its southern city of Kunming all the way through Southeast Asia to Singapore. Construction has just gotten started, particularly in Laos, the first Southeast Asian country the railway would run through. A poor and extremely undeveloped place, Laos has seen China’s presence grow quickly in recent years. I traveled to Laos in March 2017 while researching a book about the railway to see for myself how the project was coming along. What I found was surreal.
In the remote Laos-China border region, China is turning highland villages into teeming industrial hubs. Engineers have sliced modern highways — the kind you rarely see in Laos — through the jungle. And in one case, Chinese city-builders are resurrecting Boten, a former casino town that had been abandoned years prior, retrofitting it to serve as the railway’s entry point into Laos. This chapter-length excerpt is a snapshot of this isolated region and its dramatic transformation, as China begins its inexorable march with steam shovels, blueprints and big plans for the future.
Two-thirds (64.5 percent) of institutional investors believe that artificial intelligence (AI) will be widely adopted in the real estate sector by 2022, according to a new report by Intertrust, the leading global provider of high-value trust, corporate and fund services. Forty-two percent of those surveyed say the technology will be widely adopted by 2020.
“The use of AI in the industry has become an increasingly hot topic, with many predicting that it will fundamentally transform real estate investment real estate investment within two to three years,” said Jon Barratt, head of real estate at Intertrust.
Despite optimism about the future of AI, 33 percent of respondents said the technology isn’t yet ready for use in the real estate industry. The same proportion believe that this is caused by a lack of investment in AI from companies in the sector.
SO IT WILL IF IT DOES AND WON’T IF IT DOESN’T.
Buildings with high rated internet connections command premium rents. Also interesting is the replacement of FIRE (Finance, Insurance, Real Estate) by TAMI (Technology, Advertising, Media & Information).
“When tenants pay more for their office space, they expect better internet connections,” Shaw Lupton, senior managing consultant at CoStar Portfolio Strategy, tells GlobeSt.com. In looking at WiredScore rated buildings, on average there was a 6.9% increase in rental properties, between each of the four rating levels.The report found Class B buildings benefitted the most from certification. They commanded rents up to $7.50 more per square foot compared to non-Wired Certified structures, also accounting for distances to subways. “Class B building internet connections are much, much less uniform than internet connections in Class A buildings,” explains Lupton. “For Class B buildings, the wired certification sends a much needed signal to the marketplace about the quality of the connection in that building.”
TAMI (technology, advertising, media and information) tenants are attracted to buildings with strong digital infrastructures. This sector leased 13.3% of the platinum rating buildings compared to 6.9% of unrated buildings.
TAMI tenants took up an average of 8.4% of the buildings with the certified, silver and gold level designations.