1、March 2023Real Estate PracticeSix new imperatives for real estate playersHigher inflation,higher interest rates,and other challenges mean that the real estate industry needs new paths to success.by Sophia Braes,Daniele Chiarella,Aditya Sanghvi,and Brian VickeryIf you build it,they will come.For deca

2、des,thats been as true for well-located office,retail,and residential real estate as for the baseball field in Field of Dreams.But today,paradigm shifts,higher inflation,higher interest rates,and climate change are forcing real estate investors and operators to face a fraught reality:today,if you bu

3、ild itor buy itin the usual way,they might not come.It goes without saying that the COVID-19 pandemic upended where and how the world uses spaces.In some regions,office attendance is still dramatically lower than it was before the pandemic;in the United States,for example,it hovers at around 50 perc

4、ent.1 Consumers have returned to brick-and-mortar stores2 but are shopping closer to home.3 Greater expectations for same-or next-day shipping have increased demand for industrial square footage near the places where people live and work.Perhaps even more transformative than altered demand is the fa

5、ct that occupiers have a new set of needs,beyond what real estate companies have traditionally provided.Hybrid work and omnichannel sales require that landlords supply creative physical designs,as well as innovative services and solutions.Tenants,lenders,and other stakeholders increasingly look for

6、buildings that play a role in fighting climate change.Digital sophistication has become essential to help real estate players act more quickly and make wiser decisions,to enable emissions reporting,and to track and analyze how space is used.Complicating the panorama is the fact that after a decade-l