{"id":1004705190,"date":"2024-03-06T05:01:12","date_gmt":"2024-03-06T13:01:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004705190"},"modified":"2024-03-26T01:36:36","modified_gmt":"2024-03-26T09:36:36","slug":"cre-infrastructure-need-each-other-more-than-ever","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/","title":{"rendered":"Infrastructure Upgrades Are Critical for CRE\u2019s Future"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d37f9c379b&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004705226\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/image-courtesy-of-the-gateway-development-authority\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority.jpg\" data-orig-size=\"5760,3840\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;6.3&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark III&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1364992197&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;70&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.003125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Image-courtesy-of-the-Gateway-Development-Authority\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"683\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority.jpg?w=1024\" alt=\"\" class=\"wp-image-1004705226\" style=\"aspect-ratio:1.3333333333333333;object-fit:cover;width:400px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority.jpg 5760w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority.jpg?resize=300,200 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority.jpg?resize=768,512 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority.jpg?resize=1024,683 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority.jpg?resize=1536,1024 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The Gateway Development Commission, put together in 2019 by the states of New York and New Jersey, is in charge of the Gateway Project, which includes portions that got funding through the 2021 bill. Above, several workers perform maintenance work on New Jersey&#8217;s Portal Bridge. <em>Image courtesy of the Gateway Development Commission<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Three years ago, when the $1.2 trillion <a href=\"https:\/\/www.commercialsearch.com\/news\/analysis-the-infrastructure-plan-cre-and-the-economy\/\">bipartisan infrastructure bill<\/a> became law, $550 billion was earmarked for surface transportation and core infrastructure, including the power grid, broadband expansion and environmental resiliency. <\/p>\n\n\n\n<p>Most CRE insiders see this spending as critical for existing property values, but also as a catalyst for the future. In this context, <em>vital<\/em> is not an understatement. As the country&#8217;s infrastructure gets left behind by the fast-paced economy, the erosion may be slow, but it touches everything. <\/p>\n\n\n\n<p>Beside location, real estate performance is a function of the quality of infrastructure supporting it\u2014that is, the ability of developers, investors and users to maximize the usefulness of the asset, said Korin Crawford, executive vice president in charge of public-private partnerships at <strong>Griffin Structures<\/strong>, a construction manager based in Irvine, Calif.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/manufacturing-thrives-amid-construction-surges\/\">Manufacturing Thrives Amid Construction Surges<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>But the state of U.S. infrastructure has largely remained in decline. In 2021, the American Society of Engineers reported that, for the first time in two decades, the country\u2019s infrastructure had earned a grade higher than a D, according to <a href=\"https:\/\/infrastructurereportcard.org\/\" target=\"_blank\" rel=\"noreferrer noopener\">an assessment it performs every 4 years<\/a>. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d37f9c522d&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"286\" height=\"288\" data-attachment-id=\"1004705228\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/korin-crawford\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/korin-crawford.jpg\" data-orig-size=\"286,288\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"korin-crawford\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/korin-crawford.jpg?w=286\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/korin-crawford.jpg\" alt=\"\" class=\"wp-image-1004705228\" style=\"width:250px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/korin-crawford.jpg 286w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/korin-crawford.jpg?resize=150,150 150w\" sizes=\"auto, (max-width: 286px) 100vw, 286px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Korin Crawford of Griffin Structures and The Counselors of Real Estate believes all real estate needs a solid infrastructure foundation. <em>Image courtesy of Griffin Structures<\/em> <\/figcaption><\/figure><\/div>\n\n\n<p>The C- it handed out, however, was far from celebratory: Roads, transit, airports, dams and other subcategories remained stuck in the D range, while rail and ports alone climbed above a C.<\/p>\n\n\n\n<p>\u201cGenerally speaking, infrastructure is the foundation on which society is built,\u201d added Crawford, who is a member of the <strong>Counselors of Real Estate<\/strong>. \u201cIf it\u2019s crumbling, it won\u2019t support efficient, comfortable, safe and durable real estate.\u201d<\/p>\n\n\n\n<p>Plus, large infrastructure such as roadways, bridges, airports and public transit foster new development within communities, said Jeanne Kim, director of operations for <strong>JLL<\/strong>\u2019s Clean Energy &amp; Infrastructure Advisory. <\/p>\n\n\n\n<p>\u201cInfrastructure can impact a property\u2019s value as well as its desirability,\u201d she noted.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-transportation-from-hudson-yards-to-small-tods\">Transportation: From Hudson Yards to small TODs<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d37f9c5d8b&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004705233\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/jeanne-kim\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png\" data-orig-size=\"2676,2676\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Jeanne-Kim\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"1024\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png?w=1024\" alt=\"\" class=\"wp-image-1004705233\" style=\"width:250px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png 2676w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png?resize=150,150 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png?resize=300,300 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png?resize=768,768 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png?resize=1024,1024 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png?resize=1536,1536 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Jeanne-Kim.png?resize=2048,2048 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">JLL&#8217;s Jeanne Kim emphasizes that infrastructure can impact both the value and desirability of CRE. <em>Image courtesy of JLL<\/em> <\/figcaption><\/figure><\/div>\n\n\n<p>As of early February, $442 billion of the <a href=\"https:\/\/infrastructurereportcard.org\/bil-project-map\/\" target=\"_blank\" rel=\"noreferrer noopener\">funding in the infrastructure bill<\/a> and other measures had been allocated to infrastructure and green energy projects. That includes some $285 billion for roads, bridges, public transit, ports and airports, as well as electric buses, electric vehicle charging and other endeavors, according to White House estimates.<\/p>\n\n\n\n<p>Transportation projects, widely distributed geographically, are relatively small\u2014Phoenix is getting $1 million for a transit-oriented development program, for example, and most other commitments are much less. <\/p>\n\n\n\n<p>Larger allocations, however, include $292 million to help fund the final section of concrete casing in Hudson Yards in Manhattan, which will preserve future right-of-way for the new Hudson River Tunnel and facilitate the Gateway Project to deliver rail projects between Newark, N.J., and Penn Station. Bay City, Mich., is getting $73 million to replace the deck and control systems of an 85-year-old drawbridge after a too-hefty price tag sidelined the project in 2019.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d37f9c6723&quot;}\" data-wp-interactive=\"core\/image\" class=\"aligncenter size-large wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004705237\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/hycc-3-rendering-w-labels\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/HYCC-3-Rendering-w-Labels.jpg\" data-orig-size=\"3798,2449\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"HYCC-3-Rendering-w-Labels\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/HYCC-3-Rendering-w-Labels.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"660\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/HYCC-3-Rendering-w-Labels.jpg?w=1024\" alt=\"\" class=\"wp-image-1004705237\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/HYCC-3-Rendering-w-Labels.jpg 3798w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/HYCC-3-Rendering-w-Labels.jpg?resize=300,193 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/HYCC-3-Rendering-w-Labels.jpg?resize=768,495 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/HYCC-3-Rendering-w-Labels.jpg?resize=1024,660 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/HYCC-3-Rendering-w-Labels.jpg?resize=1536,990 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/HYCC-3-Rendering-w-Labels.jpg?resize=2048,1321 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Hudson Yards is benefitting from $292 million through the infrastructure bill, used for the final section of concrete casing. <em>Image courtesy of the Gateway Development Comission<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>That type of funding is money well spent, weighed in Ryan Severino, <strong>BGO<\/strong>&#8216;s chief economist. For too long, transportation infrastructure lagged the needs of such an advanced national economy, he argued. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d37f9c70dc&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004705239\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/ryan-severino3-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/ryan-severino3-edited.jpg\" data-orig-size=\"2995,2247\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;7.1&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS-1D X Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1682528974&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;145&quot;,&quot;iso&quot;:&quot;1250&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"ryan-severino3\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/ryan-severino3-edited.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/ryan-severino3-edited.jpg\" alt=\"\" class=\"wp-image-1004705239\" style=\"width:250px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/ryan-severino3-edited.jpg 2995w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/ryan-severino3-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/ryan-severino3-edited.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/ryan-severino3-edited.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/ryan-severino3-edited.jpg?resize=1536,1152 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/ryan-severino3-edited.jpg?resize=2048,1537 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">BGO&#8217;s Ryan Severino believes that transportation infrastructure has been lagging for too long in the U.S. <em>Image courtesy of BGO<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>A good example of that, Severino continued, is congested roads that contribute to long commutes in the bigger metros, keeping workers out of the office.<\/p>\n\n\n\n<p>\u201cIf you can make it easier for people to move around, you at least take a noteworthy barrier out of that equation,\u201d Severino stated. <\/p>\n\n\n\n<p>\u201cThe ability to move people and goods faster without any unnecessary or inordinate amount of disruption is a massive net positive for both CRE and the economy,&#8221; BGO&#8217;s chief economist concluded.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-catching-up-to-change\">Catching up to change<\/h2>\n\n\n\n<p>Some Southern California communities are taking that lesson to heart. Amid resident pressure, a handful of cities enacted temporary moratoriums on <a href=\"https:\/\/www.commercialsearch.com\/news\/the-industrial-strength-of-the-inland-empire\/\">new warehouses in the Inland Empire<\/a> industrial hub over the last few years. That\u2019s largely because prior to the warehouse boom, the region was largely agricultural and served by low-intensity two-lane roads, pointed out John Ellis, an executive vice president with <strong>CBRE<\/strong>\u2019s Valuation and Advisory Services division in Encino, Calif..<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2d37f9c7ad1&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"752\" height=\"564\" data-attachment-id=\"1004705246\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/john-g-ellis-752x752-2-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/john-g-ellis-752x752-2-edited.jpg\" data-orig-size=\"752,564\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"john-g-ellis-752&#215;752-2\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/john-g-ellis-752x752-2-edited.jpg?w=752\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/john-g-ellis-752x752-2-edited.jpg\" alt=\"\" class=\"wp-image-1004705246\" style=\"width:250px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/john-g-ellis-752x752-2-edited.jpg 752w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/john-g-ellis-752x752-2-edited.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 752px) 100vw, 752px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">CBRE&#8217;s John Ellis points out how commercial real estate development and infrastructure can put a strain on each other. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>\u201cWarehouses generate a huge amount of truck traffic, and the distances they have to travel to the nearest freeway has become critical\u2014the roads are inadequate to serve them,\u201d he said. \u201cLocal residents have seen traffic times that they need to endure significantly increase, and they\u2019re pushing back.\u201d<\/p>\n\n\n\n<p>In 2022, the Inland Empire city of Fontana received a $15 million federal grant enabled by the infrastructure bill to help fund major street work, including increased lane capacity and other improvements.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-down-payment\">Down payment<\/h2>\n\n\n\n<p>On top of road and bridge projects, the infrastructure law is plowing funds into initiatives ranging from carbon reduction programs to wildlife crossings. Given its scope, it has been heralded as a spending package that ranks with the New Deal public works programs in the 1930s and interstate highway funding some 20 years later.<\/p>\n\n\n\n<p>Still, the ASCE\u2019s most recent report card also projected a nearly $2.6 trillion gap between what had been budgeted and the nearly $6 trillion need in infrastructure spending by the end of the decade. While the infrastructure law may have narrowed the gap, more is needed, Crawford said.<\/p>\n\n\n\n<p>\u201cWe often view infrastructure spending as either we do everything in one fell swoop or nothing at all,\u201d Crawford observed. \u201cBut there is a third way, which is to create momentum with a down payment but then follow up with more spending initiatives. The infrastructure law is the first domino to go down, but we need multiple dominoes behind it.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>While epic, the 2021 bill just got the ball rolling. And the industry is on the watch. <\/p>\n","protected":false},"author":890,"featured_media":1004705270,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,23891,1600,51037],"tags":[52263,32789,37207,33105,32796,33556],"class_list":["post-1004705190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-national","category-new-york","category-trends","tag-bgo","tag-cbre","tag-counselors-of-real-estate","tag-hudson-yards","tag-jll","tag-ryan-severino"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Infrastructure Upgrades Are Critical for CRE\u2019s Future - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"The U.S. infrastructure saw a large capital injection after a landmark bill, but more is needed for both the economy and CRE to truly benefit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Infrastructure Upgrades Are Critical for CRE\u2019s Future\" \/>\n<meta property=\"og:description\" content=\"The U.S. infrastructure saw a large capital injection after a landmark bill, but more is needed for both the economy and CRE to truly benefit.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-06T13:01:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-26T09:36:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/03\/Image-courtesy-of-the-Gateway-Development-Authority-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"930\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Joe Gose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/cre-infrastructure-need-each-other-more-than-ever\/\",\"name\":\"Infrastructure Upgrades Are Critical for CRE\u2019s Future - 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