Inflation Reduction Act & CRE

It’s the biggest federal climate legislation ever: the so-called Inflation Reduction Act. Commercial Observer parsed through the pages to uncover the carrots and sticks for the commercial real estate industry. Plus, the biggest proptech gathering so far is about to take place in New York City, and SL Green’s forthcoming One Madison secures a major office lease.?

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— Tom Acitelli, Co-Deputy Editor

Biden’s Inflation Reduction Act: What’s In It for Commercial Real Estate?

The biggest chunks of the $379 billion earmarked in the new law are directed toward manufacturing? cleaner energy. Another segment is directed at consumers, in the form of tax refunds for electric cars and home retrofits. But there are also large parts aimed at real estate and construction because those industries are two of the biggest emitters of greenhouse gases. The law incentivizes a range of building retrofits that will lower the emissions of existing buildings, while also seeking to galvanize innovation and implementation of low-carbon building materials, greater use of renewable energy, and more sustainable design methods.

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CREtech NYC Coming Back Strong in Weak 2022 Proptech Market

Competing with, among other things, the World Series, college and pro football, and a challenging economy, the autumnal world of real estate conferences is back, and kicking off with the CREtech NYC proptech conference on Oct. 12 and 13 at Pier 36 in Manhattan. This year’s conference arrives amid a shakier time in the sector and will cover a wide range of proptech and related real estate topics,? with a particular focus on climate tech and all-around innovation, said Michael Beckerman, CEO of CREtech. He said he expects 2,500 global professionals to attend, making it the largest U.S. proptech conference ever.

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Franklin Templeton Takes 347K SF at SL Green’s One Madison

Franklin Templeton Investments signed a 15-year lease for 347,474 square feet, a footprint that will span floors 11 through 22 in the 1.4 million-square-foot tower scheduled for completion in 2023. The asking rent was $145 per square foot, according to SL Green.

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