Euromoney Global Real Estate Awards 2023: CRE’s new reality
Real estate has been particularly exposed to the slowdown in bank lending. Nevertheless, logistics remains a bright spot as retail sites continue to adapt and office oversupply persists.
The retail real estate sector has worked hard to adapt to both changes in consumer habits and the boom in online retail. Both trends were already evident before the Covid pandemic but accelerated during it. Landlords left wondering what to do with once thriving city centre sites have focused on repurposing many of these spaces for a new era, one in which entertainment and health and wellbeing have become a pivotal part of the urban landscape.
This process has more recently been hit by rising inflation, rocketing energy prices, supply-chain issues and labour shortages. This has led to a slowdown in construction activity, while existing properties are being refurbished or retrofitted to give them a new lease of life, which is also helping organizations meet their sustainability targets.
Indeed, the growing focus on sustainable practices in the whole carbon life cycle of a building has proved to be a key theme in 2023.
Take the case of 11 Skies, a New World Development (NWD) construction, which is the best individual development on a global level in this year’s awards.