The commercial real estate industry has strengthened considerably over the past few years, and 2015 holds the promise for further growth. After discouraging gridlock on CRE legislation in 2014, it’s likely that related issues will be a priority for the Republican-led Congress in 2015. There’s even some indication of bipartisan support for legislation related to tax reform and lending.
Because many of these issues have an impact on the commercial real estate market, we’re keeping an eye on some possible legislative developments for this year – many of which are related to key issues in CRE. Of course, this is not an exhaustive list, but a few of the main players to watch for during the year.
2015 CRE Legislative Trends
#1 Commercial Drones
An intriguing marketing strategy that’s recently emerged is the use of drones for aerial photography, virtual tours, and more. The FAA is hustling to keep up with commercial interest in this tool, particularly since the passage of the FAA Modernization and Reform Act in 2012, which requires the agency to “develop a comprehensive plan to safely accelerate the integration of civil unmanned aircraft systems into the national airspace system.”
The FAA estimates that by 2020 there will be 30,000 commercial drones in operation in the U.S. The first exemption for a real estate firm was granted earlier this year, to Tierra Antigua Realty in Tucson, Ariz.
In response to the 2012 Act, over 100 bills have been introduced in state legislatures relating to the use of drones, with 43 states proposing legislation. Much of this deals with issues of privacy, addressing concerns over the use of drones by law enforcement, but as the demand from the commercial sector grows, we’re sure to see more discussion of ways to regulate the use of drones in real estate.
Check out the other Top Legislative Trends Impacting CRE here.
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