德勤+2024全球商业地产展望-英

i Realigning the global real estate industry to 2024 commercial real estate outlook: help meet new foundational realities Finding terra frma Deloite Center for Financial Services Table of contents 02 . . . Key takeaways 03 . . . Getting back on solid ground 04 . . . Concerns about a slowdown further weigh on industry revenues and spending 07 . . . Shifting structural expectations across the property markets 16 . . . Constructing a sustainability strategy to transition to a low-carbon future 20 . . . Deepening tax comprehension to help strengthen the bottom line 23 . . . Evolving hybrid work and transforming operations 28 . . . Enhancing real estate technology capabilities through speed and interconnectivity 32 . . . Building on a stronger foundation for the future of commercial real estate 33 . . . Endnotes KEY TAKEAWAYS • Expense mitigation is a top priority formost respondents; revenue expectations dropped to their lowest level since we began our survey in 2018. Top areas for expensemitigation are in talent and ofce space. • Respondents point to cost of capital and capital availability as the weakest among real estate fundamentals. About half ofrespondents expect cost of capital (50%) and capital availability (49%) to worsen through 2024, up from 38% and 40%, respectively,last year. • Many real estate frms aren’t ready to meet environmental, social, and governance (ESG) regulations. Nearly 60% surveyed say their frms lack the data, processes, and internal controls necessary to meet compliance standards. • Real estate frms should address years of amassed technical debt by ramping up technology capabilities. Most respondents (61%) admit their frms’ core technology infrastructures still rely on legacy systems, but nearly half are making eforts to modernize. • Most respondents say they plan to useoutsourcing to drive efciency. Their primary goals are gaining technological capabilities tostreamline processes and adding agility andresilience to their operations. 2 Geting back on solid ground Dear colleagues, Continuing to confront multiple challenges and shifting expectations, in 2024, the global real estate industry has an opportunity to start rebuilding on more solid ground. Multiple factors, from a pandemic-era recovery that shifted how and where people work to more recent geopolitical uncertainties and fnancial market instability, the coming year is expected to be pivotal in real estate frms’ ability to recover and build up. Marked by a myriad of mixed signals about the health and trajectory of our industry, real estate leaders may need to fnd their footing as they shape the next phase of real estate ownership and investment. The coming 12 to 18 months are expected to be important as real estate frms reposition themselves, and it might take a combination of critical realizations and strategic realignments, some far diferent from the status quo, to get there. This year’s comm