November 09, 2021
NAIOP, the Commercial Real Estate Development Association, commends congressional lawmakers on the passage of the $1.2 trillion infrastructure package, which now moves to President Joe Biden for signature into law.
A longtime priority issue for NAIOP members – the nation’s foremost owners, developers and investors of office, industrial, retail and other commercial real estate – the bill’s $550 billion in new federal investments in U.S. infrastructure will provide critical financial support for the nation’s roads, bridges, rail and mass transit systems, as well as underlying water, energy, power and broadband systems, among others.
Investment in these transportation and infrastructure networks is essential to repairing and strengthening the supply chain. Included in the bill are $17 billion for port infrastructure and $25 billion for airports – critical funds that will help address facility deterioration, lower emissions through electrification and other low-carbon technologies, and reduce congestion near these heavily trafficked areas.
“The availability of modern and efficient infrastructure systems is a major factor in real estate development and investment decisions,” said Thomas J. Bisacquino, NAIOP president and CEO. “Strategic investments in infrastructure will result in increased opportunities for commercial real estate development and stronger job creation and economic growth for communities.”
Among the key elements of the bill – that also aligns with NAIOP’s priorities – is increased use of public-private partnerships (P3s), enabling cities, counties and economic development organizations to have the flexibility to upgrade infrastructure and develop new facilities while providing long-term returns to private investors. The bill also includes roughly $16 billion for major regional projects that are too complex for traditional funding but have significant economic benefits.
“NAIOP is encouraged by this bipartisan action that backs the critical need for infrastructure,” said Bisacquino. “We will work with our members and their companies to utilize incentives and funding that rebuild and advance our nation’s future.”
The supply chain, infrastructure investment and other topics related to industrial real estate will be discussed this week at NAIOP’s I.CON: The Industrial Conference, Nov. 11-12 in Jersey City, New Jersey. Media are invited to attend and should pre-register by contacting firstname.lastname@example.org.
# # #
About NAIOP: NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. NAIOP comprises 20,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit naiop.org.