Vista, CA - Speaking before the annual meeting of the National Association of Real Estate Editors, recently held in Houston, Texas, Hugh F. Kelly, a professor of real estate at New York University and chairman of the Counselors of Real Estate, presented a "Top 10" list of issues that are expected to impact the real estate industry both in the near future and long-term.
While many of the issues, such as energy, jobs, healthcare, and the continuing impact of globalization, were listed and given high priority, delegated to number six in order of concerns was water. According to some observers, this was a mistake.
"Maybe water is down on the list for the near term, but it shouldn't be," wrote Richard Mize, real estate editor for The Oklahoman newspaper. "After all, we've probably got 10 or 15 years left before the dust starts hitting the fan."
To justify his rationale, Mize reminded his readers that groundwater depletion from 2000 to 2008 was three times greater than the average rate of depletion for the past 100 years, according to the U.S. Geological Survey. He also added that 780 million people are currently without clean water; 2.5 billion have no modern sanitation; and three million people die each year from water, sanitation, and hygiene-related issues.
"Water, or lack thereof, is going to have major implications for real estate in this country and around the world," says Klaus Reichardt, CEO and founder of Waterless® No-Flush Urinals. "It is going to impact where people want to live, invest, and build new businesses-all of which will impact land values and real estate."
While the situation is critical and water should likely have been listed as one of the top concerns impacting real estate in Kelly's presentation, Reichardt says, "we need to be concerned, but not alarmed. We have already seen many communities in the U.S. reduce water consumption dramatically just by switching to water-reducing technologies with little impact on business or lifestyles."
The Top 10 Concerns presented by Hugh F. Kelly are the following:
• Energy
• Jobs
• Influence of the millennial generation
• Healthcare
• Globalization
• Water
• Capital markets
• Housing
• Manufacturing
• Agriculture