Kurt Wehrle speaks on Real Estate And Building Infrastructure
Kurt Wehrle said the lack of investment in infrastructure is a nationwide issue, and it has also had unique connections with commercial properties. The lack of infrastructure investment leads to higher costs to businesses and manufacturers that supply goods and services, which are passed along to workers and families. Any damages to a building’s infrastructure, when they are not taken care of before purchasing commercial real estate, could cause even greater problems in the future, which would cost the business owners significant time and money.
When looking to buy commercial real estate, it is essential to inspect any existing building infrastructure for damage. If infrastructure is not well designed, then the costs to fix it may be included in a commercial property’s value.
Kurt Wehrle added failing to properly maintain property infrastructure could result in significant losses in both real estate and liability. As noted above, and seen in the different examples throughout the U.S. and the world, a failure to upgrade aging infrastructure could cause a crisis, even though no statutory obligation requires action. We are talking about the infrastructure crisis of bridges, tunnels, rails, elevated highways, sewage, water supplies, electric grids, and certain buildings that, while safe and compliant when they were first built, are not anymore. Power failures and severe weather events are straining every piece of the infrastructure, including roads, bridges, tunnels, water systems, and buildings.
Buildings are only as good as the infrastructure surrounding them; without roads, ports, bridges, power, and water, the global property becomes virtually worthless. Kurt Wehrle says, of course, other infrastructure, like roads, rail lines, buses, schools, and water and sewer pipes is needed when people begin to occupy and use new buildings built by developers. Whether a real estate development involves the building of homes, office buildings, or, for that matter, retail spaces, the real estate development supports economic activity, both directly and indirectly, by serving fundamental human needs, that is, creating places where people can live and work. Each infrastructure facility has an element of the building, involving improvements to, or construction of, new real assets that are for public use.
