NAIOP Commends Congress on Bipartisan Infrastructure Bill

 

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 bills $550 billion in new federal investments in U.S. infrastructure will provide critical financial support for 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 to rebuild our infrastructure and advance our nation’s future.” 

 

Learn more about NAIOP's legislative priorities.

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