![Real Estate & Construction News Roundup (3/6/24) – Steep Drop in Commercial Real Estate Investment, Autonomous Robots Being Developed for Construction Projects, and Treasury Department Proposes Regulation for Real Estate Professionals Newspaper](https://constructiondefectjournal.com/construction_defect_law/images/nimg/041124_07-newspaper.png)
Pillsbury's Real Estate and Construction team discusses major league sports franchises turn to real estate to increase their value, ABC releases a guide on AI, New York City helps landlords convert empty office space into housing and more.
In our latest roundup, major league sports franchises turn to real estate to increase their value, the Associated Builders and Contractors releases a guide on artificial intelligence, New York City helps landlords convert empty office space into housing, and more!
- The Treasury Department proposed a regulation that would require real estate professionals to report information to the agency about all-cash sales of residential real estate to legal entities, trusts and shell companies. (Fatima Hussein, AP)
- For decades, major league teams depended on ticket sales, concessions and TV deals to generate revenue, but team owners in recent years have turned to real estate development to bring in extra cash and drive up the values of their franchises. (Nathaniel Meyersohn, CNN)
- The U.S. commercial real estate market saw a steep drop in investment last year, with the market plummeting by more than 50% to the lowest level since 2012 and CBRE noting a 91% year-over-year drop in direct real estate company investments. (Yuheng Zhan, Business Insider)