This week The Ministry of Land, Infrastructure, and Transport of South Korea announced a plan to facilitate the construction of 10,000 smart buildings. But these are not your standard smart buildings. They will be “smart plus” buildings. That cryptic designation comes with just as cryptic of a definition. “Smart plus” buildings are those that are prepared for the “fourth industrial revolution.” These terms are a bit of PR but they are intended to describe the coming changes to our current transportation and labor systems from advanced technologies.

An example of a “smart plus” building would be one that was equipped with a parking lot for autonomous vehicles, one that is designed for robots to be able to move around inside of it, or even one that has a heliport for drone delivery. The thought is that by designing for these future technologies, they can actually be ready when the technologies are adopted. To help make this idea a reality the government has created an alliance involving 65 organizations from the industry as well as universities and research institutions.

If the Korean government is successful, that adoption might come sooner than almost anywhere else in the world. The country aims to approve Level 4 autonomous buses (where humans are not needed but can still take over if needed) by 2025 and at least Level 4 passenger vehicles by 2027. It also targets half of the new vehicles sold in 2035 to be Level 4 or Level 5 autonomous. South Korea is one of the most technologically advanced societies in the world, and the government has pledged $1 billion to the cause, so if any country could fast track the development and adoption of autonomous vehicles it would be them.

As important as it is to plan for the distant future when it comes to our built world, it also represents a big risk. Building some of these features into buildings is expensive, and if these technologies aren’t adopted (or, more likely, another technology takes their place), then it could render the buildings functionally obsolete. South Korea is making a gamble on its “smart plus” building program, one that they probably see as worth the risk. If they succeed, the program will set them up to be one of the most advanced, sustainable countries in the world. If it doesn’t work, this will just be another forgettable failed attempt in a long list of unsuccessful smart city programs.

 ⚖️ Fair commissions: Massachusetts-based MLS Property Network has proposed a settlement to the DOJ for the inquiry over their commission structure. This week the DOJ responded, saying that the changes made as part of the settlement were not sufficient and that “the Department of Justice continues to have concerns with the proposed settlement.”

📍 Investment map: The Biden administration has just released an interactive map showing all of the investments being made around the country from Federal programs like the American Rescue Plan, the CHIPS and Science Act, and the Inflation Reduction Act.