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Mass Timber Development Gets a Boost With Industry Group Investments

Defining the future of real estate

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Franco Faraudo & Nicholas Pipitone
August 19, 2024

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Propmodo Daily

By Nick Pipitone · August 19, 2024

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A lumber industry-supported trade group will soon fund mass timber real estate development in select U.S. cities. Plus, in Propmodo Technology this week, we examine how commercial real estate marketplaces are increasingly prioritizing paid listings over search relevance.

Now let’s dig in!

Mass Timber Development Gets a Boost With Industry Group Investments

The Softwood Lumber Board announced earlier this month that it’s accepting applications from cities for investments of up to $250,000 each to help launch mass timber accelerator programs. The lumber industry-supported trade group has already invested in similar programs in Boston, New York City, and Atlanta.

Mass timber has become increasingly popular among commercial real estate developers in recent years, with projects multiplying in the number and size of buildings. Cities, states, and the federal government are encouraging the use of the building material to achieve sustainability goals.

Mass timber refers to engineered wood products created by combining smaller pieces of wood. It’s often seen as a more climate-friendly alternative to construction materials with high carbon footprints, such as steel and concrete.

The Softwood Lumber Board notes the mass timber accelerator programs in New York City, Atlanta, and Boston demonstrate the impact of a coordinated strategy between cities, federal agencies, and lumber industry organizations. The programs utilized investments from the Softwood Lumber Board, the USDA Forest Service, and other organizations to fund mass timber development projects in the early planning and design stages.

Boston launched a mass timber accelerator in 2021, supporting ten projects. The city’s final report revealed the properties were more aesthetically pleasing, faster to build, and had lower embodied carbon. The report also highlighted the need for building code updates to accommodate mass timber and the challenge of a limited supply of the material. Mass timber use is growing rapidly in real estate development, but it may take time before it becomes truly mainstream.

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Insider Insights

Institutional trouble
Presidential nominee Kamala Harris has announced her plans to pass the Stop Predatory Investing Act that would impose a tax on large investment groups buying single family homes in order to curtail the amount of institution investment in real estate.

A vote for housing
The cost of housing is becoming a major issue in the upcoming elections; according to a new poll, 84 percent of voters in swing states said that the cost of housing is a major issue.

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Headlines

Propmodo Technology

The commercial real estate listing market is heavily influenced by paid advertising, with major platforms like LoopNet, Crexi, and Yardi offering premium packages that significantly boost listing visibility. While this model is profitable for the platforms, it poses challenges for smaller brokerages and individual sellers.

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