The Next 25 Years ...: What's Ahead for the Real Estate Industry & ITEM

By Lee, Christopher | Journal of Property Management, September-October 2008 | Go to article overview
Save to active project

The Next 25 Years ...: What's Ahead for the Real Estate Industry & ITEM

Lee, Christopher, Journal of Property Management

TIME CAN BE A MEASURE OF OUR EXPERIENCES AND OUR PROGRESS--A COMPANION IN OUR PERSONAL AND PROFESSIONAL LIVES THAT REMINDS US NOT OF WHAT WE'VE ACCOMPLISHED, BUT HOW WE HAVE LIVES. From its inception in 1933 through today, the Institute of Real Estate Management (IREM) has served as a source, resource and a welcome guide for real estate management professionals. By providing valuable training and leadership advocacy for the real estate industry and professionals, IREM has shaped, responded to and played an integral role in what is currently a multi-trillion dollar industry employing millions of talented leaders worldwide.


The real estate industry has now established itself firmly as the foundation of society's heritage and the unfinished business of every country and culture. Real estate continues to be the responsibility of each generation and the cornerstone of every nation's history. Every town and city is defined by the characteristics of its developed and undeveloped real estate; in fact, it has become the fulcrum from which society bands together for common causes, interests and values.

While real estate defines the vitality of each community and the attitudes and experiences of the tenants, residents, guests and customers it serves, it is not the buildings which define the real estate industry--it's the real estate professionals. As most buildings are demolished, redeveloped, readapted and retrofitted to meet the ever-changing needs of society, those who make it happen are a defining reason why real estate and IREM are synonymous with everyone's "live, work, play, stay and shop" environments.

During the past 75 years, we have seen many human and worldwide successes, failures and surprises. Since IREM's founding in 1933, the world's population has increased by nearly 4.8 billion. Today the global commercial real estate industry is valued at around $15 trillion (35 percent of which is in the United States). IREM Members manage more than $1.5 trillion in assets, including 8.4 million residential units and nearly 9.0 billion square feet of commercial space, making IREM a global leaders poised to shape the future direction of the real estate industry. With more thanl8,000 members located in 80 U.S. and eight international chapters, IREM's leadership within the real estate industry is acknowledged, honored and welcomed.

While IREM's future and that of the real estate industry are shaped by the past, how IREM and the industry respond to current and future challenges will define their value and success in the decades ahead. Many global factors are impacting and shaping the future of real estate (i.e., climate change, terrorism and economic advancements, to name a few), but real estate's future ultimately will be defined by the men and women who call real estate their profession. While many factors face the real estate industry, I feel the following four operational factors are likely to have the greatest impact on the real estate professional in the next 25 years.


U.S. buildings currently account for 39 percent of all energy use (A $222 billion energy bill), and 70 percent of all electricity consumption. An estimated 250 plus billion square feet of buildings in the United States are not energy efficient. As of May 2008, more than 10,000 projects, or 3.5 billion square feet of commercial space, were seeking LEED certification. The green building industry is projected to grow from a $12 billion industry in 2007 to a $47 billion industry by 2015.

Prediction: During the next 25 years, green buildings will not only be the standard, but we can expect to see new uses for buildings, including those for growing farm products, generating their own power, and operating with artificial intelligence; additionally, most buildings will become homogenous and linked with all other buildings surrounding them.

IREM'S Role: The CPM[R] designation and ARM[R] certification will be augmented by a letter and a number following the designation (i.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Cite this article

Cited article

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

The Next 25 Years ...: What's Ahead for the Real Estate Industry & ITEM


Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?