Endnotes 1. Savills. (2025, 25 September). Total Value of real estate estimated at $379.7 trillion – almost four times the value of global GDP. https://www.savills.com/insight-and-opinion/savills-news/352068/total-global-value-of-real-estate-estimated-at- $379.7-trillion---almost-four-times-the-value-of-global-gdp. 2. JLL. (2024). Global Capital Markets Outlook. https://www.us.jll.com/en/trends-and-insights/research/global/global- capital-outlook. 3. FDIC & Moody’s Analytics. (2024, 8 February). NYCB Announcement Foreshadows Trouble to Come in 2024, but CRE-Related Downside has Limits. https://www.moodyscre.com/insights/cre-news/nycb-announcement-foreshadows- trouble-to-come-in-2024-but-downside-has-clear-limits/. 4. PGIM. (2024). Reimagining Cities: Balancing Debt, Demographics and Dreams. https://www.pgim.com/reimagining-cities. 5. United States Environmental Protection Agency (EPA). (2024, 9 May). Improving Your Indoor Environment. https://www.epa.gov/indoor-air-quality-iaq/improving-your-indoor-environment. 6. Coalition for Urban Transitions. (2019). Climate Emergency/Urban Opportunity. https://urbantransitions.global/wp-content/ uploads/2019/09/Climate-Emergency-Urban-Opportunity-report.pdf. 7. United Nations Environment Programme (UNEP). (2022, 13 April). 40% of emissions come from real estate; here’s how the sector can decarbonize. https://www.unepfi.org/themes/climate-change/40-of-emissions-come-from-real- estate-heres-how-the-sector-can-decarbonize/#:~:text=Nearly%2040%25%20of%20global%20carbon,remaining%20 30%25%20comes%20from%20construction. 8. Bracken, K. (2022, 28 November). Decarbonizing real estate: How to price the net zero transition to avoid a ‘carbon bubble’. https://www.weforum.org/stories/2022/11/carbon-bubble-real-estate-decarbonization/. 9. Ibid. 10. Royal Institute of Chartered Surveyors (RICS). (2023). Whole life carbon assessment for the built environment. https://www.rics.org/content/dam/ricsglobal/documents/standards/Whole_life_carbon_assessment_PS_Sept23.pdf. 11. JLL. (2024). The next frontier for green building certifications. https://www.jll.co.uk/en/trends-and-insights/research/the- next-frontier-for-green-building-certifications 12. Toyota. (2024, 1 July). What is nemawahsi? Toyota Production System guide. https://mag.toyota.co.uk/nemawashi- toyota-production-system/ 13. Ocean Park Hong Kong. (n.d.) Coral REEFStoration. https://www.oceanpark.com.hk/en/education-conservation/ conservation/coral-reefstoration. 14. Microsoft. (2024). Microsoft Digital Defense Report 2024. https://www.microsoft.com/en-us/security/security-insider/ intelligence-reports/microsoft-digital-defense-report-2024. 15. NLC. (2024). What is Affordable Housing? https://www.nlc.org/article/2024/01/08/what-is-affordable-housing/. 16. Turner & Townsend. (n.d.). Slow steps forward: gradual acceleration in activity as build costs stabilize. https://publications.turnerandtownsend.com/international-construction-market-survey-2024/global-construction-cost- performance#block-ab6ad559-9158-419a-beef-f65c457c315e. 17. Policy Genius. (2023). Home insurance prices up 21% as homeowners are left to deal with climate change, turbulent market. https://www.policygenius.com/homeowners-insurance/home-insurance-pricing-report-2023/. 18. ASCE. (n.d.). Infrastructure Investment Gap 2020-2029. https://infrastructurereportcard.org/economics-old/investment- gap-2020-2029/#:~:text=Assessing%20America’s%20Infrastructure%20Gap&text=We’re%20still%20just%20 paying,10%20years%20to%20%242.59%20trillion. 19. ASCE. (n.d). Infrastructure Investment Gap 2020-2029. https://infrastructurereportcard.org/economics-old/investment- gap-2020-2029. 20. The White House. (2024). A Guidebook to the Bipartisan Infrastructure Law. https://www.whitehouse.gov/build/guidebook/. 21. International Energy Agency (IEA). (2021). Empowering Cities for a Net Zero Future. https://www.iea.org/reports/empowering-cities-for-a-net-zero-future. 22. World Bank Group. (2023). Healthy Cities: Revisiting the Role of Cities in Promoting Health. https://openknowledge.worldbank.org/entities/publication/dfeb14cb-8c28-46a6-93df-24dcfb8d860e . Reimagining Real Estate: A Framework for the Future 47

Reimagining Real Estate 2024