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Meet in the Middle | Our Take August 2024

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It’s time for U.S. manufacturing and communities to find common ground. to view with images. To

It’s time for U.S. manufacturing and communities to find common ground. [Click here.]( to view with images. To ensure delivery to your inbox, please add [CBRE Group Inc.](mailto:Capitalmarkets@cbrecommunications.com) to your address book. [OurTAKE logo] Expert perspectives on what matters most in commercial real estate August 2024 This month, Seth Martindale writes about what it’s going to take to reshore U.S. manufacturing and enable communities to thrive. Meet in the Middle [Author Photo]( 3-min read By [Seth Martindale]( Senior Managing Director, Americas Consulting, Location Incentives [Meet in the Middle] It’s time for U.S. manufacturing and communities to find common ground. When I started in site selection 20 years ago, the U.S. led the world in manufacturing. Beginning about a decade ago, China moved ahead, with economic and political effects worldwide. Over the years, I’ve seen time and again how much it matters [where industry chooses to locate]( not only globally. In [cities and towns across the United States]( manufacturing has the power to shape the future. And just as the where of site selection has changed, so has the how. The elements we considered when selecting sites used to be more straightforward: labor force availability, labor costs and operating expenses. Those factors favored offshoring, and for years, offshoring reliably met most businesses’ needs. Then the [pandemic threw a wrench in supply chains]( and geopolitical tensions added complications. Equipped with data on every aspect of manufacturing and the supply chain, companies started to think about [reshoring]( as offshoring put at risk the just-in-time delivery imperative. And today, both the public and private sectors should be—and in some cases are—fast-tracking the return of manufacturing stateside. However, several factors are stalling the effort. First, infrastructure is falling short. Power, gas, water—so much of what manufacturing needs—is in short supply. Likewise labor is constrained, as an aging and shrinking labor pool creates skilled-worker shortages and drives up wages. At the same time, government incentives can be more difficult to secure, with higher qualifying thresholds. And NIMBYism is a longtime obstacle. People say they want U.S.-made products and next-day delivery—but they don’t want to put manufacturing or distribution centers in their communities to allow for that. But America has what it takes to bring U.S. manufacturing home. First, we have size in our favor. U.S. annual GDP totaled $28.26 trillion in Q1 2024, 50% more than that of either the European Union or China, according to the U.S. Bureau of Economic Analysis and the International Monetary Fund. The U.S. manufacturing sector, representing nearly 16% of global manufacturing by most estimates, is second only to China and is more than double third-place Japan. The U.S. is home to 3.9 billion sq. ft. of manufacturing space, about 20% of the total U.S. industrial market. And we have government investment. The federal government is putting serious money—almost a trillion dollars—into U.S. manufacturing. The CHIPS and Science Act is doing what the acronym suggests: Creating Helpful Incentives to Produce Semiconductors. And the IRA—the Inflation Reduction Act—is funding needed [infrastructure like bridges, roads and energy](. The money is there to help make U.S. manufacturing work. Most important, we have smart, determined people in our industry. After all, some of the most important bridges aren’t the literal ones the IRA funds. They’re the figurative bridges that connect communities, and no one builds them better than real estate professionals. We have connections with state and local business leaders. We have connections with global businesses. We have connections with investors around the world. Through those connections, we can open the way to [opportunity in communities across America](. Together we can find common ground for manufacturing and cities to thrive. America is great at making money, but we’re also great at making things—and the most valuable thing U.S. manufacturing makes is strong communities. It’s time to [update the stale site selection model]( and seek out places where [public interests and private money can meet in the middle](. By looking at site selection in a new way, we can find common ground where both manufacturing and communities thrive. Don't Miss Out Was this newsletter forwarded to you? [Subscribe]( Know someone who would benefit from Our Take? [Share]( Get the content most relevant to you by [managing your preferences](. Explore More CBRE Content Listen to our latest podcast, [The Weekly Take]( Explore all of our latest Insights & Research at [cbre.com]( This email was sent by: CBRE Group Inc. 2100 McKinney Ave Suite 700 Dallas, TX, 75201, US [Unsubscribe From This List]( You may also unsubscribe by calling toll-free +1 877 CBRE 330 (+1 877 227 3330). Please consider the environment before printing this email. CBRE respects your privacy. A copy of our [Privacy Policy]( is available online. For California Residents, our California Privacy Notices is available [here](. If you have questions or concerns about our compliance with this policy, please email [PrivacyAdministrator@cbre.com](mailto:privacyadministrator@cbre.com). © Copyright 2023. All rights reserved. This report has been prepared in good faith, based on CBRE’s current anecdotal and evidence based views of the commercial real estate market. Although CBRE believes its views reflect market conditions on the date of this presentation, they are subject to significant uncertainties and contingencies, many of which are beyond CBRE’s control. In addition, many of CBRE’s views are opinion and/or projections based on CBRE’s subjective analyses of current market circumstances. Other firms may have different opinions, projections and analyses, and actual market conditions in the future may cause CBRE’s current views to later be incorrect. CBRE has no obligation to update its views herein if its opinions, projections, analyses or market circumstances later change. Nothing in this report should be construed as an indicator of the future performance of CBRE’s securities or of the performance of any other company’s securities. You should not purchase or sell securities—of CBRE or any other company—based on the views herein. CBRE disclaims all liability for securities purchased or sold based on information herein, and by viewing this report, you waive all claims against CBRE as well as against CBRE’s affiliates, officers, directors, employees, agents, advisers and representatives arising out of the accuracy, completeness, adequacy or your use of the information herein. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Update Profile: [Preference Center](

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