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Insider's rising stars of real estate span roles in leasing, affordable housing, and urban planning. We asked 20 of these young industry experts and innovators to offer predictions for 2023. 2022 wreaked havoc on the housing market: Mortgage rates rose at a fast clip, bidding wars cooled, the Airbnb market shifted, and some high-flying proptech darlings crashed back down to earth. Insider picked 30 rising stars of commercial and residential real estate who're transforming the way homes are sold and offices get built. Here are the predictions for 2023 from our rising stars:

☆ U.S. holds sale of drilling rights off Alaska coast
▼ + stars: | 2022-12-30 | by ( Nichola Groom | ) www.reuters.com time to read: +2 min

Dec 30 (Reuters) - The Biden administration on Friday will hold a sale of oil and gas drilling rights off the coast of Alaska, the first federal auction in the region in more than five years. The agency had scrapped the Cook Inlet sale earlier this year before the IRA passed, citing a lack of industry interest. Cook Inlet stretches 180 miles (290 km) from Anchorage to the Gulf of Alaska. There are 14 active federal leases in Cook Inlet, all of which were purchased by Houston-based Hilcorp at the last federal auction in the region in 2017. Operating oil and gas platforms in the area are all in state waters, but oil production has declined substantially since peaking in the 1970s.

☆ U.S. Treasury says consumer leases can qualify for EV tax credits
▼ + stars: | 2022-12-29 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

The announcement is a win for South Korea and some automakers that earlier this month sought approval to use the commercial electric vehicle tax credit to boost consumer EV access. The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for purchases of electric vehicles assembled outside North America, angering South Korea, the European Union, Japan and others. Treasury said it was using "longstanding tax principles" to determine consumer leasing could qualify for the EV tax credit. The commercial credit does not, however, have the sourcing restrictions of the consumer credit. That law lifts the 200,000-vehicle per manufacturer cap that had made Tesla (TSLA.O) and General Motors (GM.N) ineligible for EV tax credits starting Jan. 1.

☆ Biden tax credits aim to jolt electric delivery truck demand
▼ + stars: | 2022-12-29 | by ( Lisa Baertlein | ) www.reuters.com time to read: +3 min

The first-of-its-kind incentives, established under President Joe Biden's Inflation Reduction Act (IRA), will offer tax credits of $7,500 or $40,000 depending on the size of the electric vehicle (EV). The IRA's commercial EV credits do not have "made in the USA" rules that apply to passenger cars. That will "help level the playing field for electric vehicles," said Ben King, associate director at Rhodium Group, a research firm. Jim Farley, chief executive at electric van market leader Ford Motor Co (F.N), this year predicted that IRA tax credits would have a "dramatic impact on the adoption of EVs." More commercial EV purchases should lower manufacturing costs and vehicle sticker prices - which should attract even more buyers, experts said.

☆ Baird's top stock picks for 2023 include Tesla and this favorite retailer
▼ + stars: | 2022-12-29 | by ( Samantha Subin | ) www.cnbc.com time to read: +3 min

Tesla shares have come under selling pressure this year in the wake of Elon Musk's takeover of Twitter . News of an extended shutdown at its factory in Shanghai pushed down Tesla shares by more than 11% on Tuesday. Tesla stock has plunged about 69% this year and is on pace for its worst month, quarter and year ever. The brand's position as a leading specialty fragrance retailer, with consistent product replenishment cycles, should stabilize demand even in a downturn, wrote analyst Mark Altschwager. But that premium is justified given Chipotle's positioning for solid EPS gains and double-digit revenue growth over time, wrote analyst David Tarantino.

☆ Senator wants U.S. to pause implementation of new electric vehicle tax credits
▼ + stars: | 2022-12-29 | by ( ) www.reuters.com time to read: 1 min

Dec 29 (Reuters) - Senate Energy and Natural Resources Committee chair Joe Manchin on Thursday urged the U.S. Treasury to pause implementation of commercial and consumer electric vehicle tax credits. The U.S. Treasury on Thursday issued guidance that will allow automakers to take advantage of commercial vehicle tax credits for consumer leasing that do not have the same strict battery sourcing rules that are in consumer purchase credits aimed at shifting U.S. supply chains away from China. Manchin said the Treasury guidance "bends to the desires of the companies looking for loopholes and is clearly inconsistent with the intent of the law. It only serves to weaken our ability to become a more energy secure nation." Reporting by David ShepardsonOur Standards: The Thomson Reuters Trust Principles.

☆ EV startup Canoo claims former execs joined the company just so they could steal its secrets — and launch a rival automaker
▼ + stars: | 2022-12-27 | by ( Alexa St. John | ) www.businessinsider.com time to read: +5 min

Electric vehicle maker Canoo is suing some of its former employees who launched a rival company. Canoo claims the employees used Canoo trade secrets and IP for their new startup, Harbinger. Harbinger, a Los Angeles-based EV-maker that launched in September, is led by a team of former Canoo, Faraday Future, and QuantumScape executives. A Canoo spokesperson told Insider in a statement Tuesday that, "As this lawsuit demonstrates, we take the protection of our IP seriously." Several former Canoo employees have announced plans to join Harbinger on LinkedIn in recent months.

☆ Proptech is losing money left and right, but Fifth Wall's Brendan Wallace is ready to spend $866 million as the sector enters its 'proving ground'
▼ + stars: | 2022-12-26 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +5 min

Fifth Wall's Brendan Wallace says today's rough markets are a "proving ground" for the industry. Earlier this year, it announced a $500 million climate fund and a $147 European proptech fund. There are also fewer paths to go public, as the blank-check-company model that takes companies public with fewer disclosures via a merger has dried up. After successfully bringing SmartRent public via its own blank-check company in 2021, Fifth Wall canceled its second blank-check company in March of this year. Procore, which raised $634.5 million in a public offering in May 2021, is an investor in the new Fifth Wall fund.

Insider's rising stars of real estate span roles in leasing, affordable housing, and urban planning. We asked the young achievers about the books that influenced their careers or personal growth. For some of Insider's rising stars of 2022, the subject matter might surprise you. Other rising stars told Insider they wanted to learn from the trials and tribulations of successful people, like the Nike cofounder Phil Knight. Below, find the selection of 29 books that influenced the rising stars, along with their musings of what they learned or how they applied the lessons to their practices.

☆ Retailers Pull Back From Using Chartered Cargo Ships
▼ + stars: | 2022-12-23 | by ( Paul Berger | ) www.wsj.com time to read: +5 min

Retailers are moving away from using chartered ships to get around pandemic-triggered disruptions now that congestion at ports has cleared and pressures in supply chains have eased. A representative for Home Depot said it stopped using chartered vessels earlier this year as space opened up in global shipping. Party City started booking space on chartered vessels in mid-2021 in advance of Halloween, its busiest time of year, said Bruce Dzinski, Party City’s director of international transportation. Will Harwood, a spokesman for Lidl, said Tailwind owns two container ships and can carry additional cargo on other chartered vessels. Most other companies, like Home Depot and Costco, relied on third-party companies to operate chartered ships.

☆ A real estate investor who retired at 32 shares his 5 best pieces of advice for beginners heading into 2023 — including why it's just as important to know when to exit as when to buy
▼ + stars: | 2022-12-23 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +8 min

After just five years of investing in real estate, Justin Sloan officially retired at the age of 32. When he was 32 years old, just five years after purchasing his first real estate property in 2011, Justin Sloan officially retired. And while residential real estate investing has stolen the headlines this year, Sloan found success by investing in commercial real estate properties. Instead, Sloan still believes that beginners should start out the more traditional way — by investing in residential real estate. "The lessons that I learned in residential real estate carried over to commercial," he told Insider in a recent interview.

Russian airlines continue to operate many of the jets, but some have struggled to secure replacement parts. AerCap (AER.N), SMBC Aviation Capital and Avolon, the world's largest lessors, declined to comment on whether they were involved in talks on payment for jets from Russian airlines or their insurers. RUSSIAN STATE FUNDSRussian state backing for the talks was demonstrated in an Aug. 30 letter from its Transport Ministry to 23 airlines. That was "considerably less than the aggregate Agreed Values" for the aircraft, SMBC said in the letter. But one Western finance official said any deal would face major legal and diplomatic hurdles and talks may be premature.

☆ Environmentalists sue to stop U.S. oil and gas auction off Alaska coast
▼ + stars: | 2022-12-21 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: +2 min

Dec 21 (Reuters) - Environmental groups sued the Biden administration on Wednesday to block a sale of oil and gas drilling rights off the coast of Alaska that is scheduled for next week. Interior had scrapped the Cook Inlet sale this year before the IRA passed, citing a lack of industry interest. "Cook Inlet is already experiencing severe effects of climate change, and new oil and gas leasing will only magnify those harms," the complaint said. Cook Inlet stretches 180 miles (290 km) from Anchorage to the Gulf of Alaska. Operating oil and gas platforms in the area are all in state waters, but oil production has declined substantially since peaking in the 1970s.

☆ U.S. business equipment borrowings rise 9% in November - report
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +1 min

Dec 20 (Reuters) - U.S. companies borrowed 9% more to finance their equipment investments in November from a year earlier, industry body Equipment Leasing and Finance Association (ELFA) said on Tuesday. "Labor markets are stable, inflation woes appear to be abating, consumers are spending, and businesses continue to expand and grow: a recipe for stable growth by providers of equipment financing," Petta added. ELFA, which reports economic activity for the nearly $1-trillion equipment finance sector, said credit approvals totaled 77.7%, slightly above the October level. The Washington-based body's leasing and finance index measures the volume of commercial equipment financed in the United States. ELFA's non-profit affiliate, Equipment Leasing & Finance Foundation, said the confidence index in December stood at 45.9, compared with 43.7 in November.

☆ Bitcoin miner Core Scientific is filing for Chapter 11 bankruptcy — but plans to keep mining
▼ + stars: | 2022-12-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Core Scientific, one of the largest publicly traded crypto mining companies in the U.S., is filing for Chapter 11 bankruptcy protection in Texas early Wednesday morning, according to a person familiar with the company's finances. The move follows a year of plunging cryptocurrency prices and rising energy prices. Core Scientific mines for proof-of-work cryptocurrencies like bitcoin. The process requires expensive equipment, some technical know-how, and a lot of electricity. The company will not liquidate, but will continue to operate normally while reaching a deal with senior security noteholders, which hold the bulk of the company's debt, according to this person, who declined to be named discussing confidential company matters.

☆ U.S. Treasury will delay EV battery sourcing guidance until March
▼ + stars: | 2022-12-19 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

[1/2] An electric vehicle is seen charging in Manhattan, New York, U.S., December 7, 2021. REUTERS/Andrew KellyWASHINGTON, Dec 19 (Reuters) - With a revamped $7,500 electric vehicle tax credit taking effect Jan. 1, the U.S. Treasury Department said on Monday it will delay until March its release of proposed guidance on the required sourcing of electric vehicle batteries. The $430 billion Inflation Reduction Act (IRA) imposes complex restrictions on tax credits based on sourcing of battery components and critical minerals. But it only gave the Treasury Department until year end to iron out thorny questions about battery sourcing rules. But Treasury's announcement Monday means some buyers could receive tax credits for purchases of electric vehicles that ultimately will not comply with battery sourcing rules when finally unveiled.

☆ Amazon and Microsoft are backing this battery-powered generator startup
▼ + stars: | 2022-12-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

While big legacy companies like Generac and Caterpillar are beginning to offer small battery-powered units in addition to their larger diesel generator lines, California-based startup Moxion Power is focused entirely on this new power frontier. Huelskamp says diesel generators are notoriously difficult and expensive to maintain and burn diesel fuel very inefficiently. Amazon is both investing in the company and currently leasing Moxion units for two video productions, a movie and a series. Roughly half of the carbon emissions from the average movie come from the fuel used to power generators and transportation. In addition to the Amazon Climate Pledge fund, Moxion's backers include the Microsoft Climate Innovation Fund, Enterprise Holdings, Energy Impact Partners, Tamarack Global and Sunbelt Rentals.

☆ A real-estate investor who owns 9 commercial properties explains how he retired at 32 after just 5 years of investing by branching into commercial properties over residential — and shares where he see
▼ + stars: | 2022-12-18 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +14 min

Justin Sloan retired at 32 years old, just five years after he started investing in real estate. Sloan did this by branching out to commercial real estate, which he prefers over residential. Buying his first residential propertySloan began researching other investable assets such as franchises and municipal bonds, but found the idea of real estate investing especially appealing. "I was that naive to the idea that you could hire someone else to take care of your real estate." That same year, he stopped opening more cell phone stores, and instead directed all his revenue towards real estate investing.

☆ Millennials bought an abandoned high school for $100,000 and turned it into a 31-unit apartment building—take a look inside
▼ + stars: | 2022-12-16 | by ( Celia Fernandez | ) www.cnbc.com time to read: +5 min

When an abandoned high school was listed for sale in Munhall, Pennsylvania, three real estate partners saw an opportunity to completely transform the space. When an abandoned high school in Munhall, Pennsylvania, was listed for sale in 2019, Jesse Wig saw an opportunity. Dan Spanovich (left), Jesse Wig (middle), and Adam Colucci (right) bought the abandoned high school in 2019. The former high school classrooms became new, modern apartments and the auditorium turned into a shared space. The plan is for the second high school to have 33 residential units, consisting primarily of one-bedrooms and some studios.

☆ Electric cars are shredding the brand loyalty automakers have spent decades building up — and it's great news for Kia and Hyundai
▼ + stars: | 2022-12-14 | by ( Nora Naughton | ) www.businessinsider.com time to read: +3 min

Ford, Hyundai, and Kia have EVs bringing in the most new customers. GM CEO said 40% of customers purchasing GM EVs are new to the company. Car companies looking to conquest buyers to a brand can end up spending billions of dollars on new ad campaigns and R&D efforts to revamp their image, only to see meager or temporary shifts in loyalty. In remarks to journalists last week, GM CEO Mary Barra said 40% of GM's EV buyers are new to the company. GM is currently playing a long game with EV customers to drum up new loyalty with a call center for all electric vehicle drivers and shoppers.

☆ U.S. senator Manchin says Treasury should limit commercial EV tax credit use
▼ + stars: | 2022-12-13 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

Senator Joe Manchin, a Democrat who chairs the chamber's energy panel, asked the Treasury Department on Tuesday not to allow a commercial electric vehicle tax credit to be used for consumer leasing, rental cars or ridesharing vehicle sales, rejecting a broad interpretation of the credit. Reuters first reported last week the push by South Korea and some automakers that asked the Treasury Department to allow use of the commercial electric vehicle tax credit to boost consumer EV access as well as for the purchase of ride share and rental car vehicles. The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for electric vehicles assembled outside North America, angering South Korea, the European Union, Japan and others. The commercial credit known as "45W" does not, however, have the sourcing restrictions of the consumer credit called "30D." Hyundai (005380.KS) and Kia (000270.KS) want the U.S. Treasury to allow people leasing EVs to benefit from commercial credits and to qualify for up to a $4,000 tax credit for used EVs if they buy vehicles when leases expire.

☆ A real estate investor who owns 9 retail properties explains why he's putting his money in strip malls as skyrocketing rents spell more opportunities for investors
▼ + stars: | 2022-12-08 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +7 min

Sloan pointed to the rising trend of stores leaving big malls for strip malls as another catalyst. But while the residential market has stolen the spotlight, there's still one stone left unturned: the commercial real estate sector. The pandemic-induced spike in rents has hurt property types across the board, and commercial properties are no exception. But real estate investor Justin Sloan believes that major opportunities for big returns still lie ahead in the commercial real estate space — specifically, in strip malls. "I'm expecting there to be opportunities in strip malls, and that's why I'm definitely planning on putting money there."

☆ Manhattan renters face sticker shock with average rent at $5,200
▼ + stars: | 2022-12-08 | by ( Robert Frank | ) www.cnbc.com time to read: +3 min

The median rent for a Manhattan apartment in November hit $4,033, up from $3,964 in October, according to a report from Douglas Elliman and Miller Samuel. The rise in New York rents also adds pressure to overall inflation, since rents are a large component of inflation indexes and New York is the nation's largest rental market. Brokers and real-estate experts say landlords over-reached when they started renewing the leases signed in 2020 and 2021, often demanding rent increases of 20% or more. The vacancy rate in November was 2.4% — still below the historical norm in Manhattan of about 3%, according to Miller Samuel. Real-estate experts say the big drop in new leases, if it continues, will eventually force landlords to meet renters at a lower price point.

☆ Nio to install 20 battery-swapping stations in EnBW charging parks
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BERLIN, Dec 8 (Reuters) - Chinese electric vehicle maker Nio will install swapping stations, where drivers can switch their car battery for a fully-charged one, at 20 charging parks in Germany owned by utility EnBW (EBKG.DE), the utility provider said on Thursday. Nio launched in Germany in October on a leasing model, with users leasing cars with a 75 gigawatt hour battery for 1,199-1,295 euros ($1,171-$1,264) a month depending on the length of the subscription, which can be as short as a month. The carmaker, which is aiming for 120 swapping stations in Europe by the end of 2023, opened its first swapping station in Germany in late September in Zusmarshausen in collaboration with charging operator Sortimo and mobility technology company TSG. EnBW, which is investing over 100 million euros ($105.26 million) a year in expanding electric vehicle charging infrastructure, plans to expand its partnership with Nio to install more swapping stations in future, the provider's statement said. ($1 = 0.9500 euros)Reporting by Victoria Waldersee, editing by Rachel MoreOur Standards: The Thomson Reuters Trust Principles.

☆ Air India to spend over $400 mln to refurbish cabin interiors
▼ + stars: | 2022-12-08 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, Dec 8 (Reuters) - Air India would spend more than $400 million to refurbish the interiors of its entire wide-body fleet to attract more flyers after the carrier was taken over by Indian conglomerate Tata Group at the start of this year, it said on Thursday. The refurbishment will involve introduction of a premium economy cabin, it said in a statement, adding that the first aircraft with refurbished interiors will enter service in mid-2024. "Air India has committed to attain the highest standards of product and service befitting of a world class airline. We know that, at present, the cabin product on our 40 legacy widebody aircraft falls short of this standard," the company said. Once known for its lavishly decorated planes and stellar service, state-owned Air India was swept into a downward spiral due to mounting debt and ballooning losses.

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