CRE Rebound Sparks Higher Construction Costs

CRE Rebound Sparks Higher Construction Costs

The past decade has produced a rollercoaster of changes in construction costs. The building boom preceding the recession created unprecedented inflation on building materials pricing. Between 2005 and 2008, costs rose anywhere from 80 to 85 percent, estimates Kent Moe, a senior vice president of development with The Alter Group, a development company in Scottsdale, Ariz. “We were hanging onto our hats trying to catch up to the inflationary increases,” he says.

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