Project Manager Renni Trinh of March Associates Construction reveals her predictions on the pandemic’s long-term effects for Multi-Family development in Real Estate NJ’s article.
“Early in the pandemic, many city offices closed which initially caused delays in getting building permits. Most residential construction projects had begun to halt as they were deemed nonessential. As the pandemic went on, multifamily development quickly picked back up, but the demand for material has caused shortages amongst the industry as suppliers are not able to ramp up production quickly enough to meet the new need. Not only has this shortage in materials put pressure on the industry but the rise in cost for key construction materials such as steel and lumber have caused developers to re-strategize on opportunities that once made sense. Any existing construction may still be ongoing, but there has been a pause in new builds as developers continue to look to secure financing. Especially in the multifamily sector, it’s difficult for developers to absorb the increased cost of material and still remain profitable…” Read the Full Article on RE-NJ.com.
