While rising costs have canceled some construction projects, CBRE says 2021 will still see a boom in new commercial real estate development.
This is not to discount surging prices, which have resulted in domestic steel and lumber prices tripling since last year, according to SteelBenchmarker and TradingEconomics.
Things have moderated some in May. After peaking at $1,686 per thousand board feet on May 7, lumber prices dropped by 23% to $1,306 on May 19. However, CBRE says they are still up by 260% from late last year.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
