Although business conditions have improved for commercial real estate, supply chain disruptions continue to plague CRE and the larger US economy, NAIOP cautions.
The close to nine out of 10 developers reporting delays or shortages in construction supplies in the most recent NAIOP COVID-19 impact survey suggests supply chain disruptions may outlast other effects of the pandemic, increasing construction costs and slowing new development.
"The materials and supply chain issues are lagging effects of the pandemic, and they are affecting every industry," says Thomas J. Bisacquino, president and CEO of NAIOP. " "While the pandemic's impact was deep, there's a sense of optimism among NAIOP members, with deal activity rising and an increase in people returning to offices, restaurants and retailers."
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