Project managers and developers in the commercial real estate industry are "overwhelmingly" concerned about rising costs as inflation continues to heat up, new research shows.
A recent survey by Northspyre reveals that industry insiders are eyeing inflationary pressure, so-called inadequate productivity and uncertain project outcomes as the biggest concerns looming over construction projects heading into 2023.
More than half of the 92 project leads surveyed think inflation will have a "moderate-to-major" impact on their roles, with 85% saying they intend to be more careful and strategic in purchasing decisions. And more than 60% of project managers surveyed say the biggest challenges they face include keeping projects on budget amid rising inflation, supply chain disruptions and higher interest rates.
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