The phased venture will last over the next two years.

"I think it is especially important to challenge, find new ways of working, and be strong in your conviction that just because something has always been done one way doesn't mean that it is right for the future," says Jeremy Bernard, CEO of essensys.

The increases are still large, but as inflation keeps growing and the economy tightens, people have less for housing.

Difficulty securing financing could curtail 30M SF of new development.