MIAMI—With the cost of certain materials and skilled labor rising, Brian Sudduth, a senior vice president of Miller Construction Company, expect owners and developers will see a continual upward trend in construction costs. Of course, that's consistent with the trend in 2014—but that's not all he's predicting.

“More stringent building and energy codes will also add to higher project costs, which will require more due diligence in preconstruction to help analyze and select building components and mechanical systems,” Sudduth tells GlobeSt.com. “ A Florida Building Code revision is due in the coming year.”

As code requirements become more stringent, Sudduth says owners will see an increase in the upfront building cost as they implement items like insulated glass, LED lighting and high-efficiency mechanical systems to ensure compliance. The good news is that in the long run these investments will lower operating costs and add to a building's value.