RealShare Apartments RealShare Apartments

Look out, developers. The construction labor shortage may be getting worse. Recent natural disasters, including the severe hurricanes in Houston and Florida and the rampant wildfires in Northern California, are going to increase demand and competition for qualified construction labor. Developers have been challenged by the construction labor and rising costs for years, and experts at RealShare Apartments are bracing for the problem to intensify. Experts—moderator Mike Rovner, president of Mike Rovner Construction; Patrick Crandall, managing director of Construction Real Estate at CapitalSource; Matt Levy, VP of Investments at the Laramar Group; Jamie Fleming, CEO & Co-Founder of Studio 216; and Kitty Wallace, EVP of Los Angeles at Colliers International—discussed the issue on the Rising Above the Competition with Redevelopment, Repositioning and Renovations panel at RealShare Apartments last week.

Fleming said that the problem is getting so bad that contractors are driving by work sites and offering to pay workers double. “Since the hurricane, people are walking off the job. That can kill your budget and timeline.” He said the solution is to vet general contractors to make sure that they have deep relationships, and, if you can, to keep moving people to new job sites to keep their work flow consistent.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.