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NEW YORK CITY- High construction costs and market saturation all point to a recession within the next year as developers and other industry players travel back and forth to the drawing board to figure out when a slowdown of economic activity will happen and how to best prepare, Julian Anderson, president of Rider Levett Bucknall North America, a independent organization in cost management, quantity surveying, project management and advisory services, tells Globest.com.
"We're expecting to get a slowdown starting at the end of 2020, and if not 2020, then definitely in our view 2021, but it's gotta happen because the amount of construction is so great and costs are so high, people will eventually have to pause on what they're doing," he said.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
