While rising costs have canceled some construction projects, CBRE says 2021 will still see a boom in new commercial real estate development.
This is not to discount surging prices, which have resulted in domestic steel and lumber prices tripling since last year, according to SteelBenchmarker and TradingEconomics.
Things have moderated some in May. After peaking at $1,686 per thousand board feet on May 7, lumber prices dropped by 23% to $1,306 on May 19. However, CBRE says they are still up by 260% from late last year.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
