The pandemic has upended developer timelines on new construction projects, due largely to supply and labor shortages. As a result, projects just aren't making it to the finish line on time. However, Patrick Winters, president and principal of Nadel Architecture + Planning, says there are a handful of simple ways that developers can mitigate the losses.

"While supply and labor shortages are definite challenges for today's developers, there are ways to mitigate these challenges and bring projects across the finish line on time and within budget," Winters tells GlobeSt.com. "Developing relationships with local suppliers and buying in bulk for economies of scale are two ways to overcome this obstacle."

The solution requires that developers chose a well-connected contractor. "Developers who hire contractors that work with a broad network of local vendors can circumvent the problems of lost time, rising costs, and materials scarcity that come from relying on overseas sources or only one supplier," adds Winters.