The pursuit of land and its price is rising, putting a strain on developers in nearly every market and industry segment.
In 2021, the land market had its best year in nearly a decade as sales rose 6% and outperformed the pace of acquisitions of other commercial real estate types, according to the 2021 Land Market Report from the REALTORS Land Institute (RLI) and the National Association of REALTORS (NAR).
Keith Poliakoff, founding partner, Government Law Group PLLC, tells GlobeSt.com that as the price of land continues to increase, so too are the development costs, which are up nearly 30 percent in the past two years.
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