New supply can radically shift the market equilibrium and dramatically impact the performance of existing assets, according to a new video from Marcus & Millichap.

Generally speaking, construction costs surged during the pandemic as supply chains broke down, said John Chang, National Director Research and Advisory Services, Marcus & Millichap.

But prices generally stabilized in 2023, and they've been relatively consistent for about a year. Overall, they're about 26% higher than they were in 2019.

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