Commercial Construction in 2018
Jobs are increasing in the construction industry. Every day new buildings are going up, old buildings are being remodeled, and there’s no sign of it stopping. Especially not in New York City. These predictions aren’t too far off of the Chicago construction climate. Especially for commercial buildings. Thanks to Commercial Observer for putting it all together. Here are some excerpts from their article which you can read in full here.
“Commercial Observer spoke with five experts about what to watch for. Overall, they forecast a decline in housing construction, but an increase in work in the public sector and the office market. The jury is out on construction costs. And then there is the elephant in the room: tax reform, which has been passed by the Senate but not the House of Representatives. Republicans cheer it as a win for jobs (and big Wall Street businesses are chomping at the bit as it would cut the corporate tax rate by nearly a half). Democrats are against it, claiming it serves wealthy individuals and corporations.”
Office Construction
“Looking forward, the demand for office space in Manhattan is high (as CO recently reported), and there is a need to renovate a crumbling older stock of buildings. Redevelopments of towers and expansions are an area that could see growth next year.”
Construction Costs
“Looking forward, the demand for office space in Manhattan is high (as CO recently reported), and there is a need to renovate a crumbling older stock of buildings. Redevelopments of towers and expansions are an area that could see growth next year.”
