Commercial Real Estate, Capital, Insurance, Leasing & Management

Orlando Business Journal: 2024 Economic Forecast: Orlando real estate experts see stability, interest rate environment as reason to ‘get back in the game’

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On construction costs

High construction costs have added to a macroeconomic environment making it difficult for developers to get new projects to make financial sense. Experts say that finally is starting to ebb in 2024, creating a bright spot for those looking to ramp up new construction in Central Florida.

“Construction costs, for the first time in a long time, are starting to come down — and pretty substantially. They’re not [coming down] as much on finished contracting. The early contractors in development, that is where you’re seeing the biggest price decreases — electricians and plumbers, not so much quite yet, but I think that’s coming as well.”

Andrew Wright, CEO and founder, Franklin Street

– Orlando Business Journal

Read more here from Orlando Business Journal.

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