Elizabeth Coppolecchia of Weiss Serota Helfman Cole + Bierman. Courtesy photo A Crisis of Price: Methods for Approaching Price Escalation in Construction
At a time when certainty is lacking, property developers should consider the following approaches to protect their interests as they negotiate new contracts for construction.
November 30, 2022 at 09:37 AM
6 minute read
Board of Contributors
Over the course of the past year, public and private entities have witnessed unprecedented increases in the cost of materials for construction. And while South Florida remains a hub for development, both private developers and municipalities face an ongoing challenge—volatile changes to market conditions affecting the price of construction. The cause of these changes is diverse and dynamic. The COVID-19 pandemic, which surged in 2020 and 2021, has left a lasting mark on the industry. While markets appear to be stabilizing, material and labor shortages run rampant, making it increasingly difficult for property developers (including municipalities) to accurately price their upcoming construction projects. To make matters worse, in 2022, military conflict in Ukraine further exacerbated the impacts of COVID-19 in the following ways: increasing the cost of fuel, which increased operation costs for construction projects; and contributing to supply chain disruptions, which increased procurement lead times.
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