Signs of life in the commercial construction industry
When it comes to U.S. commercial real estate construction, it has been Stagnation Nation for years. Finally, we are seeing construction cranes springing back to life in North American gateway cities, and organizations that follow the industry are forecasting more to come.
Cushman & Wakefield predicts that while most U.S. markets will remain stagnant between 2013 and 2014, there will be an increase in activity in Boston, New York City, San Francisco and Washington, D.C.
McGraw-Hill Construction’s 2013 Dodge Construction Outlook echoes those findings, anticipating that commercial building will increase by 12 percent in 2013, a solid increase from the 5 percent gain posted in 2012.
New York City is experiencing an influx of new real estate construction, with 5.4 million square f