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Construction cost hikes have been buffeting the commercial real estate industry especially vigorously since the last recession. In 2018 alone, U.S. construction costs rose 5.7% overall, according to Rider Levett Bucknall’s Q1 2019 North American Quarterly Construction Cost Report, about double the rate of inflation.
How can developers and contractors cope? We asked executives who deal with construction costs every day — most of them in California, where the development process is particularly thorny, but also in Chicago, where costs were up 7.6% last year — for answers to that question.