Seattle developers are contending with a higher price to build
Seattle metro construction costs have outpaced the national average this cycle, having seen costs increase by 41.6 percent since 2009.
March 25, 2019
- Seattle metro construction costs have outpaced the national average this cycle, having seen costs increase by 41.6 percent since 2009 according to data from Mortenson. This has been fueled by a development boom across office, industrial and multifamily, a shortage of construction labor and rising cost of materials.
- According to another data provider, RS Means, constructions costs rose more than 9.0 percent just over the past 12–months in Seattle. This among the highest year-over-year changes in the United States, and more than doubles the national average.
- Given rising costs, Seattle developers have shifted their sights to alternative construction methods to curb costs. One example is Wright Runstad’s Rainier Square project, which is making use of modular construction. In lieu of a traditional, re-bar congested core, Wright Runstad opted for a coupled steel-plate composite sheer wall core. This construction method is estimated to cut construction time by 40.0 percent and costs by 2.0 percent.
- For an in depth look at national construction trends, download JLL’s 2019 Construction Outlook.
Source: Engineering News-Record
You may also like
Shifts in the way people live, work and shop in a post pandemic world have forever impacted the industrial real estate sector
Chestnut and Walnut Street retail visits drop precipitously in Philadelphia during COVID-19 pandemic
Pressure from distressed New York retailers has softened landlord sentiment, allowing for lease restructurings