Cost of building shocks developers: Development costs soar 62.5 percent for office, at least 50 percent for retail
The heightened pace of commercial construction in Northern Colorado during the past couple of years is doing more than adding inventory.
It’s making a few heads spin – though for reasons many may not have considered.
When the building pace picked up, primarily in the office and retail sectors, many developers who had been waiting on the sidelines during the slower market jumped in with new projects.
There has been a noticeable change, though: The cost of development has risen by as much as 62.5 percent for some office projects. Essentially, an office project that in the early 1990s cost…
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