With the lumber price index falling 23% from its peak in May, builders have completed more single-family and multifamily housing units in July than in either of the previous two months. Lumber was the first material to drop significantly in price this summer. Other materials may follow in the upcoming months, though material costs were still high in July. When material expenses start to subside, this may allow for builders across the commercial real estate divisions to push developments onward.
Thomas McVoy, whose clients include Honeycomb, Mag Aerospace, Otis Elevator and Fishbein Orthodontics, specializes in office and industrial sales and leasing. His close observation of the market benefits his clients and allows them to make informed decisions.
Thomas McVoy, SIOR Member Associate