Construction Pricing

On August 22, 2024, Willmeng Construction hosted the second session of their informational series, Fence Post, focusing on current trends in construction pricing. The session, led by Thomas Jarvis, Vice President of Pre-Lease Estimating, and Arun Ghosh, Pre-Lease Estimating Manager, provided insights into the costs associated with industrial shell buildings and tenant improvement projects. They highlighted a decrease in costs for industrial buildings due to improved material availability and lower prices for key resources like concrete and lumber, despite ongoing challenges with electrical equipment lead times and specialized machinery costs. Conversely, tenant improvement project costs have seen a rise driven by high demand for HVAC and electrical systems and skilled labor, although a recent slight decrease was noted. The session also addressed changes in air conditioning unit laws, lead times for electrical gear, and future cost predictions.