{"id":10554,"date":"2026-03-05T15:00:05","date_gmt":"2026-03-05T20:00:05","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=10554"},"modified":"2026-03-10T15:16:56","modified_gmt":"2026-03-10T19:16:56","slug":"high-interest-rates-construction-costs-choke-development","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2026\/03\/05\/high-interest-rates-construction-costs-choke-development\/","title":{"rendered":"High Interest Rates, Construction Costs Choke Development"},"content":{"rendered":"
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Lee & Associates South Florida Principal, Todd Cohen, discusses Real Estate Construction Costs with Miami Today.<\/h3><\/div><\/div>
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High Interest Rates, Construction Costs Choke Development<\/h1>\n
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By\u00a0Kelly Sanchez<\/a><\/div>\n
March 4, 2026<\/em><\/div>\n

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Miami is feeling a construction slowdown following over a decade of sustained growth, with high interest rates and construction costs impacting new development and the cost of living pushing more people into renting, according to commercial real estate brokerage Lee & Associates. Employment data paint a different picture of those construction trends.<\/p>\n

Todd Cohen<\/a>, a principal at Lee & Associates South Florida, said Miami is one of several locations nationally to enjoy sustained growth for the past 15 years. He also said South Florida being an unaffordable housing market for so long has benefitted rentals.<\/p>\n

\u201cThere\u2019s been 15 years of sustained growth not just in Miami but pretty much all over the country,\u201d he said. \u201cMiami has probably experienced the longest and most profound of that sustained growth over that time, and with so much being developed and rents being pushed so far, so fast, I think that it needs to take a step back and digest everything that\u2019s happened over the time just for healthiness, because there\u2019s so much new product out there.<\/p>\n

\u201cRents, which have been gently pushed over the first 10 years of this boom, that was all exacerbated during the covid years, and then even further toward the tail end of covid while the government was still pumping so much money into the economy and inflation started to take root before interest rates even started to go up,\u201d Mr. Cohen said.<\/p>\n

As a result, he said, \u201crents were on an untenable track and owners of existing properties were pushing rents as far as they could\u201d and \u201cthe new stuff was benefitting from it too because the developers were borrowing at ridiculously low rates and rents were able to be pushed far beyond any pro forma during that period.\u201d<\/p>\n

He said inflation affected people regardless of their role within the real estate market and high interest rates made new developments harder to greenlight.<\/p>\n

\u201cYou couldn\u2019t push rents as far because the higher interest rate environment, the inflationary environment was forcing every single person, whether they were developers, investors or just the tenants in those buildings, to have a higher expense profile, and dollars can only take you so far,\u201d Mr. Cohen said. \u201cTenants couldn\u2019t afford to have their rents pushed 10% and 15% per annum anymore, or even 50% in some cases during that time, like I had read about, and things needed to slow down.\u201d<\/p>\n

He added that building costs are one of the factors contributing to the slowdown in construction.<\/p>\n

\u201cThat inflationary period of time and then tariffs after that have created a situation where building new product is super expensive and this comes on the heels, like I said, of 15 years of sustained growth,\u201d Mr. Cohen said.<\/p>\n

\u201cAnd so just buying land now is more expensive than it ever was because everything is just up and up and up for 15 years. Expectations of sellers reflect that, and then once you own land, if you can even find it at a good basis, every aspect of building is now super expensive; it\u2019s higher cost of borrowing, all materials that need to be imported or not cost more than they did, especially in a relative sense.\u201d<\/p>\n

Indeed, the producer prices for materials and services used in non-residential construction rose 2.9% in the 12-month span from January 2025 to January of this year, according to the Associated General Contractors of America. Association officials too noted that tariffs are inflating the costs of key materials.<\/p>\n

\u201cThe steep tariffs on imported metals and products are clearly enabling U.S. sellers to push up costs for construction materials and equipment,\u201d said Ken Simonson, the association\u2019s chief economist.<\/p>\n

The producer price indexes for aluminum mill shapes and steel mill products rocketed up by 33% and 20.7%, respectively, in the 12 months ended in January, the association said.<\/p>\n

Despite those added costs, however, construction spending keeps gaining, up 0.3% nationally from November to December, the U.S. Census Bureau reported last week.<\/p>\n

And while construction jobs in Florida as a whole fell 1.1% for calendar year 2025, in Miami-Dade County alone construction employment last year pointed to the opposite of a slowdown, rising 6.1% to an all-time high of 64,800 people working in construction, according to data from the U.S. Bureau of Labor Statistics.<\/p>\n

Mr. Cohen said existing housing in South Florida is on the market longer, with fewer homes selling in recent years.<\/p>\n

High-end residential and commercial real estate \u201care still doing okay\u201d because \u201cthere\u2019s still a lot of money flowing into this region,\u201d he said, with wealthy people and companies \u201cmoving here for tax reasons,\u201d but he said he thinks the high-end residential and high-end condo market is \u201cweakening to an extent.\u201d Everything else, he added, is slowing down.<\/p>\n

\u201cFor a long time,\u201d he said, \u201cSouth Florida has been an unaffordable housing market, which has helped rentals, and then when interest rates started going up, it became even more unaffordable to buy a house.<\/p>\n

\u201cSo now,\u201d he added, \u201cpeople are forced into renting in this environment, and even that\u2019s getting more and more expensive because either the new developments \u2026 cost so much to build that the rents needed to be higher or older stuff was rehabbed and now costs a lot more to rent in those buildings as well as a reflection of the inflationary environment, steady pushing of rents over the covid years, and then the inflationary subsequent years after that happened and now everything just costs more.\u201d<\/p>\n

\u201cJust costs of living are through the roof, so owners of buildings, you have to pay more for insurance, have to pay more for utilities, have to pay more for fixing stuff at the building, hiring people, and so everything is passed on to tenants, everything is passed on to buyers, and it creates a situation where it\u2019s very expensive.\u201d<\/p>\n

As for future trends, Mr. Cohen foresees market conditions becoming more favorable for residents, investors and developers alike if interest rates slide down.<\/p>\n

\u201cWe\u2019ve been in a very challenging sort of market for the past two to three years with high interest rates and increased costs, and we\u2019re also digesting thousands and thousands and thousands of new units who have come online in every type of residential real estate, be it apartments, townhomes, single-family homes, built-to-rent homes and everything in between, high-end condos, low-end condos,\u201d Mr. Cohen said.<\/p>\n

\u201cWe\u2019ve had such a surge and excess build because of the huge development boom and real estate boom that we\u2019ve experienced, and so I think as all of that inventory gets digested by the marketplace in general, things will get more favorable,\u201d he said.<\/p>\n

\u201cAnd as interest rates continue to go down, if they continue to go down, even trickle down, it will help spur new developments, it will help spur people moving again, it will help spur people moving into this area at a more rapid clip,\u201d Mr. Cohen said, \u201cand I think things will improve for residents, investors and developers.\u201d<\/p>\n

READ MORE...<\/a><\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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About Lee & Associates South Florida<\/strong><\/h3>\n

Lee & Associates South Florida is a fully vertical commercial real estate brokerage firm focused on industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, CCIM, SIOR a 4th generation South Florida native in a family that has owned and operated commercial property here since 1928. Lee & Associates is the largest agent owned brokerage in the nation with Senior Agent\u2019s ability to earn profit share resulting in the highest splits while still receiving full resources, support and leads from our national network. Our collaborative and cheerful culture allows for open communications throughout the company, fostering the sharing of information and best practices to better enable client decision making.\u00a0 The Lee & Associates\u2019 robust national network that sold and leased over $120 Billion in the last 5 years offers clients a cross-market platform of expertise and deal opportunities across all asset specialties and representation roles. For the latest news from Lee & Associates South Florida, visit leesouthflorida.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Instagram<\/a>, our company local news<\/a>.<\/p>\n

About Lee & Associates<\/strong><\/h3>\n

Lee & Associates is a commercial real estate brokerage sales, leasing and management firm. Established in 1979, Lee & Associates has grown its service platform to include over 75 offices\u00a0in the United States and Canada. Lee & Associates is the largest agent owned commercial real estate brokerage where agents get the greatest return for their efforts and hence are more committed and better enabled to provide superior results for their customers. \u00a0For the latest news from Lee & Associates, visit\u00a0lee-associates.com<\/a>\u00a0or follow us on\u00a0Facebook<\/a>,\u00a0LinkedIn<\/a>,\u00a0Twitter<\/a>\u00a0and\u00a0Link<\/a>, our company blog.<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

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\n\t\t\t\n\t\t\t\"Lee\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

High Interest Rates, Construction Costs Choke Development   By\u00a0Kelly Sanchez March 4, 2026   Miami is feeling a construction slowdown following over a decade of sustained growth, with high interest rates and construction costs impacting new development and the cost of living pushing more people into renting, according to commercial real estate brokerage Lee & Associates. Employment data paint a different picture of those construction trends. Todd Cohen, a principal at Lee & Associates South…<\/p>\n","protected":false},"author":76,"featured_media":10555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,1817,1818,108],"tags":[1843],"class_list":["post-10554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-investment-sale","category-land-development","category-multifamily","tag-todd-cohen"],"yoast_head":"\nHigh Interest Rates, Construction Costs Choke Development - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\"Todd Cohen, Principal at Lee & Associates South Florida, discusses Interest Rates and Construction Costs with Miami Today\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/southflorida\/2026\/03\/05\/high-interest-rates-construction-costs-choke-development\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High Interest Rates, Construction Costs Choke Development\" \/>\n<meta property=\"og:description\" content=\"Todd Cohen, Principal at Lee & Associates South Florida, discusses Interest Rates and Construction Costs with Miami Today\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/southflorida\/2026\/03\/05\/high-interest-rates-construction-costs-choke-development\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee & Associates South Florida\" \/>\n<meta property=\"article:published_time\" content=\"2026-03-05T20:00:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-03-10T19:16:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2026\/03\/PR-Banner-Miami-Today-Todd-Cohen.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1250\" \/>\n\t<meta property=\"og:image:height\" content=\"521\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"ssabatier\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ssabatier\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2026\\\/03\\\/05\\\/high-interest-rates-construction-costs-choke-development\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2026\\\/03\\\/05\\\/high-interest-rates-construction-costs-choke-development\\\/\"},\"author\":{\"name\":\"ssabatier\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/#\\\/schema\\\/person\\\/d5447dfddeb31f214f5f2eb84c74068a\"},\"headline\":\"High Interest Rates, Construction Costs Choke Development\",\"datePublished\":\"2026-03-05T20:00:05+00:00\",\"dateModified\":\"2026-03-10T19:16:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2026\\\/03\\\/05\\\/high-interest-rates-construction-costs-choke-development\\\/\"},\"wordCount\":1497,\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2026\\\/03\\\/05\\\/high-interest-rates-construction-costs-choke-development\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/wp-content\\\/uploads\\\/sites\\\/62\\\/2026\\\/03\\\/PR-Banner-Miami-Today-Todd-Cohen.png\",\"keywords\":[\"Todd Cohen\"],\"articleSection\":[\"All News\",\"Investment Sale\",\"Land & Development\",\"Multifamily\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2026\\\/03\\\/05\\\/high-interest-rates-construction-costs-choke-development\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2026\\\/03\\\/05\\\/high-interest-rates-construction-costs-choke-development\\\/\",\"name\":\"High Interest Rates, Construction Costs Choke Development - 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