{"id":8333,"date":"2022-06-07T16:10:56","date_gmt":"2022-06-07T20:10:56","guid":{"rendered":"https:\/\/www.lee-associates.com\/southflorida\/?p=8333"},"modified":"2022-07-27T18:00:21","modified_gmt":"2022-07-27T22:00:21","slug":"construction-costs-for-south-florida-multifamily-housing-rise-by-half","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/","title":{"rendered":"Construction Costs for South Florida Multifamily Housing Rise by Half"},"content":{"rendered":"
\n
\n\t\t\t\n\t\t\t\"Miami\n\t\t\t<\/a><\/div>\n\n<\/div><\/div>
\n
\n\t

\"\"<\/h3>\n

Construction costs for multifamily housing rise by half<\/a><\/h1>\n

<\/h3>\n

Multifamily developers are still facing delayed shipments of construction material and rising project costs due to inflation and interest rates.<\/p>\n

Construction costs are up about 50% for most development projects, said Matthew Jacocks<\/a>, principal for Lee & Associates South Florida<\/a>, who specializes in multifamily development.<\/p>\n

\u201cEvery month we\u2019re having to readjust our numbers based upon the rising construction cost,\u201d he said. \u201cThere are two factors that are really happening right now, the rising construction costs and the rising interest rates, which affect the overall construction of projects.\u201d<\/p>\n

Developers are getting squeezed, Mr. Jacocks added, \u201cespecially if they\u2019re having to build with the price of concrete or having to build on smaller-sized parcels without having to build on podium parking, which is very expensive. Even rent increases are not going to justify some of these developments being built right now. So, you\u2019re going see less inventory coming on the market because of these factors, which is going to exacerbate the housing situation.\u201d<\/p>\n

Construction costs should level out in 2023 and the cost of commodities will also go down, he predicted. \u201cInterest rates will eventually even out, and they\u2019ll get inflation under control.\u201d<\/p>\n

In Miami-Dade County, land is very expensive and scarce along with naturally restricted boundaries, said Louis Archambault, partner for Saul Ewing Arnstein & Lehr.<\/p>\n

\u201cMost of the larger tracts that would otherwise have been available if you go back a few decades are all developed at this point, so that scarcity of land increases the value of any potentially developable land,\u201d he said. \u201cThe other factor is just the increases of hard materials. It\u2019s not just the increase of the cost due to less supply, but the ability for transportation and logistics to get those transported from the areas where they\u2019re located.\u201d<\/p>\n

...<\/p>\n

 <\/p>\n<\/div>\n<\/div><\/div><\/div><\/div>

\n\t\t\t\n\t\t\n\t\t\t<\/span>\n\t\t\tRead Full Article at Miami Today News\t\t<\/span>\n\t\t\t<\/a>\n\t<\/div>\n<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>
\n
\n\t\t\t\n\t\t\t\"\"\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"

Construction costs for multifamily housing rise by half Multifamily developers are still facing delayed shipments of construction material and rising project costs due to inflation and interest rates. Construction costs are up about 50% for most development projects, said Matthew Jacocks, principal for Lee & Associates South Florida, who specializes in multifamily development. \u201cEvery month we\u2019re having to readjust our numbers based upon the rising construction cost,\u201d he said. \u201cThere are two factors that are…<\/p>\n","protected":false},"author":76,"featured_media":8334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1818,108],"tags":[1812],"class_list":["post-8333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-land-development","category-multifamily","tag-matthew-jacocks"],"yoast_head":"\nConstruction Costs for South Florida Multifamily Housing Rise by Half - Lee & Associates South Florida<\/title>\n<meta name=\"description\" content=\""There are two factors that are really happening right now, the rising construction costs and the rising interest rates""\" \/>\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\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Construction Costs for South Florida Multifamily Housing Rise by Half\" \/>\n<meta property=\"og:description\" content=\""There are two factors that are really happening right now, the rising construction costs and the rising interest rates""\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee & Associates South Florida\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-07T20:10:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-27T22:00:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2022\/07\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.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=\"2 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\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/\"},\"author\":{\"name\":\"ssabatier\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/#\\\/schema\\\/person\\\/d5447dfddeb31f214f5f2eb84c74068a\"},\"headline\":\"Construction Costs for South Florida Multifamily Housing Rise by Half\",\"datePublished\":\"2022-06-07T20:10:56+00:00\",\"dateModified\":\"2022-07-27T22:00:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/\"},\"wordCount\":343,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/wp-content\\\/uploads\\\/sites\\\/62\\\/2022\\\/07\\\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png\",\"keywords\":[\"matthew jacocks\"],\"articleSection\":[\"Land & Development\",\"Multifamily\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/\",\"name\":\"Construction Costs for South Florida Multifamily Housing Rise by Half - Lee & Associates South Florida\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/wp-content\\\/uploads\\\/sites\\\/62\\\/2022\\\/07\\\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png\",\"datePublished\":\"2022-06-07T20:10:56+00:00\",\"dateModified\":\"2022-07-27T22:00:21+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/#\\\/schema\\\/person\\\/d5447dfddeb31f214f5f2eb84c74068a\"},\"description\":\"\\\"There are two factors that are really happening right now, the rising construction costs and the rising interest rates\\\"\\\"\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/wp-content\\\/uploads\\\/sites\\\/62\\\/2022\\\/07\\\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png\",\"contentUrl\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/wp-content\\\/uploads\\\/sites\\\/62\\\/2022\\\/07\\\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png\",\"width\":1250,\"height\":521,\"caption\":\"Miami Today Discusses South Florida Multifamily Construction Costs with Matthew Jacocks\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/2022\\\/06\\\/07\\\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Construction Costs for South Florida Multifamily Housing Rise by Half\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/#website\",\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/\",\"name\":\"Lee & Associates South Florida\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/#\\\/schema\\\/person\\\/d5447dfddeb31f214f5f2eb84c74068a\",\"name\":\"ssabatier\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/76076ca2ed28844d4cfe0734fd8e6fd097d1b23be59a491b1b85f416f805956a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/76076ca2ed28844d4cfe0734fd8e6fd097d1b23be59a491b1b85f416f805956a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/76076ca2ed28844d4cfe0734fd8e6fd097d1b23be59a491b1b85f416f805956a?s=96&d=mm&r=g\",\"caption\":\"ssabatier\"},\"url\":\"https:\\\/\\\/www.lee-associates.com\\\/southflorida\\\/author\\\/ssabatier\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Construction Costs for South Florida Multifamily Housing Rise by Half - Lee & Associates South Florida","description":"\"There are two factors that are really happening right now, the rising construction costs and the rising interest rates\"\"","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/","og_locale":"en_US","og_type":"article","og_title":"Construction Costs for South Florida Multifamily Housing Rise by Half","og_description":"\"There are two factors that are really happening right now, the rising construction costs and the rising interest rates\"\"","og_url":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/","og_site_name":"Lee & Associates South Florida","article_published_time":"2022-06-07T20:10:56+00:00","article_modified_time":"2022-07-27T22:00:21+00:00","og_image":[{"width":1250,"height":521,"url":"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2022\/07\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png","type":"image\/png"}],"author":"ssabatier","twitter_card":"summary_large_image","twitter_misc":{"Written by":"ssabatier","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/#article","isPartOf":{"@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/"},"author":{"name":"ssabatier","@id":"https:\/\/www.lee-associates.com\/southflorida\/#\/schema\/person\/d5447dfddeb31f214f5f2eb84c74068a"},"headline":"Construction Costs for South Florida Multifamily Housing Rise by Half","datePublished":"2022-06-07T20:10:56+00:00","dateModified":"2022-07-27T22:00:21+00:00","mainEntityOfPage":{"@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/"},"wordCount":343,"commentCount":0,"image":{"@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/#primaryimage"},"thumbnailUrl":"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2022\/07\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png","keywords":["matthew jacocks"],"articleSection":["Land & Development","Multifamily"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/","url":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/","name":"Construction Costs for South Florida Multifamily Housing Rise by Half - Lee & Associates South Florida","isPartOf":{"@id":"https:\/\/www.lee-associates.com\/southflorida\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/#primaryimage"},"image":{"@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/#primaryimage"},"thumbnailUrl":"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2022\/07\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png","datePublished":"2022-06-07T20:10:56+00:00","dateModified":"2022-07-27T22:00:21+00:00","author":{"@id":"https:\/\/www.lee-associates.com\/southflorida\/#\/schema\/person\/d5447dfddeb31f214f5f2eb84c74068a"},"description":"\"There are two factors that are really happening right now, the rising construction costs and the rising interest rates\"\"","breadcrumb":{"@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/#primaryimage","url":"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2022\/07\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png","contentUrl":"https:\/\/www.lee-associates.com\/southflorida\/wp-content\/uploads\/sites\/62\/2022\/07\/PR-Banner-Media-Feature_2021-Miami-Today-MJ.png","width":1250,"height":521,"caption":"Miami Today Discusses South Florida Multifamily Construction Costs with Matthew Jacocks"},{"@type":"BreadcrumbList","@id":"https:\/\/www.lee-associates.com\/southflorida\/2022\/06\/07\/construction-costs-for-south-florida-multifamily-housing-rise-by-half\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.lee-associates.com\/southflorida\/"},{"@type":"ListItem","position":2,"name":"Construction Costs for South Florida Multifamily Housing Rise by Half"}]},{"@type":"WebSite","@id":"https:\/\/www.lee-associates.com\/southflorida\/#website","url":"https:\/\/www.lee-associates.com\/southflorida\/","name":"Lee & Associates South Florida","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.lee-associates.com\/southflorida\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.lee-associates.com\/southflorida\/#\/schema\/person\/d5447dfddeb31f214f5f2eb84c74068a","name":"ssabatier","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/76076ca2ed28844d4cfe0734fd8e6fd097d1b23be59a491b1b85f416f805956a?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/76076ca2ed28844d4cfe0734fd8e6fd097d1b23be59a491b1b85f416f805956a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/76076ca2ed28844d4cfe0734fd8e6fd097d1b23be59a491b1b85f416f805956a?s=96&d=mm&r=g","caption":"ssabatier"},"url":"https:\/\/www.lee-associates.com\/southflorida\/author\/ssabatier\/"}]}},"_links":{"self":[{"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/posts\/8333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/users\/76"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/comments?post=8333"}],"version-history":[{"count":3,"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/posts\/8333\/revisions"}],"predecessor-version":[{"id":8337,"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/posts\/8333\/revisions\/8337"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/media\/8334"}],"wp:attachment":[{"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/media?parent=8333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/categories?post=8333"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lee-associates.com\/southflorida\/wp-json\/wp\/v2\/tags?post=8333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}