Category: Development

Rising Construction Materials Prices, Labor Shortages Tax Multifamily Developers

Many multifamily developers and contractors are fighting off price increases for construction materials.

“Lately we have seen a few knee-jerk reactions from manufacturers claiming upcoming price increases or possible increases due to tariffs,” says Marc Padgett, president of Summit Contracting, a multifamily general contractor based in Jacksonville, Fla. “Often, they can’t substantiate the claim because there isn’t an actual tariff, just the mention that there could be one.”

The administration of President Donald Trump has threatened to impose tariffs on a long list of construction materials imported from foreign countries, including lumber from Canada and steel from China. Many manufacturers have already responded by hiking up prices.

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Real Estate Trends: Developers Search for Business Efficiency & Profit Maximization

Whether you are an international real estate firm, a developer working on a joint venture or working on a particular development deal, building out your operations and infrastructure can be quite challenging. Hiring talent, managing office space and operations, technology and other management factors can be a significant burden on business and a drain on resources.

One trend that is gaining momentum, especially in the real estate industry, is outsourced accounting. The complexity of accounting and tax issues, technology needs, reporting and planning opportunities all factor into the equation. Tax planning and analytical financial reporting are essential to maximizing the success for real estate developers, so the outsourced model often provides significant value for owners and stakeholders.

“We continue to see significant activity here in New York, both by international and domestic developers and investors,” said Robert Gilman, Partner & Co-Leader of the Real Estate Group at Anchin. “New York is not just the financial capital of the world but the center of the real estate market as well. As developers get creative and look to maximize the limited space available—in the busiest city in the world—real estate companies are looking to drive efficiency and profit maximization, rewarding investors and stakeholders alike.”

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Richard is our resident social media expert. He researches and writes about; the economy, marketing trends and all aspects of real estate investing.

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