For as long as I’ve been in the commercial construction business, which is 30 years, there have been two conflicting trains of thought about clients hiring a general contractor who also works for a competitor. If you did retail construction for Hollywood Videos then you couldn’t build Blockbusters. If you worked for Auto Zone, you […]
It’s not just foreclosed homes that are looking like a bargain to real estate investors in today’s market, but also distressed commercial assets. Most of these REO commercial properties fall under the multi-family construction sector, but there are also abandoned retail and restaurant spaces, not to mention hotel construction projects that have stalled and are now ripe for the picking.
As 2011 comes to a close, it’s time for us to look back on the commercial construction building trends, news and projects of this past year and share our thoughts on the highs and lows in the industry.
HIGH – Everyone was submitting drawings in 2011. We saw drawings for new Chicago restaurant projects, retail construction work, office renovations, school construction and learning center additions – you name it, we saw it. In fact, our commercial construction budget work was back to 2008 levels. It was optimistic and certainly gave us a lot of commercial construction news to talk about around the water cooler.
It’s that time of year when our team predicts the 2012 commercial construction trends – from what’s on tap for Chicago retail construction to national restaurant construction and hospitality construction. We’ve compiled the list below based on conversations with clients and fellow commercial construction experts, upcoming bid work, economic projections and observations in the field.
As a shopping center landlord or retail developer, you might find yourself with a big empty retail space you need fill – especially if you had Borders or Circuit City as a tenant. Finding a single tenant to occupy all that space in today’s economy can be challenging, so the smarter and more feasible move […]