VCREP #34 | One Commercial Real Estate Cost that's Set to Skyrocket with Owen Lecky

Over the past 20 plus months we have all heard about supply chain issues, labor shortages, logistic challenges and this all has a direct impact on the construction of commercial and residential real estate in the province. This week Cory and Adam welcome Owen Lecky from Wales McLelland, an industry leader in commercial construction, to unwrap all the issues we have all been hearing about during the pandemic affecting our real estate market. Owen discusses supply costs skyrocketing, the challenges in finding sub trades, and why project timelines are being extended far beyond what anyone wants to see. He also sheds some light on markets developers are moving into and some markets that have seen pullback as population shifts throughout the province as the pandemic continues. Owen also speaks to the asset classes that have an increase in interest from developers and ones that have seen a pivot. Spoiler alert, every developer wants industrial, this could be the understatement of the year so far and we are not even 3 weeks into 2022.