Is this the best time to build?
With 2009 gone and 2010 just getting started many owners and companies in the commercial industry are concerned with the economy. Foodservice and other groups have slowed if not halted new construction. But consider that this may be the very best time to start a new facility construction! We’ve seen bid prices drop dramatically over the past 18 months.
One of our clients stated they were averaging around $800,000 for a new ground up facility, they now are paying around $600,000. Financing is tougher to find but with diligence you can develop new facilities at prices not seen in 20 years. General Contractors are bidding projects at or possibly below cost to cover staff without work. Keep in mind that those who are bold in times like these will turn adversity to advantage.