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Although business conditions have improved for commercial real estate, according to the most recent COVID-19 impact survey conducted by NAIOP, 86.6% of developers now report delays or shortages in construction supplies — an all-time high since the survey began in April 2020. This suggests that supply chain disruptions may outlast other effects of the pandemic, increasing construction costs and slowing new development.
NAIOP, the Commercial Real Estate Development Association, has selected Hudson Pacific Properties as the 2021 Developer of the Year – the association’s highest honor. The award will be presented during NAIOP’s CRE.Converge conference in Miami Beach this September.
The NAIOP Research Foundation has announced the addition of two new Distinguished Fellows. The Foundation’s Distinguished Fellows program engages leading commercial real estate, economic and public policy experts, helping to bridge the practicing commercial real estate and academic communities.
In its Office Space Demand Forecast released today, NAIOP is projecting a return to positive absorption of office space in the fourth quarter of 2021.
Improving economic conditions have led to an improvement in the NAIOP CRE Sentiment Index, indicating both overall optimism and several ongoing concerns.