Commercial Real Estate in 2022
It is probably no surprise that commercial real estate is expected to see another banner year in 2022. The demand in the commercial real estate market puts increasing pressure on material and labor availability, which can greatly affect timetables for projects, including commercial roofing. Most experts agree that the areas with the most growth will be those of hospitality, multifamily, and industrial.
Building material prices continue to rise, which, in turn, will drive up project costs as well, and we have to maintain realistic expectations with customers. While most people are probably tired of hearing “it’s a supply chain issue,” by now, we understand that we are all at the mercy of supply and demand. And demand for commercial real estate is high.
With the return of business travel and tourism, the demand for hospitality properties is particularly high. And with many companies and businesses returning workers to their offices, many of those companies are renovating their buildings inside and out to increase worker satisfaction in their workplaces.
Although there is currently no shortage of construction work in our area, the market continues to see significant skilled labor shortages, and the commercial roofing industry is no stranger to this. This will, of course, also significantly impact project completion. The construction industry will need to find better ways of attracting new workers to construction careers in order to alleviate this problem by attracting new talent and skill, if we are to overcome this industry-wide challenge.
Are you renovating your business or planning new construction? Let United Materials help you find the best roofing option for your building. We have over 99 years of commercial roofing experience installing the highest-quality roofs in Denver and the Rocky Mountain West. We are committed to our craftsmanship and our customers’ needs.