Real Estate Spotlight: Increased capital, construction costs slowing new construction

Some sectors faring better than others

Speculative office developments, like Innovation One, the 70,000-square-foot office building recently developed by Irgens at the UWM Innovation Campus in Wauwatosa, will be unlikely in 2023, say developers, especially with increased borrowing costs.
Speculative office developments, like Innovation One, the 70,000-square-foot office building recently developed by Irgens at the UWM Innovation Campus in Wauwatosa, will be unlikely in 2023, say developers, especially with increased borrowing costs. Credit: Cara Spoto

With uncertainty abounding, divining what 2023 could hold for the construction industry in southeastern Wisconsin has industry leaders trying to get a clear picture of what lies ahead.  BizTimes Milwaukee recently spoke with executives at six development and construction firms in the region, and despite the universal impacts of supply chain bottlenecks, labor shortages, inflation

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Cara covers commercial and residential real estate. She has an extensive background in local government reporting and hopes to use her experience writing about both urban and rural redevelopment to better inform readers. Cara lives in Waukesha with her husband, a teenager, a toddler, a dog named Neutron, a bird named Potter, and a lizard named Peyoye. She loves music, food, and comedy, but not necessarily in that order.

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