Chicago is known as the windy city, but what else is it known for? Surprisingly enough, construction, especially commercial construction, thrives in big cities like Chicago. Living here and wanting to build your own commercial property is encouraging, especially considering the cost of materials has been generally stable over the last couple of years, and the availability and quality of those materials has become more reliable than ever since COVID.
Read more on how DLI Commercial can give you recent updates and future trends in commercial construction throughout the Chicago area!
Recent Trends in the Construction Market in Chicago
The good news is that, in recent quarters, the commercial construction costs have not significantly increased or decreased in Chicago’s market. This is great for businesses that want to build new developments because it can allow industrial construction crew members to move along without any delays on limited ground resources or worries about costs. Most businesses now have more control over their budgets and can tell contractors how much they must spend on materials
Impact of COVID-19 on Commercial Construction Projects
COVID-19 did not just have a major impact on our health but also on jobs in almost all areas of the world, including construction. Many construction buildings were delayed, and many businesses had to operate at reduced costs. Lumber was a hot commodity due to DIY projects. This led to an increase in material prices and shortages.
With all this being said, the commercial and residential construction industry managed to bounce back from the impact of COVID-19 in just a year or so. Today, there is still hope that things can turn around and companies can find more effective ways to continue their planning stages. Construction companies like DLI Commercial can help you find a team of contractors you can trust and help best move you forward with your commercial construction project.
Impact of Green Building Regulations on the Commercial Construction Industry
Green building regulations dictate sustainable materials and processes for any new development project. This includes using energy-efficient lighting, cutting back on water usage, utilizing green roofs, and installing recycled materials in the commercial construction process. In recent years, green building has been increasingly popular in Chicago, and the city has adopted a number of regulations to encourage businesses to adopt sustainable practices.
Companies must adhere to these guidelines if they want their projects to move forward and be aware of the regulations that could potentially affect the success of their projects. Fortunately, DLI Commercial can provide you with an overview of all the green building regulations specific to Chicago and can help you implement these practices in your commercial construction projects.
Employment and Labor Prospects for Commercial and Residential Construction Professionals
Considering the current economy, you can never be sure of the industrial construction job market. However, many projects and services are still going on in Chicago, and there are plenty of openings for skilled construction workers to join teams and help clients bring projects to life. Luckily, DLI Commercial can get you in touch with qualified professionals to help you build and assist in creating your desired development project.
Construction Costs in Chicago
With talks of the economy, construction costs will be a major factor when considering any new development project. Construction cost in Chicago has remained relatively high over time, and businesses can expect to be paying similar prices for their materials as in recent years. Keep in mind that the cost of commercial construction or renovation projects can vary greatly depending on the size and scope of the development.
For small-scale projects, it is important to factor in labor costs, material costs, and any additional fees such as permits or taxes. For bigger projects, there are a few additional costs, such as for equipment rental and subcontractors but fear not! DLI Commercial can also help you understand the cost structure of your project in order to stay within a budget.
Projected Growth of Construction in Chicago for 2023 and Beyond
The future of technology always holds promise, which is true for Chicago construction, too. Over the next few years, more developments should start coming to life due to an increase in demand for new office spaces and other types of developments. With remote work becoming increasingly popular, residential buildings are also projected to rise.
Take this moment as a business owner to grow your idea and invest in the right land, materials and contractors. One of many of DLI’s construction services is helping you find a construction manager or someone who you need to create the best commercial building for your project!
Where is Commercial Construction Booming in the United States?
The United States has continued to have booming numbers with commercial construction. Where it grows, the strongest will probably be cities like New York, Los Angeles, and Chicago. According to the US Census Bureau, commercial construction projects increased by 5.3 percent year-over-year in 2020.
This is good news for commercial construction plans! Overall, this could potentially increase the job market and bring more high level construction opportunities to those looking to get involved.
Conclusion
If you are considering building a commercial property in Chicago, you are in for some luck! Commercial construction in the Chicago area has costs remaining stable and material availability becoming more reliable. With green building regulations on the rise, businesses can add sustainable elements to their complex projects while taking advantage of available opportunities for experienced professionals.
Commercial construction companies like DLI Commercial are here to help you with everything, including navigating the market, bidding, and starting or completing your project successfully with clear communication. Contact us today to learn more about how to get into the Chicago commercial construction world!
