As the construction industry recovers from the initial impact of the pandemic, project volume is trending upward. There is still a market for new construction, especially in the warehouse/logistics sector, as well as a demand for large-scale renovations as investors seek value-add or opportunistic adaptive reuse projects.
If you’ve set your sights on a newly constructed or recently renovated building, don’t be fooled by the fresh exterior, updated finishes, and new systems. You may assume that new construction means reduced risk, and might even skip the Property Condition Assessment—after all, what could go wrong on a brand-new building?
Managing Director Justin Lia, PE, LEED AP, discusses potential pitfalls of purchasing new construction, and how to avoid them, here on GlobeSt. com.