What was the most valuable thing you learned during this session?
“Keeping a lid on construction costs is very difficult right now and you need to get professionals at the table to assist with that.”MICHAËL HASSAN, MANAGING DIRECTOR AND DIVISIONAL GENERAL COUNSEL, PSP INVESTMENTS
Hope for the best, plan for the worst
- With the exception of the government, everyone involved in the project has a common interest: doing a good job and making money. If someone is not making money, you won’t get to the finish line.
- Owners' representatives can be the eyes and ears for what’s going on in the market. There is no substitute for having someone on the ground looking out for your interests.
- The design approach dictates which type of construction contract you will use: Design-Bid-Build (traditional approach) or Design-Build Approach (fast track).
- Rising interest rates have had a considerable impact on residential construction costs.
- Single-family home costs rose significantly over the past year.
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