Developers are starting to include new health and safety regulations and flexibility into development plans for upcoming projects. This includes making financial adjustments to comply with new regulations and adapt to market uncertainty.
Savvy developers are starting to carry certain contingencies for the unknown and accommodating schedule adjustments. Typically the developer realizes that development cannot stop.
Although financial markets are somewhat unstable, there is still a significant amount of cash and debt that needs to be placed from capital sources.
Contractors and laborers are implementing guidelines and self-discipline safety behaviors that are mandatory at construction sites around the country.
We are seeing this for both the safety of the work site, as well as to mitigate construction delays. Laborers are taking the safety requirements seriously and even taking the behavior home with them to minimize the spread and impact of the virus.
The safer the construction site, the more development we will see. And let’s face it, development impacts economic recovery. Just one more step in the right direction.