How did your company effectively manage the challenges posed by COVID-19?

Operating as an essential business allowed us to continue our operations through the pandemic. We made concerted efforts to ensure that we conducted our business in adherence to safety guidelines. Implementing safety measures on job sites became a priority, ensuring distancing and safety protocols were in place. The pandemic has revealed an increased interest in real estate investments, both in terms of capital and equity. Financial institutions have been offering low-interest loans, which has created an investment climate. However, material supply has become a significant challenge across different sectors. Balancing the financial viability of projects while considering escalating material costs has been a crucial aspect. We’ve had to collaborate closely with clients to navigate these challenges and streamline costs to keep projects moving forward.

How is the commercial real estate sector currently performing?

We’re witnessing a resurgence in the retail sector. Our specialized projects division is actively engaged in interior build-outs, renovations, and additions. Notably, we’re involved in substantial renovation work for the Related Group at Rosemary Square. The Related Group is refreshing the entire complex, bringing in new restaurants and shops to revitalize the area in line with current demands. Additionally, the office market from West Palm Beach to Miami has seen significant traction post-pandemic. Many hedge funds and financial groups, considering relocation from New York, have ignited this surge in demand. Surprisingly, despite initial speculation that people wouldn’t return to physical workspaces, the demand for office space in this region remains robust.

What strategies have you employed to navigate the challenges of material shortages and rising costs?

The scarcity of materials has indeed posed a challenge. We’ve been proactive in strategizing around this issue, finding ways to collaborate closely with clients to mitigate rising costs. Adapting to the scenario, we’ve sought means to reduce pricing while ensuring that the financial feasibility of projects remains intact. It’s been about finding a delicate balance between maintaining project integrity and managing the challenges presented by the cost and availability of materials.