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Market Watch: Jacksonville Multifamily Outlook

What’s in store for multifamily construction and the real estate market after Covid-19?

Marc Padgett recently answered questions for the Jacksonville Business Journal about the Jacksonville, FL market. Here are his comments:

It is still early to tell how construction will be effected in the long term due to this pandemic. Safety remains our top priority at Summit Contracting Group as construction continues in all our project locations. From the outset of the COVID-19 pandemic we implemented measures to protect the health and safety of our employees, subcontractors, and clients. We continue to follow safety protocols as recommended by OSHA, the CDC, local and National government updates.

For multifamily design changes in the future, we could see unit mixes adding one more bedroom in some cases for home offices. Aside from that, any time the economy slows it seems that apartment demand will rise.

We expect that the demand for multifamily construction will increase but could shift to a more affordable style rather than the high-end products we have been producing for the last number of years. This is a trend we are prepared for. We will continue to work with our clients to build what the market demands.

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