Despite evident construction in the industrial sector, Raichura said that values are dropping.
“I think in truth, certain industrial values have fallen a lot more than the index,” he said. “Forecasting suggested, and we’ve been saying this for at least a year or so, we think industrial will outperform in the coming year.”
Raichura explained that the falling values happened in the market and are reflected in appraisal-based indices. He said that the indices are far behind the current market.
ReZa Norozy, COO of Prism Construction said that interest rates were expected to drop in 2024, and they did, though not as much as hoped.
In BC’s competitive commercial market, developers are choosing design-build for faster delivery, cost control, and reduced risk. Prism Construction’s integrated approach simplifies every stage—offering a single point of responsibility from design through construction.
Prism CEO Omar Rawji writes in Retrofit Magazine that the construction industry is in trouble and why inclusive hiring is the future of construction.
Prism Construction provides expert construction management services across British Columbia. With over 600 successful projects, we offer leadership, cost control, and full transparency from pre-construction to completion—helping clients navigate complex builds with confidence.