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in residential and commercial property ; the cost of a high-rise , premium office block has reached an average of $ 10,660 per square meter . San Francisco follows closely behind at $ 5489 per square meter , and Los Angeles , Boston , Seattle and Chicago also feature in the top ten . That strong construction activity in the market has led to the stretched labor supply and cost escalation which is predicted to average a little over four percent this year . This makes our role even more important . We ’ ve got to help our clients navigate those challenges , by enhancing efficiencies , reducing costs , and finding innovative solutions .
“ In the medium to long term , it will also be important to bring new talent into the industry and build the capacity and specific skills we need to meet the demands of the future . The labor market is competitive . Construction companies are looking to build their portfolios with high profile clients and projects . As such , developers need to position themselves as attractive to secure the right supply chain model , by demonstrating stability and access to capital . The integration of new technologies is also key . I think clients and developers need to look at the impact technology can have on construction . Other sectors have gone through a change over the years , but I think construction still has a long way to go ,” she elaborates .
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