Green light for CRE projects to stay on in 2024

Developmental projects, whether they be for housing or commercial, are expected to continue full steam ahead in 2024 even as many developers and businesses will continue to remain cautious.

Building and construction were expected to take a back seat in 2023, as economic headwinds from a regional banking crisis, to overseas issues and even continued fallout from COVID dominated the early year headlines.

Surprisingly though, the Central Coast CRE market remained “reasonably active” in 2023 said Michael Manchak, a commercial real estate expert in the region.

“Despite the caution that’s out there, and there is a lot of it, projects are still moving forward. Some projects are taking longer, and some people have paused projects, but they’re still moving through the entitlement process, mostly,” Manchak said.