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Europe and the Middle East. At the same time, cost increases in mature economies, such as North America, Europe and Japan, have remained mostly subdued in the


aftermath of the GFC. This construction cost dichotomy is likely to persist in 2013 as large pockets of opportunity for retail development still exist around the globe.


Gary Emmett is the senior construction economist at Turner & Townsend, a management and


construction consultancy with 80 offices in 33 countries. He follows global construction-cost trends and examines how economic developments affect construction costs in each region for various different types of projects. For further information related to this article, he can be reached at: gary.emmett@turntown.com. Turner & Townsend economists are following local and global developments, helping clients to navigate


uncertainty. Their ongoing economics service presents economic consultancy tailored for construction projects. This service complements Turner & Townsend’s traditional projects consultancy services by


analyzing ways in which developments within the global and regional economies affect the cost of delivering large projects. The economics team tracks over 150 different cost indices, collected and analyzed to determine cost trends for inputs


such as labor, materials, services, equipment and construction trades. They analyze economic data and source statistics, and forecast likely economic changes within the project construction arena to help clients understand the evolving economic situation and likely impact on project costs. Turner & Townsend economists help prepare feasibility studies to determine whether projects are viable in the current environment. They forecast cost movements and provide regular cost-escalation reports to businesses in the property sectors. These are used to determine project cost-escalation estimates and for rise-and fall-contract price negotiations.


INTERNATIONAL COUNCIL OF SHOPPING CENTERS


26 7


RETAIL PROPERTY INSIGHTS VOL. 20, NO. 2, 2013


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