Triangle Business Journal Discusses Thriving Commercial Construction with Pete Marino

Triangle Business Journal (TBJ) quoted Smith Anderson attorney Pete Marino, co-chair of the firm’s Real Estate Development and Construction law groups, on the region’s evolving commercial construction landscape.  The article, "Commercial construction industry sees mostly opportunity ahead,” is part of TBJ’s "Building the Triangle” special report focused on commercial real estate development and construction in the area.

While industry indicators earlier in the year predicted slow growth due to factors like high interest rates and labor shortages, recent developments, including an improving labor market and rate cuts, are fueling renewed confidence, TBJ reports. According to Pete, the Triangle is embracing this momentum with a "go, go, go" mentality, as the general contractor community anticipates continued growth in 2025.

The Triangle’s construction industry is thriving, driven by sectors such as health care, life sciences and biopharma. However, Pete cautions that certain areas, like multifamily housing, face challenges due to oversupply and rising insurance costs.

"It’s also getting more and more difficult and expensive to get insurance for those multifamily projects,” Pete said. "It’s changing continually. Dealing with those constant changes and types, amounts and costs of insurance coverage is indirectly having an impact on the industry.”

Pete has been integrally involved as lead legal counsel in some of the most significant infrastructure projects in North Carolina and the surrounding region, including the state's first Interstate toll road project and its largest single award design-build highway project, the state’s first and second light rail projects, numerous international airport and land and airside projects and a LEED-certified World Headquarters campus for a Fortune 500 company. The Best Lawyers in America® has recognized Pete in Construction Law (2008-2025); Litigation–Construction (2008-2025) and as the 2020 and 2021 Construction Law "Lawyer of the Year" in Raleigh.

The full TBJ story can be viewed here.