T
he biggest challenge in the development world is navigating the volatile interest rate environment. Interest rates have a significant impact on project feasibility and can be unpredictable, making it difficult to secure financing for long-term projects.
Minnesota's construction industry faces a pressing need for affordable housing. Despite a slowdown in overall development, the state still falls short of its production goals for affordable housing, driving strong demand in this sector.
Outside of work, I prioritize family time with my wife and two children, who keep me busy with their sports and activities. Weekends are spent with friends and family, and I enjoy summer days at the lake.
One thing I'd change about Minnesota is increasing the allocation of tax-exempt bonds for affordable housing. These bonds have become highly competitive, limiting the number of projects that can be financed.
Few people know that I'm a skilled juggler.
realestate
Patrick Ostrom, Senior Real Estate Investment Executive
Interest rate environment characterized by volatility and uncertainty.
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