That’s the verdict from Lee Kennedy Co.

Office, lab and other commercial projects that were put on hold in late 2022 are still stuck on the drawing boards as we head into spring, according to the Quincy-based construction firm, Lee Kennedy Co. which recently surveyed subcontractors from across New England.

Interest rates remain at their highest levels in 15 years. And while construction costs have stabilized, stalled projects are likely to remain in limbo until later this year or even into 2025.

Mike Weber, president of Gaston Electric, noted the study makes sense based on what he is seeing in the market.

“What we are not seeing any more is any spec office buildings or lab buildings. All of a sudden lab space went from negative [availability] to all of a sudden here is all this overflow,” according to Gaston.

However, he was also cautious about predicting a big turnaround in 2025 given current conditions.

Complicating matters, lead times for electrical equipment remain long, creating additional headwinds for projects, according to Weber, referring to a survey his firm publishes.

That said, other parts of the construction sector, especially health care and higher education, remain solid, with institutions moving forward with various building plans, Weber said.

For instance, Northeastern University recently won approval from the Boston Planning & Development Agency (BPDA) to build a new dorm.

Meanwhile, even as plans for new office, housing and lab projects remain stuck on the drawing boards, developers continue to push new proposals through the city’s approval process.

Getting a green light from the BPDA for a major project can take years, so some of this activity is clearly an attempt by developers to be ready to go when interest rates start coming down again.

However, the Wu administration is also pushing tough new energy efficiency standards for new buildings, while also gearing up to boost the number of affordable units developers must include in every new apartment or condo project.

So, some of the rush is also likely a bid to get in under the wire before these new mandates kick in fully.

Scott van Voorhis is the author of the blog Contrarian Boston.