The only material cost that I see on the minus side is framing lumber.
Everything else, especially materials that are heavy and incur large trucking expenses are going way up (concrete, roofing tiles, ceramic tile etc.)
True the labor is more available. What do you think will happen to the labor market when the new airport is announced? My guess is that once again, the labor will be far less available and far more expensive. So you can wait until 150 psf if you want, I think that is wishful thinking.