Architects typically experience the effects of economic downturns first as projects require multiyear processes and large investments. Though the pandemic has put a hold on some types of architectural projects, others are booming, Fast Company says. A June survey of 31 design, planning, and development companies found 70% of firms had billings drop in the second quarter and more than 85% expect drops in the third quarter. Unsurprisingly, office and hospitality projects are down as people continue working from home and halt travel plans. In the housing sector, the need for affordable home projects are up. Read more to see which area is evolving.
But that doesn’t mean everything is coming to a halt. According to leaders of architecture firms across the country, while some projects are undeniably hurt by the pandemic, other types of buildings are seeing even more demand than before the pandemic hit.
DOWN: OFFICES AND HOSPITALITY
Lockdowns and quarantines have left many offices and hotels around the world nearly empty, and that has drained developers’ appetites for new ones. “The issue of who is going to need office space is a big question,” says Nancy Ruddy, cofounder of the New York-based firm CetraRuddy. Her firm has one large office project nearing completion, but she says they have no plans to take on other new offices for the time being.
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