“It’s a fun time in Vegas right now, with the economy up,” said Beth Campbell, principal and managing director of Gensler’s Las Vegas office. Downtown is being reborn, thanks in no small part to Zappos CEO Tony Hsieh’s multi-million dollar investment. The Strip, too, is booming—see the High Roller observation wheel, which opened on March 31. At the same time, the spendthrift breeziness of the pre-recession years is gone. “Everyone is coming back to life, but with a refined focus and purpose,” said Campbell. “I would say the clients and developers are cautiously aggressive…they still want to grow, still want to reach for the sky…But they’re really focused on how they’re applying [their money] to make these projects happen.”
At its annual fall meeting (this year in Chicago), the real estate research non-profit Urban Land Institute released its 2014 trends report Thursday. The verdict of the 1,000 professionals surveyed? Next year we will continue “recovering from the recovery,” in the words of one respondent, following the depths of the 2008 recession.
The airline industry was hit hard by the recession—2011 had fewer takeoffs than any year since 2002. Airports in cities like Pittsburgh, Cincinnati, and Oakland are feeling the effects of that contraction, leaving one-time regional hubs and smaller airports with vacant and underused terminals.
A report on airport building reuse commissioned last year by the Transportation Research Board found enplanements were down more than 60 percent in St. Louis over the last decade. Growing interest in regional rail transit could place further pressure on smaller airports to get creative with their extra space, especially as they face costly demolition bills and shrinking revenue.
We just came across a story (above) by David Dunlap in the New York Times whose headline reads: Recession Is Ravaging Architectural Firms. In it architects bemoan the state of the industry and make claims like “it will never be the same again,” and “I’ve had the chance to see a lot of ups and downs. This one, to me, is without a doubt the worst.” Dunlap suggests that ‘Now, having shrunk, firms may decide to stay smaller.’ And one architect thinks this is the next Great Depression: “We don’t see a way out, a real turning point, until the end of the decade. If you’re talking about no significant work until the latter half of the decade, you’re talking about a situation that is somewhat similar to the 1930’s.”