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.”