What you missed last week: Architecture billings up again; record year for hotel renovations; nation's most expensive real estate markets
By BD+C Staff
BD+C's roundup of the top construction market news for the week of August 18 includes the latest architecture billings index from AIA and a BOMA study on the nation's most and least expensive commercial real estate markets.
AIA ARCHITECTURE BILLINGS INDEX UP AGAIN IN JULY
The ABI, a leading indicator in commercial construction, was up more than a full point last month, to 52.7 (any score above 50 means increased billings). The number was above 50 in every region and every market sector tracked by the AIA. New projects index also up dramatically, to 66.7, from 62.6 in June. http://www.bdcnetwork.com/aia-architecture-billings-rise-july
FIVE MOST (AND LEAST) EXPENSIVE COMMERCIAL REAL ESTATE MARKETS
At the top: Stamford, Conn. ($16.11/sf), New York, Grand Rapids, Mich., Newark, N.J., and San Francisco. At the bottom: Stockton, Calif. ($3.57/sf), Fresno, Calif., Huntsville, Ala., Virginia Beach, Va., and Albuquerque, N.M. Total operating expenses were down 3.9% overall from 2011 to 2012, BOMA says, crediting maximization of operating efficiency. http://www.bdcnetwork.com/5-most-and-least-expensive-commercial-real-estate-markets
2013 WILL BE A RECORD YEAR FOR HOTEL RENOVATIONS
Duro-Last blogger Drew Ballensky reports that the U.S. hotel industry is expected to spend $5.6 billion on capital expenditures this year, beating the prior record set in 2008. NYU's Preston Robert Tisch Center for Hospitality says 20% of hotels will receive improvements this year. http://www.bdcnetwork.com/blog/2013-will-be-record-year-hotel-renovations
CODE AMENDMENT IN DALLAS WOULD LIMIT EXTERIOR REFLECTIVITY
Proposal would limit exterior reflectivity of "visible light" to 15%, in attempt to cut down "undesirable" and "potentially hazardous" glare. Potential "non-green" side effect: use of dark or tinted glass that interferes with daylighting. Of note to all designers and glass/enclosures manufacturers. http://www.bdcnetwork.com/code-amendment-dallas-would-limit-building-exterior-reflectivity