Renovations of older buildings in U.S. cities recently hit a record high as reflected in architecture firm billings, according to the American Institute of Architects (AIA). As of spring 2022, the majority of billings came from retrofit work, not new construction. It’s the first time in the 20 years AIA data has shown that renovations have surpassed 50%, Bloomberg reports.
In 2005, as a pre-recession building boom neared its end, renovations composed about one-third of billings. That share has been increasing steadily since 2017, when it was 44.4%, and has risen to 52% this year.
Kermit Baker, AIA's Chief Economist, says that the last time the market was so heavily weighted toward renovations was likely during the Great Depression.
One quarter of renovations are for conventional interior modernizations and upgrades, and another quarter are adaptive reuse projects that change the function and program of a building. New tenant fit-outs comprise 17.8% of renovations.
Related Stories
| Apr 13, 2011
Office interaction was the critical element to Boston buildout
Margulies Perruzzi Architects, Boston, designed the new 11,460-sf offices for consultant Interaction Associates and its nonprofit sister organization, The Interaction Institute for Social Change, inside an old warehouse near Boston’s Seaport Center.
| Mar 11, 2011
Holiday Inn reworked for Downtown Disney Resort
The Orlando, Fla., office of VOA Associates completed a comprehensive interior and exterior renovation of the 14-story Holiday Inn in the Downtown Disney Resort in Lake Buena Vista, Fla. The $25 million project involved rehabbing the hotel’s 332 guest rooms, atrium, swimming pool, restaurant, fitness center, and administrative spaces.
| Mar 11, 2011
Blockbuster remodel transforms Omaha video store into a bank
A former Hollywood Video store in Omaha, Neb., was renovated and repurposed as the SAC Federal Credit Union, Ames Branch. Architects at Leo A Daly transformed the outdated 5,000-sf retail space into a modern facility by wrapping the exterior in poplar siding and adding a new glass storefront that floods the interior with natural light.
| Mar 11, 2011
Historic McKim Mead White facility restored at Columbia University
Faculty House, a 1923 McKim Mead White building on Columbia University’s East Campus, could no longer support the school’s needs, so the historic 38,000-sf building was transformed into a modern faculty dining room, graduate student meeting center, and event space for visiting lecturers, large banquets, and alumni organizations.
