Looking back and ahead

During 2023, PRISM made further strides to improve our operational processes and project delivery efficiency. Our new client portal and enhanced user experience resulted in high marks for client satisfaction. We also expanded our geographic reach and diversified our project portfolio, two main goals we had set for the year. Clients brought us some unique projects this year including a recording studio, a solar farm, and customizable luxury garage suites! The passion our clients have for their work is palpable and makes our work even more enjoyable.

Here's a quick look at PRISM 2023, by the numbers:

Projects:

69 cities across 11 states (AR, AZ, FL, GA, LA, MO, NC, OH, TN, TX, UT)

Regions:

62% Southwest

35% Southeast

2% Midwest

1% West

Clients:

56% Architects

27% Developers

9% Property Owners

4% Design Build

3% Engineers

1% Brokers

Top Market Sectors:

36% Residential (Multifamily making up 34%)

22% Commercial (Retail making up 15%)

16% – Industrial (Business Park)

So what’s in store for 2024? In addition to our takeaways from Patrick Jankowski at the CoreNet luncheon, we also pay attention to veteran real estate reporter Ralph Bivins. His predictions are quite diverse, and some seem more hopeful than probable. The highlights:

• The area around Johnson Space Center will see an uptick in development due to the Artemis 2 and Artemis 3 missions.
• Lower mortgage rates will revive home sales.
• Tilman Fertitta may announce a large hospitality project on the property he’s been acquiring along Memorial Drive west of Shepherd.
• Expect foreclosures in the office market, with roughly $555 million of debt in default.
• Is Chevron considering relocating its headquarters from California to Houston?
• Expect the Astros to proceed with their hospitality development next to Minute Maid Park.
• New home construction will explode in the exurbs, and commercial real estate will follow.
• A new luxury hotel and condo tower will rise from the former Exxon research site on Buffalo Speedway.
• UH will win the men’s NCAA Basketball Championship. (I, for one, wholeheartedly agree! – Jing 😊)