Q1 Development and Design Industry Outlook
The Real Estate Roundtable Sentiment Index for Q1 2023 reported increases in the three categories they track – Sentiment, Current, and Future Index. However, respondents cautioned against generalizing trends across industries. For example, multifamily is attracting interest, but Class B office is struggling.
The AIA Architecture Billing Index rose slightly into positive territory in March for the first time in five months. But firms still report mixed outlooks, with a wait-and-see mindset due to rising interest rates and lingering concerns over the major bank failures earlier this year.
Here is what Q1 projects looked like for PRISM:
Here is what Q1 projects looked like for PRISM:
- 50 new projects in 29 cities across five states—TX, FL, LA, NC, AZ
- Top 3 Market Sectors
- 36% Multifamily
- 20% Industrial
- 20% Commercial (primarily retail renovation)
- Client breakdown:
- 57% Architects
- 26% Developers
- 7% Property Owners
- 4% Brokers
- 3% Construction
- 3% Consultant
We continue to regularly attend industry events to learn about the issues impacting our clients and regulatory changes in locations where our clients work. Research has shown that 90% of information transmitted to the brain is visual. Our clients see the opportunities to build and transform our communities into better places, and PRISM is ready to help make their vision a reality.
