As the economy continues to stabilize, commercial construction will grow, spurred by declining office and retail vacancies as well as growing commercial property values. The American Institute of Architects (AIA) predicts that spending will increase 5.8% in 2014 and 8% in 2015.
We predict the top five trends in commercial construction for 2015 will include the following:
- A higher demand for ‘Green’ building – Green building construction is no longer a ‘trend’, it is here to stay. Architects, contractors, developers and owners all want to incorporate some aspect of green construction into each project, whether it’s using sustainable building materials, incorporating renewable energy or implementing water or energy efficiency solution. Not only will there be an increase in green construction for new buildings but there will also be an increase in greening renovations in existing buildings. Look for the introduction of more green building products coming to the market with an emphasis on being sustainable, healthy and made from recycled materials.
- High Tech -Technology is going to continue to impact on the construction industry. Mobile technology will have a greater presence on the jobsite. Expect to see a lot more tablets, smartphones and laptops being used on the construction site to better manage projects, increase productivity and keeping workers safe with mobile applications and software as a service (SaaS) using cloud technology.
- Condo and multi-family housing BOOM – Statistics state that over 1,000 people move to Florida per day. In fact, Florida is one of the most traveled to vacation destination in the world! Many who vacation in Florida end up moving there based on their impression from their visit. And, many of these people are retirees that don’t want to deal with the headache and upkeep that comes with owning a single family home. They are opting for the ease and convenience of a townhome or condominium. Demand for this product is high, especially in our coastal areas.
- Continued growth in retail renovations – A good majority of the projects that we are working on are renovations, especially in the retail and restaurant sectors. Many buildings that have been around for a long time are modernizing and streamlining their operations to be more effective, efficient, and sustainable.
- A large increase in Healthcare facilities and Educational institutions – According to Buildings.com the market segment consensus growth forecast predicts a 7.8% increase in healthcare facilities and a 5.8% increase in educational institutions. This is especially true in the Tampa Bay area, where our baby boomer generation is reaching retirement age. In addition, the increase in master planned, self-contained communities causes a need for more schools and training facilities.