Commercial Construction & Renovation

JAN-FEB 2014

Commercial Construction & Renovation helps our subscribers design, build and maintain better commercial facilities by delivering content to meet the information needs of today's high-level executives.

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6 CommerCial ConstruCtion & renovation — January : February 2014 This time around it's more strategic and more concise. This time, the optimism surrounding the rebirth of the commercial sector is being driven by an overall econo- my that's expected to move back to more traditional growth levels. After building an emphasis on curtailing the number of new builds, the industry is setting its sights on growing again. Sure, there was a signifcant (and warranted) effort placed on the renovation side of the business during the downturn. Growth was not an option many cared to emphasize. But times – and attitudes – are changing. You can see the pattern in recent headlines: • Starwood Hotels & Resorts Worldwide plans to add 30 new properties to its North American portfolio this year • H&M; plans to open 375 new stores in 2014 in the United States, France and China • Dunkin' Donuts will open about 400 new stores in 2014 • Kate Spade, formally Fifth & Pacifc, plans to open 35 new U.S. stores and 55 international stores this year During our last couple of Commer- cial Construction & Renovation retreats, executives from some of the industry's leading brands talked about how they are manning up for growth and what it means for business down the road. There is no question that nonresi- dential building activity stalled in 2013. But things are turning around, buoyed by a strengthened general economy and a more stable political environment. According to the American Institute of Architects' (AIA) Consensus Construction Forecast, nonresi- dential building is expected to hit 5.8 percent in 2014, with commercial, retail and hotel construction on target to post double-digit gains. Offces construction should exceed 9 percent growth. The report says the recovery is expected continue into 2015, with spend- ing increasing 8 percent overall. And to be honest, this new mission doesn't come without new growing pains. For example, one of the most prevalent topics during the roundtables at our retreats was trying to fnd the talent the industry lost during the recession. Many companies are making that a major priority in 2014. Perhaps Ron Stupi, managing member and VP of business development for Quality Project Management, summed it up best. "We remain bullish on the workload for next year – the type of work that will be all over the map. So we are going to continue to look for good project management staff. It takes a lot of energy and effort to hire the right people today." As we start our move into 2014, we'll keep a close eye on where these trends take us. Join us for the ride. CCR Let the games begin Michael J. Pallerino is the editor of Commercial Construction & Renovation. You can reach him at 678.513.2397 or via email at mikep@ccr-mag.com. editor's Note editor's note by Michael J. Pallerino Optimism surrounding the rebirth of the commercial sector is being driven by an overall economy that's expected to move back to more traditional growth levels. S hhh. Listen. Do you hear that? No, really. Listen. What do you hear? It is the sound of construction – lots and lots of construction. After several years of wading through the mire of what appeared to be a never-ending recession, the commercial construction industry is mounting a comeback. CCR-JanFeb.14_991-.indd 6 2/7/14 2:00 PM

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