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BUSINESS NEWS FIRST HALF 2015 COMMERCIAL AND MULTIFAMILY CONSTRUCTION STARTS SHOW NEW YORK CITY METRO AREA LEADING THE NATION A ranking of the top U.S. metropolitan areas by the dollar amount of new commercial and multifamily construction starts reveals the New York City metropolitan area leading the nation during the first half of 2015, according to Dodge Data & Analytics. A total of $17.3 billion of commercial and multifamily projects in the NewYork City metro- politan area reached ground-breaking during this year’s January-June period, up 72 percent from a year ago. The NewYork amount was substantially greater than what was re- ported by the metropolitan area ranked No. 2, Miami at $3.0 billion and up 38 percent from a year ago. Rounding out the top five metro- politan areas with their percentage change from a year ago were the following – Washington DC, $2.4 billion (down 15 percent); Boston, $2.2 billion (up 21 percent); and Seattle, $2.1 billion (up 49 percent). Metropolitan areas ranked 6 through 10 performed as follows dur- ing the first half of 2015 – Los Angeles, $2 billion (down 30 percent); Houston TX, $1.9 billion (down 36 percent), Denver, $1.8 billion (up 56 percent); Dallas-Ft. Worth, $1.8 billion (up 5 percent), and Chicago, $1.7 billion (up 7 percent). For the U.S. as a whole, commercial and multifamily construction starts during the first half of 2015 were re- ported at $73.2 billion, up 13 percent from a year ago. “Market fundamentals such as occupancies and rents continue to show improvement, which supports further growth for commercial

and multifamily construction,” said Robert A. Murray, chief economist for DodgeData & Analytics. “While the expansion for the overall economy remains tepid, as shown by the 2.3 percent growth for GDP in the second quarter, commercial and multifamily development continues to be a prime focus of the investment community in its search for yield. The level of construction starts for commercial build- ing is still well below the peak volume of the previous decade, even with double-digit gains over the past four years. Multifamily housing has shown steady growth since 2010, which has generated some concern about overbuilding, particularly in the NewYork metropolitan area. Still, NewYork is seeing an even greater amount of multifamily construction starts this year, and the national multifamily upturn is now broadening in terms of geography, with construction gains tak- ing place in more metropolitan areas.” The NewYork metropolitan area during the first half of 2015 showed growth for both its commercial building (up 84 percent) and its multi- family (up 67 percent) segments from a year ago. Large commercial building projects that reached ground-breaking during the first half of 2015 included two structures at the Hudson Yards development on Manhattan’s West Side – the $1.2 billion 30 Hudson Yards office/retail tower and the $400 million 55 Hudson Yards office tower. Other large commercial building projects that reached ground-breaking included the $575 million 1 Manhattan West project, the $200 million South Street Seaport Pier 17 retail center, and a $150 million tenant install at 10 Hudson Yards.

ED FRIEDRICHS , from page 3

ANNUAL EVALUATIONS IN A/E/P AND ENVIRONMENTAL FIRMS According to Zweig Group’s 2015 Policies Procedures & Benefits Survey of AEP & Environmental Firms:

3) Marginal; need to pay attention and improve 4) Good; need some fine-tuning 5) Perfect; all we ask So, where do people in the firm go from here? 6) Perfect, and a little extra 7) Performance is changing the office 8) Performance is noticeable in the community 9) Performance is changing the community 10) Performance is changing the world Both Don and the person being evaluated fill out the form with their numbers. The meeting is a comparison of how each sees performance. But, since the process has an aspirational character, no one is bothered by it. It’s all about expectations, and expectations like this require continual support from the firm to help people achieve their ambitions and passions to change the world. It also attracts others with such aspirations. If people are working consistently to achieve this level of performance, their efforts affect their project work. The projects Don has on the boards right now in Reno are of a scale, scope, and thoughtfulness to place them squarely in the “9” category. If they are as successful as they have the potential to be and are emulated in other communities, Cathexes will score a clear and resounding “10.” Don adds: “When you reach ‘10,’ erase the slate and start all over again!”

90 percent of firms conduct regular performance appraisals or reviews of employees.

72 percent of firms use the same performance appraisal form for all employees.

81 percent of firms adjust wages/salaries based on the results of the performance review.

PERFORMANCE REVIEWS A L i nkedIn po l l asked respondents : “What word comes to mind when you think about Performance Reviews?”

Bull%&*!

24%

25%

16% 16%

Helpful

21% 23%

50% 20%

Helpful

Bull%&*!

Stressful

Exciting Time Consuming 20% 24%

Helpful

Exciting Time Consuming 16% 15%

Time Consuming

30%

Source: Cloudave.com

THE ZWEIG LETTER AUGUST 24, 2015, ISSUE 1117

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