2A — December 18 - January 14, 2020 — M id A tlantic Real Estate Journal
M id A tlantic Real Estate Journal
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M id A tlantic R eal E state J ournal Publisher, Conference Producer . .............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist .............................. Glenn Ebersole Mid Atlantic R eal E state J ournal ~ Published Semi-Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 350 Lincoln St, Suite 1105, Hingham, MA 02043 USPS #22-358 | Vol. 32, Issue 19 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 | Fax: 781-740-2929 www.marej.com
What Will The AEC Industry See In 2021?
Development • Industrial Market • Multi-Family Market Retail Market • Distribution Centers
embers of the AEC (Architectural, En- gineering & Con-
• Mediation • Real Estate Law • Mold Environmental • Architecture • Engineering
struction) industry are look- ing ahead to 2021 and realize the year ahead looks chal- lenging. However, 2021 will present opportunities for leaders who are anticipa- tory and think strategically. Those leaders will look for the hard trends and soft trends, identify the disruptors in the industry and subsequently define the opportunities that will exist for them. Assessing market opportu- nities and developing stra- tegic business development/ marketing plans will identify where AEC firms will invest for growth in 2021. The pro- cess of assessing the market opportunities and creating plans to pursue business will be very different than the process used in creating plans prior to COVID-19. Several factors will com- plicate market analysis and plans for 2021, including the course of the pandemic and the availability of a safe and effec- tive vaccine. The uncertainty
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about the vaccine and the post- election socio-political environ- ment will further complicate planning for 2021. The overall market for AEC services will contract in 2021 and yet there will be oppor- tunities for growth. Some of the growth will come from existing market sectors where new needs have emerged from COVID-19. Other opportuni- ties will be in new markets that have been created by the pandemic. The pandemic has caused the various markets within the AEC industry to evolve into much different markets. Leaders of AEC firms must look at their markets through entirely different and new lenses to plan for 2021. One significant example is the
retail market which has been going through a major evolu- tion. This evolution is creat- ing opportunities for AEC firms that look at redesigning, remodeling and repurposing existing retail facilities for different product delivery systems and increased safety. The AEC industry will face a contraction of state and municipal budgets due to revenue shortfalls caused by the pandemic. This will mean a smaller market for AEC services and more pressure on company margins. A bright spot for 2021 ap- pears to be in multi-family and mixed-use real estate development. Historically low mortgage rates, demand exceeding supply and an continued on page 6A
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