The American Institute of Architects recently released a report that showed commercial real estate companies may be increasing their construction spending.
The Architecture Billings Index for the month of February increased to 51. This was slightly higher than January's 50.9, according to the report. The increase was the fourth consecutive month where a rise was noted. The measurement for new projects also increased slightly to 63.4, which was higher than December's 61.2, as well as the highest figure since July 2007.
"The factors that are preventing a more accelerated recovery are persistent caution from clients to move ahead with new projects, and a continued difficulty in accessing financing for projects that developers have decided to pursue," said Dr. Kermit Baker, chief economist for the AIA.
When examining regional figures, the Midwest had the highest index, which was 56, the report noted. In addition, the South was at 51.3, while the Northeast reached 51 and the West earned a mark of 45.6.
With vacancies declining and rents rising, some commercial real estate companies may be looking to get more involved in adding new properties through new construction in the coming months.
Posted in Commercial Construction
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