Architecture billings improve again in November

The commercial real estate market may experience more developments.

Property management companies may be more interested in purchasing new properties in the coming months, as the level of architecture billings rose in November.

The total level of architecture billings rose last month to 53.2 on the American Institute of Architects' Architecture Billings Index. This was a jump from the previous month's figure of 52.8, though both figures were higher than 50, which determines an increase in design demand.

"These are the strongest business conditions we have seen since the end of 2007 before the construction market collapse," said Dr. Kermit Baker, chief economist for the AIA. "The real question now is if the federal budget situation gets cleared up which will likely lead to the green lighting of numerous projects currently on hold."

Overall project inquiries registered a level of 59.6 during the month, the news source explained. The multifamily sector has the most impressive figure for the sectors examined, at 55.9. Mixed practice, commercial/industrial and institutional all had figures higher than the threshold.

When examining regions, the Northeast had the most impressive figure, at a level of 56.3, the report added. Both the Midwest and South were higher than 50, with the West the only region lower than this level.

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