Dear Friends,
Happy New Year! ODA Architecture is optimistic for an exciting and successful 2024. Interest rates are declining, and the costs of construction materials are slightly settling. The Olympics will be in Paris for the first time in 100 years. It’s a presidential election year. What will be popular in architecture and development?
Office Re-purposing: This is obvious as there is an estimated $47 billion in office loans that will mature. For many, the new normal is to continue to work from home, freeing up valuable real estate. ODA is currently transforming office structures into many alternative uses. These uses include hotels, apartments, and climate-controlled storage.
Multi-family Residential slow-down: Due to financing challenges, the boom of new apartment construction will cool. This trend will give developers the opportunity to pause and explore innovative ways to deliver more “achievable” housing, such as re-purposing existing buildings. Smaller, infill projects in urban areas will gain popularity as well as in established residential areas.
Small Town Revitalization: Small towns across the nation are seeking strategies to re-energize their downtown cores and historic districts. This will often entail public-private partnerships to renovate existing buildings, construct more parking options and invest in memorable public green spaces. Small, infill multi-family residential developments and hospitality uses will help fuel these revitalizations.
Densification: Urban areas will start making more efficient use of highly priced real estate through densification. To reduce automobile traffic, it will be important to integrate a dense mix of uses within a short walking distance. ODA Architecture is redeveloping obsolete retail centers, offices and restaurants for residential, hotel and entertainment uses. Thoughtful placemaking encourages density while providing an abundance of meaningful public open spaces.
Architects and developers will be seeking hidden opportunities to match the success of previous years. There is always an on-going debate if Leap Years are lucky or unlucky. ODA Architecture senses much optimism for a FUNomenal year in 2024…… we’ll take “lucky”!
