Health Care Remains in Good Health But Other Market Sectors Hurting
The general building market has been in a stall for the past couple years. As the economy floundered, more space opened up and vacancy rates rose, leaving contractors in the broad market wondering what will come next.
"The market changes every day," says Peter J. Davoren, the new president of Turner Construction. He notes recent studies of the interiors renovation market in New York City. "In the year 2000, 40 million sq ft of office space changed hands or was renewed on a long-term basis," says Davoren. "In 2002, that figure shrunk to 18 million sq ft. At an average of $50 per sq ft, that means the renovation market shrunk from $2 billion to $900 million in two years."