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Where do you see your company in five years?
I want to know if most people are planning on staying with their company for the next 5 years and why #architect #college-major
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Luke’s Answer
I can't tell if that's supposed to be a general question about the field of architecture and the economy or looking for specific company info.
So in general the economic predictions are strong for Architecture. In residential, the underconstruction of housing since the Great Recession has created massive pent-up demand. That is part of why we've seen a surprisingly small hit to housing in the past few months. The NAHB is a great resource for economic data in the field of housing. Even if there is a financial collapse that would make financing projects a challenge, that would be shorter than 5 years. I believe there is a statistic that the S&P 500 index of the stock market has never had a decline over a 5 year period which just illustrates that over a 5yr timeline, growth is historically a guarantee.
The second large trend that necessitates architects is shifts in the demand and changes in use of buildings. Secular growth trends like online retail have led to a massive amount of vacant retail property. Many of those remain vacant but some are being renovated or replaced with other uses such as housing or office space. At that same time warehouses have been in demand because of e-commerce. Here in Colorado Marijuana legalization caused a massive jump in demand and thus values of warehouses. There has been a shift to cities 2010-15 which meant demand for housing in a difference location than before but data is showing that reversed 2015-2020 as cities faced massive undersupply of housing, and rising costs of living. That has accelerated with COVID and the debate is to what extent that will stay the case. A substantial shift toward remote working and working from home will create a massive demand shift in buildings away from offices and for housing in more desirable non-urban areas. Population shifts would necessitate building types across the board to support that population, retail, offices, hospitality possibly. In this short term, we will see a lot of senior housing and apartments want to make renovations for public health concerns driven by market demand if nothing else.
The third major trend beneficial for architects (at least in terms of jobs and money) is the massive growth of regulation over the last decade or so. This increases the amount of hours it takes to complete a project and thus the number or architects needed to complete the same amount of work. Of course this also has a contractionary effect since it makes projects more expensive and thus less economically viable but that is outweighed by the massive increase in work for architects. The downside for architects is that regulatory compliance isn't fun. My coworker often jokes we're becoming lawyers.
As for my company the prospects are looking pretty good both in our sector, affordable housing, and in terms of our general competitiveness in the market.
So in general the economic predictions are strong for Architecture. In residential, the underconstruction of housing since the Great Recession has created massive pent-up demand. That is part of why we've seen a surprisingly small hit to housing in the past few months. The NAHB is a great resource for economic data in the field of housing. Even if there is a financial collapse that would make financing projects a challenge, that would be shorter than 5 years. I believe there is a statistic that the S&P 500 index of the stock market has never had a decline over a 5 year period which just illustrates that over a 5yr timeline, growth is historically a guarantee.
The second large trend that necessitates architects is shifts in the demand and changes in use of buildings. Secular growth trends like online retail have led to a massive amount of vacant retail property. Many of those remain vacant but some are being renovated or replaced with other uses such as housing or office space. At that same time warehouses have been in demand because of e-commerce. Here in Colorado Marijuana legalization caused a massive jump in demand and thus values of warehouses. There has been a shift to cities 2010-15 which meant demand for housing in a difference location than before but data is showing that reversed 2015-2020 as cities faced massive undersupply of housing, and rising costs of living. That has accelerated with COVID and the debate is to what extent that will stay the case. A substantial shift toward remote working and working from home will create a massive demand shift in buildings away from offices and for housing in more desirable non-urban areas. Population shifts would necessitate building types across the board to support that population, retail, offices, hospitality possibly. In this short term, we will see a lot of senior housing and apartments want to make renovations for public health concerns driven by market demand if nothing else.
The third major trend beneficial for architects (at least in terms of jobs and money) is the massive growth of regulation over the last decade or so. This increases the amount of hours it takes to complete a project and thus the number or architects needed to complete the same amount of work. Of course this also has a contractionary effect since it makes projects more expensive and thus less economically viable but that is outweighed by the massive increase in work for architects. The downside for architects is that regulatory compliance isn't fun. My coworker often jokes we're becoming lawyers.
As for my company the prospects are looking pretty good both in our sector, affordable housing, and in terms of our general competitiveness in the market.
Updated
Asha’s Answer
For US Bank: At the forefront of digital innovation, implementing the newest technologies in order to solve problems efficiently and smoothly.
Shraddha Srivastav Strennen RA, NCARB, LEED AP
Architect and Project Manager
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Answers
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Shraddha’s Answer
Personally - no. I don't see innovative progress and better design being valued in the next 5 years with current leadership.
You question is broad and makes me wonder if you are seeking different information than a personal story. I am going to take a guess and hope that it helps.
There are so many variables that affect this answer. Why consider leaving? Pay, position, project types, leadership or firm culture?
1. Pay:
I think the answer depends on what is happening in your current position. If your salary was cut, raise stalled, furloughed, etc then it might be a good idea to leave when the market is strong again in order to get your salary back up to industry standards.
2. Position:
Not all firms are transparent, or even good, about their promotion process. If you don't think you will attain the position you want in 5 years then spend those 5 years gaining as much knowledge as possible in order to accept a position at that next level at another firm.
3. Project types:
If you don't like the project types of the firm then why wait 5 years. Leave when a position with the right firm becomes available. If your firm is multi-disciplinary then speak to your leadership about switching studios or getting on the projects that interest you.
4. Leadership:
Bad management or firm leadership can take a toll in a hurry. If it's a bad manager then have conversations with the manager you would like to work with in order to tactfully make the switch. Don't burn a bridge if you can help it (especially if you are female). If it's firm leadership then I suggest researching any other firms you would consider. Their leadership page alone can tell a story - do you see gender diversity? Ethnic diversity? After that talk to persons at the firm about their company culture, work processes, life balance, etc.
5. Culture:
Personally I think culture is huge, It is the thing that permeates everything you do. If you don't enjoy your firm's culture then see if there is an avenue to spark change (read Match in the Root Cellar) and if the firm is receptive to making meaningful adjustments. If not then find one that has better culture or is willing to adjust/grow. Again, talk to persons at the firm because you can be sold a story in an interview.
You question is broad and makes me wonder if you are seeking different information than a personal story. I am going to take a guess and hope that it helps.
There are so many variables that affect this answer. Why consider leaving? Pay, position, project types, leadership or firm culture?
1. Pay:
I think the answer depends on what is happening in your current position. If your salary was cut, raise stalled, furloughed, etc then it might be a good idea to leave when the market is strong again in order to get your salary back up to industry standards.
2. Position:
Not all firms are transparent, or even good, about their promotion process. If you don't think you will attain the position you want in 5 years then spend those 5 years gaining as much knowledge as possible in order to accept a position at that next level at another firm.
3. Project types:
If you don't like the project types of the firm then why wait 5 years. Leave when a position with the right firm becomes available. If your firm is multi-disciplinary then speak to your leadership about switching studios or getting on the projects that interest you.
4. Leadership:
Bad management or firm leadership can take a toll in a hurry. If it's a bad manager then have conversations with the manager you would like to work with in order to tactfully make the switch. Don't burn a bridge if you can help it (especially if you are female). If it's firm leadership then I suggest researching any other firms you would consider. Their leadership page alone can tell a story - do you see gender diversity? Ethnic diversity? After that talk to persons at the firm about their company culture, work processes, life balance, etc.
5. Culture:
Personally I think culture is huge, It is the thing that permeates everything you do. If you don't enjoy your firm's culture then see if there is an avenue to spark change (read Match in the Root Cellar) and if the firm is receptive to making meaningful adjustments. If not then find one that has better culture or is willing to adjust/grow. Again, talk to persons at the firm because you can be sold a story in an interview.