The US Federal Reserve holds their monthly meeting this week and the consensus is that they will lower interest rates. While this rate cut is probably factored into our clients' decision making, be sure to read into their discussion about future rate cuts.
Hopefully, a couple of rate cuts by the end of this year will help release some of the projects that have gone on hold. For those of you with struggling firms or those who have been laid off, I sincerely hope there is some good news on the horizon.
The best article about AI in architecture practice I've seen
I've been thinking about a quote I heard repeated a lot recently, which I will paraphrase here:
You aren't going to be replaced by AI. You are going to be replaced by someone who knows how to use AI effectively.
Where I fall short, is figuring out how to use AI in my day-to-day job. The best idea I've had is to feed a Large Language Model the last 5-years of meeting notes (I'm on a massive project) so that we can sift back through it when our client asks us why an element is the way it is. I think that is a great use-case. After that, I get stuck.
This article gives a few concrete examples for use in a design firm. I suggest you spend 10-15 minutes reading this article and start playing around with the tools out there. You don't want to be replaced.
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Architecture fees are a race to the bottom
I've heard complaints from many architects that their fees keep getting slashed, but clients keep expecting them to take on more responsibility. Taking on more consultants means taking on more liability and effort. One architect told me that he has been forced to bring the geotechnical engineer (historically an owner's consultant) onto his team with no additional fee to cover that effort and risk.
This letter about the Grenfell Towers recent ruling identifies this as a potential concern to the public.
Grenfell inquiry has shone a light on architecture profession’s flaws
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Construction costs up in August, but down over past year
Construction costs are part of inflation data and will inevitably be discussed by the Fed at their meeting this week. The Associated Builders and Contractors released their August report showing prices were up by 0.1% month-over-month in August. Overall prices are down by 0.7% since last August.
ABC: Construction Input Prices Inch Up in August, but Lower Than 1 Year Ago
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Are we fooling ourselves with green projects?
I've heard a lot about greenwashing in recent years, but I have been on numerous projects that did a lot to be more sustainable for the environment and healthy for constructors and users.
This article claims the new JPMorgan Chase headquarters, designed by Foster + Partners, isn't very green despite the design team's claims.
How much have you stretched the story for your green projects? I think many architects embellish their sustainability metrics.
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An elevator pitch for your firm
I regularly talk about how everyone in a firm is part of the marketing department. That holds true from the partners to the interns. Archinect has a helpful guide for how to talk to people about your company and the work that you do.
How to Effectively Introduce Your Architecture Firm in Under 2 Minutes
