Though we will leave the economic forecasting to the experts, we are encouraged by the state of our industry at the end of 2011 and are optimistic about the active work and prospective opportunities for the coming year. To begin the year, we rounded up our principals, associates and projects managers and asked them for brief insights on Residential, Retail, Commercial Office, Industrial, and Banking Markets for 2012.

Bank Facilities
FitzGerald Associates anticipates continued growth in our work on bank facilities throughout 2012. In particular, we will continue to hone our smart, efficient space planning for banks that control prime locations but wish smaller footprints as they reduce staffing headcounts and increase operational efficiency. Renovations of vacant retail into new branches, and energy efficiency upgrades, are continuing to be planned.

Retail Design
FitzGerald Associates expects retail opportunities to continue with ground-up buildings with defined uses and substantial tenants garnering interest. Retailers and landlords are also looking for creative solutions to refresh their buildings’ facades, signage and operations. The smartphone has created new opportunities for interactive signage and changed the way people shop. Changing habits require adapting plans to retain customers.

Commercial Office Planning
FitzGerald Associates sees continued strength in office building conversion, distressed property sales, facilities enhancements and office fit-ups within existing facilities, corporation downsizing, upsizing and obtaining more desirable locations and lease terms. Vacancy rates, although high, are slowly decreasing as confidence takes hold.

Industrial Facilities
Industrial facilities will show continued strength as manufacturers retool their operations and expand production capacity while taking advantage of the favorable tax environment. FitzGerald Associates anticipates the relocation and expansion of a 160,000 SF facility for a private client in the die and stamping industry among other industrial commissions in the coming months.

Residential Design & Development
We are encouraged by process improvements at City Hall and the Department of Buildings. We look forward to more expedient permitting and approvals, and recognize that these changes likely mean lower costs for builders and developers.

A number of major projects will be continuing through the zoning approvals process, including plans at Atrium Village. Also in 2012, construction work is expected to begin on the 24 three-bedroom units that make up the second phase of CA23 in Chicago’s West Loop; the first phase of 2100 South Indiana (a landmark conversion with 54 spacious loft units in a heavy timber building) and a 30-unit building at 1015-23 North Pulaski as part of the Chicago Neighborhood Stabilization Program.

Affordable Housing
Affordable housing continues as bright spot in multi-family residential development. At FitzGerald Associates, we share the concerns of many over the potential loss of Low Income Housing Tax Credits, which continues to be one of the most effective vehicles for completing the development of low-income housing.

Clients of FitzGerald await low income tax credit allocations on several projects, including sites in Chicago, Glendale Heights, Joliet, Orland Hills, and Wisconsin. Not only will these developments create new, affordable, and energy-efficient housing, they create hundreds of jobs in design, construction and manufacturing.