Contractors haul a slab of concrete onto the framework of an apartment complex under construction in Chicago.
Christopher Dilts | Bloomberg | Getty Images
All aspects of the architecture business are suddenly slowing, indicating an overall weakening in commercial real estate demand.
A key read on the industry, the Architecture Billings Index, fell into negative territory in June, according to the American Institute for Architects. Inquiries for new projects hit a decade low, while design contracts also fell.
“With billings declining or flat for the last five months, it appears that we are settling in for a period of soft demand for design services,” said AIA Chief Economist Kermit Baker. “With the new design contracts score reaching a 33-month low and the project inquiries score hitting a 10-year low, work in the pipeline may start to get worked off, despite current robust backlogs.”
The index does not include single family housing but does incorporate multi-family apartment…