Architecture firms reported a sharp drop in business in September, indicating that the commercial real estate market could see even more pain in the next year. The index is a forward-looking indicator of demand for non-residential construction activity, both commercial and industrial buildings. Commercial real estate has been hit with a double whammy. Among real estate sectors, firms with a multi-family residential focus saw more of a decline. Multi-family construction boomed over the last few years, with a record number of units now flooding the market and putting pressure on rents.

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Persons: Kermit Baker, bode, Peter Boockvar Organizations: AIA, Billings, Bleakley Financial Locations: billings