In health care, Turner is working on both large and small projects from Brooklyn to Buffalo, for clients such as Kaleida Healthcare, Mt. Sinai, NYU Langone Medical Center, New York-Presbyterian and Memorial Sloan-Kettering.
Murphy also sees an uptick in the volume of institutional work as New York City reinvents its major museums, galleries and performing arts venues, such as the Whitney Museum of American Art.
But the executive terms the residential market a “mystery,” particularly in predicting when that high-flying sector will price itself out. “Land costs are very expensive, as well as construction costs,” he says. “Interest rates will go up some day adding to the cost of development.”
But the interiors market will continue to grow over the next few years as new buildings in the World Trade Center and Hudson Yards areas come on line, says Murphy.
“We foresee this inventory as spawning a secondary market that will include a series of building-repositioning projects as well as high-end interior fit-outs of the space recently vacated, he says.