Architecture billings are typically viewed as a leading indicator for the development industry. That's because, in order to build things, you need permits. And in order to get permits, you need architects to draw things.
So every month, the American Institute of Architects surveys design firms as a way to determine how the industry is doing. The primary question it asks is: Have your billings increased, decreased, or stayed the same in the month that just ended? Based on the proportion of respondents choosing each option, an Architecture Billings Index (ABI) score is created.
A score of 50 means there has been no change in billings from the previous month. A score above 50 indicates an increase. And a score below 50 indicates a decrease. Here's this score for August 2024 to August 2025:

Billings are down across the US. In fact, the survey notes that the value of design contracts has declined for an 18th consecutive month, marking the longest period of decline since the survey started 15 years ago. This is true across all regions, though the South has the best relative performance and the West has the worst. The commercial/industrial sector also appears to have the best relative performance, which, I'm only guessing, could be a result of things like data centers.

I don't have perfectly comparable data for Canada, but I know that architecture billings are way down in markets like Toronto and Vancouver. Architecture and development firms continue to lay off people, which is the strongest kind of indicator.
One of the things I always find interesting is how globally connected we all are. Real estate may be a local business, but it does depend on global capital flows and overall sentiment. The US market is soft. The Canadian market is soft — with some markets being largely shut off, to be more precise. And when I was in Paris last month, I heard a lot of the same from architects and developers (except from those able to subsist on government work).
Images: AIA / Detek ABI (August 2025)

Last week in Paris, we went to check out the above café called The Coffee. It was our first time. The brand is a Brazilian coffee chain founded in 2017 by three brothers who wanted to combine Japanese minimalism with the best of Brazilian coffee. Brazil, by the way, is the world's largest producer of coffee.
Since then, they've gone on to open nearly 300 stores around the world — from Rio de Janeiro to Paris and Seoul to Sydney. Earlier this year, they opened their first locations in Toronto: on King Street West, in the Financial District, and in Yorkville. And today, I'm excited to share that their next location will be at the base of Junction House.

This feels like a perfect fit for the area and the building. One of the things that we tried to do with the design of the project was blend Canadian minimalism with the rich history of the Junction. So I'm happy to see this brand land here, especially since we (the developer) no longer own the retail component and weren't involved in the leasing. Kudos to Lee Chow Group (the owner) and the JLL Retail Group.

It’s exciting to see a global brand like The Coffee choose the Junction. They clearly know what's up. I'm now looking forward to becoming a loyal customer.
If you'd like to follow them on Instagram, here's their Canadian account.
Our time in Paris has come to an end. It's time to get back to the greatest city in the world (Toronto). As has become customary around here, I'd like to summarize some of my anecdotal observations from the trip. Here goes:
The first one is an obvious one. Paris has transformed itself into a cycling city. Bold planning moves have explicitly prioritized biking, and you can feel it everywhere you go, including outside of the Périphérique. Young and old, families and individuals, everyone seems to cycle in Paris. In parallel to this, it feels like there has been a noticeable reduction in vehicular traffic. Many of the smaller streets around Paris almost feel like they've been pedestrianized. But in fact, it's just because there are so few cars.
Because of this change, I asked an Uber driver this past week if traffic has gotten worse and if it has generally gotten harder to drive in Paris. His response was absolutely. So I then asked him how Parisians generally feel about all of the changes and all of the new cycling lanes. The first part of his answer didn't surprise me. He said people who live in Paris love it because it's now easier to get around and they don't need to own a car. It's more efficient. But people who drive into the city or pass through it don't like it. Fair. However, as somebody who drives for a living, the second part of his answer did surprise me. He said, the changes needed to be done — bikes are a more efficient form of transport and they have greatly reduced pollution within the city. I thought this was quite an enlightened and selfless response.
The geography of Paris is changing. Parisians used to think of their city as only existing within the boundaries of the Boulevard Périphérique. (This is technically the boundary of Paris proper, but there is also the Métropole du Grand Paris, which encompasses the greater urban region.) New investments in transit, new developments, and pioneering urbanists are changing this mental model. A New Paris has arrived. And its modal split seems to be skewed toward non-car forms of mobility, to the point that younger Parisians don’t even seem to bother getting a driver’s license.
Anecdotally, I also noticed a big uptick in running, in the number of gyms/fitness studios in the city, and in the number of people walking around in athleisure wear. I view this as North American culture creeping in. Historically, my understanding is that running — and getting sweaty in public — was considered a bit of a faux pas. But at one point this week, I saw a parade of people running in and out of a Drip and doing laps down a busy street filled with cafés. Clearly, attitudes have changed.
Paris is, of course, well known for its cafés and terraces. But I would like to emphasize how beneficial these spaces are for the city. Every terrace comes equipped with a large awning that extends out into the street and creates a kind of outdoor room. These rooms then fill up with an endless supply of people facing outward, adding life, conversation, and eyes on the street. It's a wonderful way to create urban vibrancy, and you really feel the difference on streets where they don't exist. More cities need to figure out how to replicate this simple formula.
Food is different in Paris (and in Europe more broadly). There is real concern over the quality of ingredients and what we put in our bodies. We touched on this briefly, here. The difference is that you feel as if you can eat whatever you want, and the end result is that you feel satisfied, not gross. You also don't feel as if you've just ingested a sodium bomb.
On this trip, Bianca and I spent a lot of time exploring the 9ème, 10ème (where we were staying), and 11ème arrondissements, with regular trips south to Le Marais. We've now been to Paris enough that we're starting to figure out which areas we like the most. (If you have a favorite area, please leave it in the comments section below.)
Finally, I would like to end by saying that the trains in Paris are something they should be proud of. When we come to Paris, we always take the train into the city and, on this trip, we took the metro on a number of occasions to get out to places like Pantin and Boulogne. Not once did we wait more than a minute or two for a train. In fact, even during off-peak times, the maximum headway between trains seemed to be 4 minutes. With this at your doorstep, and with all the new cycling infrastructure that has been introduced, I guess it's no wonder that many Parisians couldn't care less about driving.
Until next time, Paris.
Architecture billings are typically viewed as a leading indicator for the development industry. That's because, in order to build things, you need permits. And in order to get permits, you need architects to draw things.
So every month, the American Institute of Architects surveys design firms as a way to determine how the industry is doing. The primary question it asks is: Have your billings increased, decreased, or stayed the same in the month that just ended? Based on the proportion of respondents choosing each option, an Architecture Billings Index (ABI) score is created.
A score of 50 means there has been no change in billings from the previous month. A score above 50 indicates an increase. And a score below 50 indicates a decrease. Here's this score for August 2024 to August 2025:

Billings are down across the US. In fact, the survey notes that the value of design contracts has declined for an 18th consecutive month, marking the longest period of decline since the survey started 15 years ago. This is true across all regions, though the South has the best relative performance and the West has the worst. The commercial/industrial sector also appears to have the best relative performance, which, I'm only guessing, could be a result of things like data centers.

I don't have perfectly comparable data for Canada, but I know that architecture billings are way down in markets like Toronto and Vancouver. Architecture and development firms continue to lay off people, which is the strongest kind of indicator.
One of the things I always find interesting is how globally connected we all are. Real estate may be a local business, but it does depend on global capital flows and overall sentiment. The US market is soft. The Canadian market is soft — with some markets being largely shut off, to be more precise. And when I was in Paris last month, I heard a lot of the same from architects and developers (except from those able to subsist on government work).
Images: AIA / Detek ABI (August 2025)

Last week in Paris, we went to check out the above café called The Coffee. It was our first time. The brand is a Brazilian coffee chain founded in 2017 by three brothers who wanted to combine Japanese minimalism with the best of Brazilian coffee. Brazil, by the way, is the world's largest producer of coffee.
Since then, they've gone on to open nearly 300 stores around the world — from Rio de Janeiro to Paris and Seoul to Sydney. Earlier this year, they opened their first locations in Toronto: on King Street West, in the Financial District, and in Yorkville. And today, I'm excited to share that their next location will be at the base of Junction House.

This feels like a perfect fit for the area and the building. One of the things that we tried to do with the design of the project was blend Canadian minimalism with the rich history of the Junction. So I'm happy to see this brand land here, especially since we (the developer) no longer own the retail component and weren't involved in the leasing. Kudos to Lee Chow Group (the owner) and the JLL Retail Group.

It’s exciting to see a global brand like The Coffee choose the Junction. They clearly know what's up. I'm now looking forward to becoming a loyal customer.
If you'd like to follow them on Instagram, here's their Canadian account.
Our time in Paris has come to an end. It's time to get back to the greatest city in the world (Toronto). As has become customary around here, I'd like to summarize some of my anecdotal observations from the trip. Here goes:
The first one is an obvious one. Paris has transformed itself into a cycling city. Bold planning moves have explicitly prioritized biking, and you can feel it everywhere you go, including outside of the Périphérique. Young and old, families and individuals, everyone seems to cycle in Paris. In parallel to this, it feels like there has been a noticeable reduction in vehicular traffic. Many of the smaller streets around Paris almost feel like they've been pedestrianized. But in fact, it's just because there are so few cars.
Because of this change, I asked an Uber driver this past week if traffic has gotten worse and if it has generally gotten harder to drive in Paris. His response was absolutely. So I then asked him how Parisians generally feel about all of the changes and all of the new cycling lanes. The first part of his answer didn't surprise me. He said people who live in Paris love it because it's now easier to get around and they don't need to own a car. It's more efficient. But people who drive into the city or pass through it don't like it. Fair. However, as somebody who drives for a living, the second part of his answer did surprise me. He said, the changes needed to be done — bikes are a more efficient form of transport and they have greatly reduced pollution within the city. I thought this was quite an enlightened and selfless response.
The geography of Paris is changing. Parisians used to think of their city as only existing within the boundaries of the Boulevard Périphérique. (This is technically the boundary of Paris proper, but there is also the Métropole du Grand Paris, which encompasses the greater urban region.) New investments in transit, new developments, and pioneering urbanists are changing this mental model. A New Paris has arrived. And its modal split seems to be skewed toward non-car forms of mobility, to the point that younger Parisians don’t even seem to bother getting a driver’s license.
Anecdotally, I also noticed a big uptick in running, in the number of gyms/fitness studios in the city, and in the number of people walking around in athleisure wear. I view this as North American culture creeping in. Historically, my understanding is that running — and getting sweaty in public — was considered a bit of a faux pas. But at one point this week, I saw a parade of people running in and out of a Drip and doing laps down a busy street filled with cafés. Clearly, attitudes have changed.
Paris is, of course, well known for its cafés and terraces. But I would like to emphasize how beneficial these spaces are for the city. Every terrace comes equipped with a large awning that extends out into the street and creates a kind of outdoor room. These rooms then fill up with an endless supply of people facing outward, adding life, conversation, and eyes on the street. It's a wonderful way to create urban vibrancy, and you really feel the difference on streets where they don't exist. More cities need to figure out how to replicate this simple formula.
Food is different in Paris (and in Europe more broadly). There is real concern over the quality of ingredients and what we put in our bodies. We touched on this briefly, here. The difference is that you feel as if you can eat whatever you want, and the end result is that you feel satisfied, not gross. You also don't feel as if you've just ingested a sodium bomb.
On this trip, Bianca and I spent a lot of time exploring the 9ème, 10ème (where we were staying), and 11ème arrondissements, with regular trips south to Le Marais. We've now been to Paris enough that we're starting to figure out which areas we like the most. (If you have a favorite area, please leave it in the comments section below.)
Finally, I would like to end by saying that the trains in Paris are something they should be proud of. When we come to Paris, we always take the train into the city and, on this trip, we took the metro on a number of occasions to get out to places like Pantin and Boulogne. Not once did we wait more than a minute or two for a train. In fact, even during off-peak times, the maximum headway between trains seemed to be 4 minutes. With this at your doorstep, and with all the new cycling infrastructure that has been introduced, I guess it's no wonder that many Parisians couldn't care less about driving.
Until next time, Paris.
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