Office projects accounted for 33 percent of fees ($1.56 billion), down from 40 percent. Hospitality, 10 percent of the pie ($488 million), was down from 15 percent. This shouldn’t be much of a surprise given how the pandemic specifically targeted those areas. Widespread remote work has put all office space under the light, particularly high-rent urban spaces.
The rest of the Giants’ business segments were largely even for the year. Healthcare accounted for 14 percent of all fees ($667 million), with residential and government bringing in 8 percent and 7 percent, respectively. Other segments like educational brought smaller returns but have been steady. For the 2021 forecasts, the Giants expect a decrease in most segments except for hospitality and residential; also, some government and healthcare work could get a proverbial shot in the arm from increases in hospital and lab/training facility installations, one boon of the pandemic.