In New York City, few addresses carry the weight of history quite like 60 Wall Street. Since its completion in 1989 as the headquarters of J.P. Morgan & Co., the 47-story tower has stood as a fixture of Lower Manhattan, witnessing decades of change in the city’s financial district.

When evaluating a building for repositioning, owners typically focus on the obvious questions first. Does the floorplate work? Is the structure sound? What upgrades will the building systems require One element that’s often overlooked is the elevator system.

Pennsylvania just gave the entire industry a case study in what happens when an Authority Having Jurisdiction (AHJ) lets a code sit too long. The Commonwealth ran on the ASME A17.1 2000 edition, with the 2002 addenda bolted on, for the better part of two decades while neighboring states moved forward. Now it’s finally transitioning to the 2016 edition, and the size of that jump is a lesson in itself.

Construction costs are being squeezed from every direction at once. The teams staying ahead are the ones procuring early and watching the supply chain closely. Find the trends and strategies to keep your project on track in our new Procurement Market Update for Q2 here.