LEGAL LANDSCAPE
Randall C. Berg Jr. Founding Dean, JU College of Law
The primary economic issue facing the legal landscape is that the economics of successful legal educators and lawyers increasingly will be driven by competent, just and ethical use of disruptive technology like AI.
A remake of the 1967 film “The Graduate” would feature “AI” instead of “plastics” as the iconic one word of career advice.
AI already is prevalent throughout law practice. Lawyers cannot function optimally without AI competency.
Law students who learn AI best practices will have a competitive advantage entering the job market.
That is why inside and outside the classroom our students learn the AI ABCs: Academic and Professional Integrity, Billing Issues, Confidentiality/Privilege, not to mention Disclosure, Ethics, Forensics, Government Guardrails, Hallucinations, Intellectual Property, Just Access, and all the rest.
We can do this because our faculty is in the forefront of this field, employers and clients value it, and our students are eager and able to master it.
COMMERCIAL REAL ESTATE
COO, Ash Properties
President, NAIOP Commercial Real Estate Development Association Northeast Florida Chapter
The primary economic issue facing commercial real estate is the deterioration of demand for office and retail space driven by a secular shift toward remote work and consumption.
This is particularly challenging when paired with today’s elevated cost of capital, which drives down property valuations and forces owners to come up with more equity to capitalize projects.
There is no single solution for this problem, but the industry is responding creatively, lobbying for government assistance to convert office buildings to affordable housing and focusing on creating vibrant retail spaces where people want to be. We are also being helped by a turning tide. Almost five years on from the emergence of COVID-19 and the associated work-from-home boom, many people are starting to realize that remote work is not the solution for maximizing team productivity and culture.
Looking forward, expect to see reinvestment in well-located office space, often driven by recapitalization or outright sales. As has been the case for generations, retail space and the concepts that rely on brick and mortar will continue to evolve and draw people from their homes to spend time together.
HIGHER EDUCATION
Adjunct Professor, Accounting & Finance, University of North Florida Coggin College of Business
The primary economic issue facing higher education is our primary customers cannot afford our product without federal and state subsidies.
We must prove our current value to students and their families. While most students in the State University System of Florida depend on financial aid in some form, the value proposition is favorable.
Florida does an excellent job with prepaid college and its Bright Futures scholarships.
Incoming and current students then have a slew of scholarships and grants to consider.
My industry needs to address legacy spending and focus on programs that add value to students.
Our state universities, in my opinion, have outperformed the industry.
Here at UNF, the five-year median monthly earnings for an accounting and finance bachelor’s degree is currently $6,443 (only behind the University of Florida and Florida State University, according to the U.S. Dept of Education College Scorecard).
The monthly average student loan payment is $167.
That’s a solid value proposition.
CIVIC LIFE
CEO & President, Jacksonville Civic Council
The primary economic issue facing civic life in Jacksonville is our chronic underinvestment in quality of life for our residents.
Successful business leaders invest in their businesses to ensure they grow and respond to what consumers need.
The same holds true for city government.
Yet for years, we have spent only half of what other big cities in Florida invest each year in infrastructure and basic services for our citizens.
As a result, our quality of life lags; in fact the premature death rate in Jacksonville is twice as high as peer cities.
We can’t become world-class on the cheap. It’s time to take a hard look at the investments needed for Jacksonville to become a true destination of choice with opportunity for all.
Increased investment, with a focus on accountability and efficiency, will generate high returns.
ARCHITECTURE
Principal, Akel Logan Shafer
The primary economic issue facing the architecture profession is inflation in the construction industry.
Over the past five years, the rate of inflation in the construction industry has exceeded well more than 50%.
As in any business, as costs go up the economy consumes less.
Architecture is a lagging economic indicator due to the time required for design and construction. Jacksonville has a growing economy and still has a robust design market due to backlog but signs are starting to show that overall construction is starting to slow with construction costs playing a large part.
We are working much harder at developing design solutions for our clients that focus on more space-efficient design to require less actual square footage, on more economical materials, and systems that require less maintenance to reduce future operating costs.
Northeast Florida expert insights from Dan Croft, Sharon Y. Cobb, Jenny Urcan, Bryan Moll and Irvin PeDro Cohen