What is the impact of current economic transformations (the financialization and the acceleration of the economy, the increasing value of intangible assets) on the way architecture is produced? In only ten years, a massive influx of private capital has transformed existing buildings into fast-moving liquid financial assets. On the contrary, the production process of new projects has slowed down considerably and become much more complex, all the while the resources of the government and local authorities are dwindling. As a result, a process of devolution and transfer of architectural production to the private sector is occurring, and it is probably irreversible. In France, cultural and architectural needs were seen as being legitimately addressed only by public contracts due to the country’s Jacobin tradition (i.e., a centralized State tradition). Private commissions must gradually emancipate from the tutelage of the public sector; to achieve this, private decision-makers must increase their knowledge of architecture and architects and understand that design is at the heart of the process of value creation.
Bertrand Julien-Laferrière graduated from École Centrale, Paris, University of California, Berkeley, and Insead. He is Head of Real Estate at Ardian, a leading Alternative Asset Manager in Europe.
