Data centers, data centers, and more data centers (and sports facilities). Those are the industry's leading commercial projects, according to a CoStar.com analysis of the financial data included in the Architectural Record’s new accounting of the 300 top-performing firms globally.

The agility of firms to quickly pivot towards new market demands was documented as being congruent with the rise in AI, IoT, and other technologies such as cloud computing. 

Nationwide, the market share for data centers is expected to reach $418 billion by 2030, according to LinkedIn's late-February report. As such, the firms that performed best in 2023 did so thanks to a large influx of them in their design portfolios. One salient was Gensler, which reports a total of $1.83 billion in revenues. The third-ranked firm, HKS, saw a 14% growth thanks to such designs in 31 different states. Sports-minded Populous (a former HOK studio) "vaulted" into the list's top 10 with a 74% increase to $390.4 million.

“With the growth of artificial intelligence, demand for mission-critical facilities is increasing exponentially,” HKS' CEO Dan Noble told the outlet.

Local obstinance continues to play a role worth monitoring as a possible dampener of the market boom in high-density states like Virginia. As we mentioned in our late 2022 coverage of the phenomenon, there are two types of data centers: hyperscale and the smaller colocation centers (which are faster to build and thus considered easier projects to deliver). 

Gensler remains at the top with $1.83 billion in revenue. Perkins&Will follows, while HKS, which saw a 14% growth, moved to third. HDR and AECOM round out the top five. Populous made a significant leap to ninth place with $390.4 million. Other notable firms include Stantec, Jacobs Solutions, and Corgan. New York-based CannonDesign and HOK also ranked high, with firms like Arcadis North America and Page making the top 15. Firms such as Perkins Eastman, PBK, and DLR Group also showcased strong performance.

For their efforts, the2024 AIA Architecture Firm Award winner Quinn Evans finished 2023 with $53.2 million in new business. Perkins & Will, Stantec, Aecom, Corgan, and Jacobs all also reported revenues above $400 million.