That's why strategically minded firms are using today's prosperity to prepare for the worst. The goal scorers are the ones who know where the puck will be. Architecture firms still specialize, of course - they just pick their niches more prudently. And the smart money spreads its specialties around. Even the smallest firms can offer real-estate consulting and facilities planning, services expected to thrive when a bear market forces clients to consolidate instead of build.
Larger firms can diversify by spreading their practice across a range of building types.
One route is to seek out institutional clients, like universities and hospitals, which tend to withstand economic swings better than commercial ventures. Unglamorous state projects also resist recessions because legislators allocate capital expenditures for schools, libraries, and airports three to four years in advance. Their global reach is in itself a defense against regional dips. As we see one market go down, another goes up. Overhead expenses caught architects off balance during the last economic quake.