Yahoo Finance Office Buildings Global Market Report 2023
Major players in the office buildings market are Kiewit Building Group Inc., Toll Brothers Inc., CBRE Group Inc., Bouygues S.A., Jacobs Solutions Inc., China Railway Construction Corporation Limited, Power Construction Corp, China State Construction Engineering Co.
New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Office Buildings Global Market Report 2023" - https://www.reportlinker.com/p06464059/?utm_source=GNW
Ltd., Jones Lang LaSalle (JLL), Colliers International, Skanska AB, Gilbane Building Company, Holcim, The Korte Company, and Yates Construction.
The global office buildings market is expected to grow from $567.20 billion in 2022 to $583.20 billion in 2023 at a compound annual growth rate (CAGR) of 2.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The office buildings market is expected to reach $620.94 billion in 2027 at a CAGR of 1.6%.
The office building market includes revenues earned by entities by planning, developing, designing, procuring, constructing, and leasing of public or private office buildings.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
An office building refers to a commercial building composed of spaces for offices. It is a building structure used primarily to conduct business operations such as administration, clerical services, consulting, and other client services without including retail sales.
Europe was the largest region in the office buildings market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in office building report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of office buildings are smart buildings and traditional buildings.Smart buildings, also known as smart facilities, are buildings that use systems, services, and technologies based on information and communications technology to maximize the performance of the facility.
The type of construction including new construction and renovation used for several applications such as owned and rental by private, public end users.
Demand from expanding companies is expected to propel the growth of the office buildings market going forward.Business expansion refers to an organization’s efforts to expand in order to widen its range of operations and boost revenue.
The organization’s growth will increase the demand for new workers to complement their expanded operations, which further requires additional office space to accommodate the new employees.For instance, according to a study conducted on 500 UK-based small and medium-sized enterprises (SMEs) in October 2022 conducted by Airwallex, a UK-based fintech company, in 2023, 70% of businesses plan to expand into or even further expand into foreign markets.
Out of the polled numbers, two-thirds (64%) will focus on Europe and North America, while one third (34%) are getting ready to grow into the Middle East, Latin America, Africa, and Asia-Pacific. Therefore, the demand from expanding companies is driving the growth of the office buildings market.
Sustainability and energy-efficient offices are a key trend gaining popularity in the office buildings market.Major companies operating in the office buildings sector are focused on sustainability to meet their carbon net-zero goals and the needs of new-generation workers.
For instance, in March 2023, Adobe, a US-based software company, completed its new sustainable office in San Jose, California.The all-electric building draws its electric power from renewable sources, solar and wind.
It has used a special glass to decrease the amount of heat and cold entering the building. 90% of the waste is recycled to divert it from landfills. Air source heat pumps were installed for heating and cooling instead of furnaces.
In April 2022, Cianbro Corp., a US-based construction company, acquired R. C. Stevens Construction Company for an undisclosed amount. The acquisition will give both companies a permanent presence in the Southeast and create new chances to grow their markets. R. C. Stevens Construction Company is a Florida-based commercial construction company, including the construction of office buildings.
The countries covered in the office building market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The office buildings market research report is one of a series of new reports that provides office buildings market statistics, including office buildings industry global market size, regional shares, competitors with a office buildings market share, detailed office buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the office buildings industry. This office buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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