Rockville, MD , Dec. 02, 2024 (GLOBE NEWSWIRE) -- According to a newly published research report by Fact.MR, a market research and competitive intelligence provider, revenue from the global Commercial Real Estate Market is estimated at US$ 4,560.34 billion in 2024 and is further evaluated to expand at a CAGR of 7.6% between 2024 and 2034. Demand for office space is driven up in part by the large number of businesses that are adopting a workforce that does not require a full-time on-site presence. This is also a global trend known for flexible and hybrid work culture.
Several businesses are discovering that hybrid work models are better than remote and on-site work arrangements. Traditional long-term leases are replaced by flexible ones that easily scale up or down in response to occupancy demands for a number of enterprises. This shift is increasing demand for coworking spaces and flexible office designs that support collaboration and hot-desking.
Due to the growing need for digital infrastructure and the e-Commerce sector, which is raising demand for data centers and industrial spaces, North America is analyzed to hold a sizable market share during the assessment period. Cities, such as New York, San Francisco, and Toronto are seeing an increase in demand for flexible office spaces and mixed-use complexes as businesses are adopting hybrid work habits.
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Key Takeaways from Market Study:
- Turnover of the worldwide market for commercial real estate is projected to achieve a valuation of US$ 9,476.79 billion by 2034-end.
- Turnover of the market in East Asia is estimated at US$ 985.86 billion in 2024.
- In East Asia, China is forecasted to achieve a valuation of US$ 919.05 billion by the end of 2034.
- The market in South Korea is evaluated to rise at a notable CAGR of 8.6% between 2024 to 2034.
- North America is approximated to register revenue worth 3,369.25 billion by the end of 2034.
- The United States is estimated to reach a value of 1,380.44 billion in 2024.
- Based on product and service, the property management segment is projected to reach US$ 3,319.51 billion by 2034.
- Worldwide demand for office buildings is evaluated to increase at 8.9% CAGR through 2034.
“Real estate developers and property managers are utilizing smart building technologies, such as Internet of Things (IoT) systems for automation, predictive maintenance, energy management, and others extensively, which is driving the market upward,” says a Fact.MR analyst
Leading Players Driving Innovation in the Commercial Real Estate Market:
Key industry participants like Prologis, Inc.; Simon Property Group LP; Shannon Waltchack LLC; DLF Ltd; Boston Properties Inc.; Segro; Link Asset Management Limited; Wanda Group; Onni Contracting Ltd; MaxWell Realty; ATC IP LLC; Nakheel PJSC; RAK Properties, etc. are driving the commercial real estate industry.
Requirement for Office Buildings Continuously Rising:
As more businesses embrace hybrid work cultures and place greater importance on modern, flexible workspaces that enhance collaboration and efficiency, there is a growing demand for office buildings. To encourage employees to return to in-person work and support environmental goals, more businesses are increasingly searching for office spaces with the latest amenities, digital connections, and eco-friendly features.
Aside from this, the need for new office space in cities and other commercial centers is increasing because of the continued growth of businesses, including professional services, banking, technology, and others. Demand for office buildings with eco-friendly designs, wellness certifications, and work-life balance-promoting elements is also rising because of the focus on convenience and employee well-being.
Commercial Real Estate Industry News:
- A New Mountain Capital affiliate in New York purchased a 248,000-square-foot building located at 14225 Newbrook Drive in Chantilly, Virginia, from an affiliate of Alexandria Real Estate Equities Inc. in November 2024 for US$ 80.5 million.
- State-owned NBCC (India) Ltd. announced in August 2024 that it has completed the sale of commercial assets in the nation's capital for about Rs 14,800 crore on behalf of the government. In a regulatory statement, the company stated that it had sold all of the office space it had on hand at the World Trade Center (WTC) project in Nauroji Nagar. Additionally, Downtown Sarojini Nagar's commercial and retail area has all been sold.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the commercial real estate market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product & service (property management, property sales, commercial leasing, residential leasing, advisory, valuation & capital markets) and major market (office buildings, multifamily residential buildings, retail buildings, industrial buildings, hospitality buildings), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Segmentation of Commercial Real Estate Market Research:
- By Product & Service :
- Property Management
- Property Sales
- Commercial Leasing
- Residential Leasing
- Advisory, Valuation & Capital Markets
- By Major Market :
- Office Buildings
- Multifamily Residential Buildings
- Retail Buildings
- Industrial Buildings
- Hospitality Buildings
- By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa
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