Dublin, June 16, 2023 (GLOBE NEWSWIRE) -- The "Office Buildings Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global office buildings market is expected to grow from $567.2 billion in 2022 to $583.2 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%.
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.
Major players in the 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. Ltd.
- Jones Lang LaSalle (JLL)
- Colliers International
- Skanska AB
- Gilbane Building Company
- Holcim
- The Korte Company
- Yates Construction
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.
Sustainability and energy-efficient offices are a key trend gaining popularity in the 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.
Demand from expanding companies expected to drive growth 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.
Reasons to purchase the report:
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
For more information about this report visit https://www.researchandmarkets.com/r/pt0mvn
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