Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Office Buildings Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The office buildings market is set to experience continued growth with an emphasis on sustainability and technological integration, according to a new market research report. The comprehensive analysis offers vital insights into the sector's trajectory from 2023 to 2028, emphasizing regional market dynamics, future market trends, and industry drivers.
Market Growth Forecast
The latest report reveals a slight increase in market size from $580.89 billion in 2023 to an expected $591.8 billion in 2024, at a compound annual growth rate (CAGR) of 1.9%. Factors contributing to this growth include economic development, urbanization, and evolved workplace cultures—driving the demand for new office spaces. Looking further ahead to 2028, the market is projected to reach $643.49 billion, growing at a CAGR of 2.1%, propelled by innovative building practices and the demand for flexible workspaces.
Key Drivers and Trends
- Expanding Companies Fueling Demand: The demand for additional office space aligns with the expansion plans of companies. As businesses grow and operations broaden, they require more office spaces to house their workforce effectively.
- Flexible Office Spaces on the Rise: A surge in remote work arrangements has sparked increased interest in versatile work environments. Office spaces that accommodate a range of working styles and can quickly adapt to changing needs are becoming increasingly sought after within global marketplaces.
- Sustainability and Energy Efficiency: A growing focus on sustainability within the market is pushing major companies to adopt energy-efficient and green building practices. This not only aligns with carbon neutrality goals but also meets the rising expectations of an environmentally conscious workforce.
Technological advancements, including the use of digital twin technology, represent a significant leap forward in the development and management of office buildings. Companies are increasingly adopting this technology to create virtual models that enhance real-time building optimization and efficiency.
Strategic Developments
Recent acquisitions within the sector showcase a strategy for geographical expansion and market presence. Such movements underscore the dynamic nature of the market and its continual evolution.
Regional Market Insights
The report highlights Europe as the dominant region in the office buildings market as of 2023. However, the Asia-Pacific region is predicted to be the fastest-growing segment during the forecast period. The growing economies and fast-paced development in these regions contribute to this trend. The types of office buildings covered in the report include both smart and traditional buildings, where smart buildings are increasingly preferred due to their efficient use of technology in operations management.
A selection of companies mentioned in this report includes
- 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 Inc.
- Colliers International India Property Services Pvt. Ltd.
- Skanska AB
- Gilbane Building Company
- Holcim Ltd.
- The Korte Company
- W.G. Yates & Sons Construction Co.
- Cushman & Wakefield plc
- Newmark Knight Frank
- Transwestern Development Company
- Marcus & Millichap Inc.
- HFF Inc.
- Eastdil Secured International Ltd.
- Savills plc
- Avison Young Inc.
- New American International
- Kidder Mathews Inc.
- Lee & Associates Commercial Real Estate Services.
- CollabNet Inc.
- Berkshire Hathaway HomeServices
- Keller Williams Realty Inc.
- Century 21 Department Stores LLC
- Coldwell Banker Real Estate LLC
- RE/MAX LLC
- Sotheby's International Realty LLC
- Simon Property Group plc
- Kilroy Realty Corp.
- Realty Income Corporation
- Prologis Inc.
- Alexandria Real Estate Equities Inc.
- Boston Properties Inc.
- Vornado Realty Trust
For more information about this report visit https://www.researchandmarkets.com/r/4lu7mp
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