Categories: Market Research

Global Office Buildings Market Size and Forecast 2024-2033|Kiewit Building Group Inc., Toll Brothers Inc., CBRE Group Inc., Bouygues S.A., Jacobs Solutions Inc

The Office Buildings by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Office Buildings, The office buildings market size has grown marginally in recent years. It will grow from $580.89 billion in 2023 to $591.8 billion in 2024 at a compound annual growth rate (CAGR) of 1.9%. The growth in the historic period can be attributed to economic growth and business expansion, urbanization and commercial centers, corporate relocation and consolidation, evolution of workplace culture, government policies and zoning regulations.

The office buildings market size is expected to see steady growth in the next few years. It will grow to $643.49 billion in 2028 at a compound annual growth rate (CAGR) of 2.1%. The growth in the forecast period can be attributed to sustainability and green building practices, remote work and flexible office spaces, growing technological integration for efficiency, mixed-use developments, corporate wellness and employee experience.. Major trends in the forecast period include emphasis on employee experience, incorporation of biophilic design elements, contactless technologies, agile and adaptable office furniture, retrofitting for energy efficiency.

The 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 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.

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The office buildings market covered in this report is segmented –

1) By Building Type: Smart Buildings, Traditional Buildings

2) By Construction Type: New Construction, Renovation

3) By Application: Owned, Rental

4) By End User: Private, Public

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 uses 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.

The office buildings market report table of contents includes:

1. Executive Summary

2. Office Buildings Market Characteristics

3. Office Buildings Market Trends And Strategies

4. Office Buildings Market – Macro Economic Scenario

5. Global Office Buildings Market Size and Growth

26. South America Office Buildings Market

27. Brazil Office Buildings Market

28. Middle East Office Buildings Market

29. Africa Office Buildings Market

30. Office Buildings Market Competitive Landscape And Company Profiles

Top Major Players: