Office buildings refer to buildings where businesses and organizations carry out their work. Office buildings provide spaces for administrative, professional and clerical activities.
The office buildings market consists of revenues generated by entities (organizations, sole traders or partnerships) through construction of office buildings that are designed to accommodate businesses and their employees, facilitating day-to-day operations, meetings and other work-related functions. Office buildings are utilized across various industries, including finance, technology, consulting and government, serving as a critical infrastructure for the conduct of business and the delivery of services.
The global office buildings market was valued at $528.14 billion in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 1.0%.
Increasing Demand For Flexible Workspaces
Increasing demand for flexible workspaces drove the growth of the office building market during this historic period. Employees can work from home, coworking spaces or other remote locations, because of the growing popularity of remote work. The flexibility provided by remote work arrangements lessens the requirement for full-time traditional office space. Flexible workspace options are in demand in office buildings because many professionals still need access to meeting rooms, office amenities and collaboration areas for specific tasks or projects. For instance, in September 2022, according to a survey conducted by Cushman & Wakefield plc, a US-based commercial real estate services firm, out of 800 people working in the London space of WeWork Inc., a US-based coworking space provider, 45% of participants expressed their desire to work from home and to spend 50% of their time in flexible office space. Of those polled, 40% work from home, 55% are in flexible office spaces and the remaining 5% are in other locations. Additionally, according to a survey conducted by Deloitte Touche Tohmatsu Limited, a UK-based professional services network company, 94% of 1,000 US professionals stated that they will benefit from work flexibility. Therefore, increasing demand for flexible workspaces drove the growth of the office building market during the historic period.
Use Of Digital Twin Technology To Create Smart Buildings
Companies in the office building market are focusing on using digital twin technology to create intelligent, interconnected building environments that leverage data and analytics to enhance efficiency, sustainability and the occupant experience. For instance, in October 2023, Microsoft Corporation, a US-based technology corporation, announced plans to use Azure Digital Twins smart building technology at its newly renovated Buildings 121 and 122, to manage its use of smart building technology. Microsoft has been actively developing, implementing and testing smart building technologies on its properties. Azure Digital Twins add spatial intelligence to the Microsoft Azure IoT platform and employ sensors and Internet of Things (IoT) technologies to manage hundreds of buildings.
The global office buildings market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 6.06% of the total market in 2022.
Office Buildings Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global office buildings market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for office buildings? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The office buildings market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider office buildings market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by building type, by construction type, by application and by end-user.
- Key Trends- Highlights the major trends shaping the office buildings market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on the global and regional markets, providing strategic insights for businesses in the office buildings market.
- Global Market Size And Growth - Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional and Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by building type, by construction type, by application and by end-user market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking - Briefs on the financials comparison between major players in the market.
- Competitive Dashboard - Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities and Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations- This section includes recommendations for office buildings providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 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
- Companies Mentioned: China State Construction Engineering Co. Ltd; Mitsui Fudosan Co. Ltd; Lennar Corporation; CBRE Group Inc; Bouygues SA
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; office buildings indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.