Office Buildings Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends | Kiewit Building Group Inc., Toll Brothers Inc., CBRE Group Inc., Bouygues S.A., Jacobs Solutions Inc

"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..

Market Overview -
An office building refers to a commercial building composed of spaces for offices. It is a building structure used primarily to conduct business operations such as administration, clerical services, consulting, and other client services without including retail sales.

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Growing Demand From Expanding Companies Propel The Growth Of The Office Buildings Market
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.

Competitive Landscape -
Major companies operating in the office buildings market report 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 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 .

Growing Trend Of Sustainability And Energy-Efficient Offices
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.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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