Global Office Buildings Market Projected to Grow at 2.4% CAGR, Reaching $607.23 Billion by 2029

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What Will the Office Buildings Industry Market Size Be by 2025?
The expansion of the office buildings market has been slight in the past few years. The market size is projected to increase from $548.52 billion in 2024 to $553.03 billion in 2025, representing a compound annual growth rate (CAGR) of 0.8%. Factors contributing to this growth during the historical period include economic progress and business enlargement, urban development and commercial hubs, corporate movement and amalgamation, evolution in office culture, and government guidelines and zoning rules.

What's the Long-Term Growth Forecast for the Office Buildings Market Size Through 2029?
In the coming years, the size of the office buildings market is anticipated to experience a consistent upward trend. It's projected to expand to $607.23 billion in 2029, with a compound annual growth rate (CAGR) of 2.4%. The escalation predicted during this period is ascribed to factors like sustainability efforts, the prevalence of green building methods, the rise in remote work opportunities as well as adaptable office spaces. Additionally, the incorporation of sophisticated technology for enhanced efficiency, mixed-use developments, and the focus on corporate wellness and the employee working environment also play a part. During the forecast period, main trends such as giving priority to employee experience, incorporating elements of biophilic design, utilizing touch-free technologies, agile and adaptable office furniture and retrofitting for energy efficiency are expected to dominate the industry.

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What Are the Key Growth Drivers Fueling the Office Buildings Market Expansion?
An increase in corporate expansion is projected to stimulate growth in the office buildings market. This is attributed to the business's efforts to widen their operational scope and increase earnings, which in turn necessitates hiring additional personnel. This creates a need for more office space for the new staff. For instance, a survey carried out by UK fintech company Airwallex involving 500 small and medium enterprises in the UK in October 2022 revealed that 70% of these companies plan on expanding into new or existing foreign markets in 2023. The survey further suggested that two-thirds (64%) of these companies aim to penetrate the European and North American markets, while the remaining third (34%) have growth plans for the Middle East, Latin America, Africa and Asia-Pacific. This expected business expansion therefore directly impacts the growth of the office buildings market.

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What Trends Will Shape the Office Buildings Market Through 2029 and Beyond?
The trend of energy-efficient and sustainable offices is steadily gaining traction in the office buildings market. Sustainability is a key focus for major companies in the sector, aiming to achieve their carbon net-zero targets and cater to the demands of new-age employees. Adobe, a US software firm, for example, completed its new environment-friendly office in San Jose, California, in March 2023. The completely electric building runs on power from renewable energy sources like wind and solar. Specialized glass is used to minimize the inflow of heat and cold. Furthermore, 90% of the waste is repurposed to prevent it from ending up in landfills, and air-source heat pumps are utilized for heating and cooling instead of conventional furnaces.

How Is the Office Buildings Market Segmented?
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

Subsegments:
1) By Smart Buildings: Energy-Efficient Buildings, Automated Buildings, Green-Certified Buildings, IoT-Integrated Buildings, Connected Buildings
2) By Traditional Buildings: Conventional Office Buildings, Historic Or Heritage Buildings, Modular Buildings, Flex Space Offices, Other Traditional Office Structures

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Which Companies Are Leading the Charge in Office Buildings Market Innovation?
Major companies operating in the office buildings market include 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., Eastdil Secured International Ltd., Savills plc, Avison Young Inc., Kidder Mathews Inc., Lee & Associates Commercial Real Estate Services., Berkshire Hathaway HomeServices, Keller Williams Realty Inc., 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

Which Regions Are Leading the Global Office Buildings Market in Revenue?
Europe was the largest region in the office buildings market in 2024. Asia-Pacific is expected to be the fastest-growing region in the office buildings market report during the forecast period. The regions covered in the office buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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