The growth of the global office spaces market is driven by urbanization and infrastructure development and increasing in number of business startups.
PORTLAND, Ore., Aug. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Office Space Market by Type (Retrofits and New construction), Sales Type (Rent and Sell), and End User (Finance Sector, Retail and Consumer Goods, IT and Telecommunication, Co-Working Space, Manufacturing Industry and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032". According to the report, the global office spaces market was valued at $3.1 trillion in 2022, and is projected to reach $4.9 trillion by 2032, registering a CAGR of 4.6% from 2023 to 2032.
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The real estate market segment known as the office space includes the purchasing, selling, and leasing of commercials building designed only for office users. It includes the supply and demand and financial aspects of office space transactions. as new business emerge and companies expand, strong economic growth stimulates business activity and creates demand for office space.
Prime determinants of growth
Owing to the increase in economic expansion, urbanization, and technological improvement are some of the market drivers for office space that raise the demand for office spaces. In addition, flexibility in responding to involving work patterns, such as remote work and flexibility office arrangement, promotes resilience to market conditions. Furthermore, the demand for contemporary and effective office space is being driven by rise market creative workplace design, and sustainability initiative. However, government and environmental regulations restrict the market growth.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2020 |
Market Size in 2022 | $3.1 trillion |
Market Size in 2032 | $ 4.9 trillion |
CAGR | 4.6 % |
No. of Pages in Report | 220 |
Segments covered | Type, Sale type, End user, and Region |
Drivers | Increasing in number of business startups Urbanization and infrastructure development |
Opportunities | Increase in investment in infrastructure |
Restraints | Government and environmental regulation |
Covid-19 Scenario
- Due to the COVID-19 pandemic and the subsequent global lockdowns, the office spaces market faced a downturn.
- However, as the global situation started improving, the demand for office spaces was restored back. This, in turn, presented various growth opportunities for companies operating in the office spaces market.
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The new buildings segment to maintain its leadership status throughout the forecast period.
Based on type, the new buildings segment held the highest market share in 2022, accounting for around two-thirds of the global office spaces market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to an increase in rapid urbanization and infrastructure development in emerging markets create opportunities for new office space construction to meet the rising demand in these regions. However, the retrofits segment is projected to manifest the highest CAGR of 5.3% from 2023 to 2032, owing to the increase in need for sustainable workplace spaces has been driven by rising awareness of climatic changes and the necessity for energy conservation.
The rent segment to maintain its leadership status throughout the forecast period.
Based on sale type, the rent segment held the highest market share in 2022, accounting for more than two-thirds of the global office spaces market revenue and is estimated to maintain its leadership status throughout the forecast period, and projected to manifest the highest CAGR of 4.8% from 2023 to 2032, owing to the rise in remote work and flexible work arrangement has led to the increasing demand for flexible office space solution.
The IT and telecommunication segment maintains its lead position during the forecast period.
Based on end user, it and telecommunication segment accounted for the largest share in 2022, contributing to nearly one-fourth of the global office spaces market revenue, owing to a rise in remote work and distribution teams the demand for collaboration and communication tools has increased. However, the co-working space segment is expected to portray the largest CAGR of 8.8% from 2023 to 2032. Owing in demand for flexible work arrangements
Asia-Pacific to maintain its dominance by 2032.
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global office spaces market revenue, owing to industrialization and business expansion by a key market player in the region. However, LAMEA is expected to witness the fastest CAGR of 7.2% from 2022 to 2031, owing to rising construction and infrastructure sectors in developing countries such as Africa, the Middle East, and others.
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Leading Market Players: -
- Jones Lang LaSalle Incorporated
- IWG plc
- Savills plc
- RMZ Corp
- Skanska AB
- Oberoi Realty Limited
- SOHO China Limited
- DLF Limited
- Benhar Office Interiors
- Aakash Group
The report provides a detailed analysis of these key players of the global office spaces market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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