The commercial buildings market size has grown steadily in recent years, advancing from $1880.41 billion in 2023 to $1943.55 billion in 2024 at a compound annual growth rate (CAGR) of 3.4%. The growth in the historic period can be attributed to economic growth and stability, urbanization trends, regulatory environment, consumer behavior and preferences, global events and crises. The commercial buildings market size is expected to see steady growth in the next few years, growing to $2236.76 billion in 2028 at a CAGR of 3.6%. The growth in the forecast period can be attributed to flexible work arrangements, climate change mitigation, rapid urbanization in emerging markets, e-commerce impact on retail spaces, and government initiatives and incentives. Major trends in the forecast period include advanced security systems, modular construction, data-driven decision-making, smart building technology, and digital transformation.
Major Driver In The Commercial Buildings Market
The commercial buildings market is poised for expansion fueled by the rising construction of green buildings globally. Green buildings utilize sustainable construction techniques, resulting in structures that are environmentally friendly, resource-efficient, and cost-effective to maintain. In 2021, China witnessed over 2600 projects awarded LEED certification, surpassing 6.6 billion square meters of green buildings amid efforts to promote sustainable urban and rural development. This surge in green building construction drives the demand for commercial buildings, fostering market growth. Market projections for 2023, 2024, and 2028 affirm the market's upward trend in response to sustainable construction practices.
Request A Free Sample Of The Global Commercial Buildings Market Report
Commercial Buildings Market Competitive Landscape
Brookfield Business Partners LP, CBRE Group Inc., Bechtel Corporation, Turner Construction Company, Skanska AB, Jacobs Engineering Group Inc., Obayashi Corporation, Fluor Corporation, Kiewit Corporation, AECOM Technology Corporation, Keller Williams Realty Inc., Lendlease Corporation, Prologis Inc., DPR Construction Inc., Clayco Inc., Suffolk Construction Company Inc., Boston Commercial Properties Inc., Walsh Group, Marcus & Millichap Inc., Segro plc, DLF Ltd., Mortenson Inc., Hunt Construction Group, RAK Properties PJSC, Lee & Associates Licensing and Administration Co. LP, NAI Global, Link Asset Management Ltd., MaxWell Realty Canada, Nakheel PJSC, Onni Contracting Ltd.
Key Commercial Buildings Market Trend
Major companies in the commercial buildings market are focused on green commercial buildings by integrating energy sources, such as rooftop solar installation, for environmental responsibility and to gain a competitive edge in the market. A rooftop solar installation is a system of solar panels installed on the roof of a building to harness sunlight and generate electricity. For instance, in January 2023, JEG Development Corporation (JDC), a Philippines-based family enterprise, in partnership with COREnergy Inc, a US-based real estate investment trust, launched a 37kWp rooftop solar installation on the 22-story JEG Tower, One Acacia, making it the first solar-powered commercial high-rise building in Cebu. The grid-tied solar project is expected to produce 77 MWh of energy annually, avoiding 30 metric tons of carbon dioxide emissions each year. JEG Tower, recognized with the highest Gold score in Cebu City's LEED rating system for green buildings, marks COREnergy's fifth operating distributed solar project in Cebu.
Get The Full Global Commercial Buildings Market Report
Commercial Buildings Market Segmentation
The commercial buildings market covered in this report is segmented –
1) By Product: New Construction, Repair And Maintenance, Refurbishment And Demolition
2) By Application: Owned, Rental
3) By End User: Offices, Retail, Leisure, Other End Users
By Geography:The regions covered in the commercial buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the commercial buildings market in 2023.
The Commercial Buildings Global Market Report 2024 furnishes information about the global commercial buildings market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
