NEW YORK, United States, July 04, 2024 (GLOBE NEWSWIRE) — The global commercial real estate market size is expected to grow from USD 7.2 trillion in 2023 to USD 9.91 trillion by 2033, growing at a compound annual growth rate (CAGR) of 3.25% during the forecast period.
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Commercial real estate (CRE) is a market that is primarily utilized for business and investment purposes. This includes hotels, residential properties, stores, corporate buildings, warehouses, medical facilities, and other distinctive properties of real estate. The commercial real estate market focuses on investors, developers, and businesses that use real estate assets for profit, whereas the residential real estate market targets individual homeowners. Variables such as GDP growth, employment rate, consumer spending, and rising demand for office, retail, and industrial space are important in driving the strength and expansion of the economy. The main driver of market expansion is the growth of the international business industry. The expected increase in urbanization and industrialization in countries such as Thailand, China, Malaysia, and Indonesia is predicted to have a positive impact on commercial construction. Commercial spaces, public facilities, manufacturing units, and public works in the Middle East are seeing an increase in construction activity. However, the increase in demand for remote work has been a major obstacle to the expansion of the commercial real estate sector. The increasing acceptance of telecommuting has had a major impact on the industry's expansion in the recent past. Companies are cutting expenses by implementing remote work policies, especially in densely populated urban areas.
See 290 pages of key industry insights with 110 market data tables, figures, and graphs from the “Global Commercial Real Estate Market Size, Share, COVID-19 Impact Analysis, By Type (Rental & Sale), By Property (Office, Retail, Leisure, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Analysis and Forecast 2023-2033” report.
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The rental segment is expected to account for the largest share of the global commercial real estate market during the forecast period.
The global commercial real estate market is divided into rental and sales based on its type. Out of this, the rental segment is expected to account for the largest share of the global commercial real estate market during the forecast period. The increase in renters is a result of rising housing prices in developed countries, which contributes to the expansion of this demographic. The expansion of the market is driven by the changing business environment and growing industries. Large companies require office space, retail outlets, and industrial buildings to carry out their activities and operations efficiently.
The office sector is expected to account for the largest share of the global commercial real estate market during the forecast period.
Based on the property, the global commercial real estate market is classified into office, retail, leisure, and others. Of these, the office segment is expected to account for the largest share of the global commercial real estate market during the forecast period. Businesses lease office space to carry out their day-to-day operations, administrative functions, and professional services. Factors such as location, building quality, amenities, and market demand usually influence the leasing price of office space.
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Asia Pacific is expected to account for the largest share of the global commercial real estate market during the forecast period.
Asia Pacific is expected to hold the largest share of the global commercial real estate market during the forecast period. This increase is mainly due to the rise in the number of individuals owning homes in the region. A surge in tourism to developing countries such as India, Philippines, Indonesia, Thailand, and Vietnam is projected to drive market growth due to rapid economic development, urbanization, and demographic changes in the region. Both China and Japan have the largest real estate markets in the region, with high demand for office, retail, and logistics facilities.
North America is expected to grow at the fastest pace in the global commercial real estate market during the forecast period. Several factors can be attributed to this, including a robust economy, low unemployment rate, and growing population. Moreover, increased access to capital and low interest rates have made it easier for businesses to get involved in commercial real estate transactions. The North American commercial real estate industry is driven by the growth of the technology sector. Companies in this industry are growing at a rapid pace, creating a need for additional office space. This is increasing the demand for commercial real estate in the region. The growing preference for mixed-use developments is also a factor driving the North American commercial real estate industry.
Competitive Analysis:
The report provides a proper analysis of the key organizations/companies involved in the global market and a comparative assessment based mainly on product offerings, business overview, geographical presence, corporate strategies, segment market share, and SWOT analysis. It also provides a detailed analysis focusing on the current news and developments of the companies, such as product development, innovations, joint ventures, partnerships, mergers & acquisitions, and strategic alliances, which allows to evaluate the overall competition within the market. The key vendors in the global commercial real estate market include Brookfield Asset Management Inc., ATC IP LLC., Prologis, Inc., SIMON PROPERTY GROUP, LP, Coldwell Banker, RE/MAX, LLC., Keller Williams Realty, Inc., CBRE Group, Inc., Sotheby's International Realty Affiliates LLC., Colliers, Boston Commercial Properties Inc., Dalian Wanda Group, DLF Ltd., Link Asset Management Limited, and other major players.
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Recent developments
In October 2022, M&G Plc's real estate division purchased a prime office building in Yokohama for more than $700 million as part of its continued growth in Japan. M&G Real Estate purchased the 21-story Minato Mirai Center building for its M&G Asia Property Fund.
Main target audience
Market PlayersInvestorsEnd UsersGovernment AgenciesConsulting and Research FirmsVenture CapitalistsValue Added Resellers (VARs)
Market Segments
The study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights segments the global commercial real estate market based on the following segments:
Global Commercial Real Estate Market by Type
Global commercial real estate market (by property)
Office Retail Leisure Other
Global Virtual Warehousing Market by Region
North America Europe Germany UK France Italy Spain Russia Rest of Europe Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific South America Brazil Argentina Rest of South America Middle East and Africa United Arab Emirates Saudi Arabia Qatar South Africa Rest of Middle East and Africa
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