Retail and Other Commercial Buildings Global Market Report 2024

The retail and other commercial buildings market size has grown steadily in recent years. It will grow from $409.69 billion in 2023 to $422.45 billion in 2024 at a compound annual growth rate (CAGR) of 3.1%. The growth observed in the historical period can be attributed to factors such as economic growth and increased consumer spending, urbanization and population density, shifts in consumer trends and shopping preferences, trends in commercial real estate investment, and the impact of government policies and zoning regulations.

The retail and other commercial buildings market size is expected to see steady growth in the next few years. It will grow to $481.01 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The anticipated growth in the forecast period can be attributed to factors such as the integration of e-commerce and omnichannel retail strategies, a focus on sustainable building practices and green certifications, adaptation to changing work patterns, the rise of mixed-use developments and urban revitalization projects, and increased consideration of health and safety measures in building design. Major trends expected in the forecast period include an emphasis on health and safety measures in building design, the popularity of mixed-use developments, incorporation of biophilic design elements for improved well-being, the promotion of contactless and cashless transactions, and the influence of e-commerce on building design considerations in the retail and commercial sector.

The robust growth in retail space is anticipated to drive the expansion of the market for retail and other commercial buildings in the future. Retail space, encompassing commercial areas for selling goods or services to consumers, includes shopping centers, strip malls, and standalone stores. The substantial growth of major retailers such as Amazon, Walmart, and Target has fueled the expansion of retail space, leading to increased construction activities for retail and related structures. For example, as reported by the Wall Street Journal in July 2022, Amazon, a US-based e-commerce giant, accelerated its warehouse space expansion to meet heightened consumer demand, increasing warehouse space from 165 million square feet to 379 million square feet. Additionally, WeWork India, an India-based space-as-a-service platform, leased 3.62 lakh square feet of office space in 2022 as part of its flexible workspace expansion plan. Thus, the strong growth in retail space is a driving force behind the growth of the retail and other commercial buildings market.

The rising demand from e-commerce companies for commercial buildings, including larger warehouses equipped with advanced machinery and equipment, is expected to bolster the demand for retail and other commercial buildings in the forecast period. The rapid global growth of the e-commerce sector is driving the need for larger warehouses as companies aim to meet growing customer demands efficiently. For instance, a study by research firm Knight Frank projects a significant increase in annual warehousing transactions in India, rising from 31.7 million square feet in 2021 to 76.2 million square feet in 2026. The surge in demand for multi-storey large warehouses from e-commerce companies is anticipated to contribute to the growth of the retail and other commercial buildings market.

Product innovation emerges as a prominent trend gaining traction in the retail and other commercial buildings market. Leading companies in the market are actively developing innovative solutions to enhance their market positions. For instance, in February 2023, Contruent, a US-based capital project management solution company for large construction projects, introduced Contruent Enterprise, a SaaS-based solution empowering owners and engineering, procurement, and construction teams to complete projects more efficiently. The software enhances construction project scheduling and budget management through features such as a customizable dashboard and integrated components such as cost and schedule tracking, engineering, contract management, and field management.

Major companies in the retail and other commercial buildings market are also focusing on adopting innovative technologies to strengthen their market positions. This involves the integration and utilization of new technologies or innovations into their operations. For instance, in December 2022, Stereolabs Inc., a US-based company offering 3D depth and motion sensing solutions, launched ZED-X, the world's first 3D robot camera with a new SDK (software development kit) and control for multiple cameras. ZED-X is designed for robotic process automation and navigation in challenging indoor and outdoor environments. The comprehensive software ecosystem supporting ZED-X facilitates quick commercial implementations of robots in construction.

In December 2022, DiGeronimo Companies, a US-based construction company, acquired Winter Companies, including Winter Construction and Winter Environmental, for an undisclosed amount. This acquisition expands DiGeronimo's presence and growth in the construction and development industry. Winter Companies is a US-based commercial construction company providing construction services.

Major companies operating in the retail and other commercial buildings market report are Kneeland Construction Corporation, JL Schwieters Construction, Bechtel Corporation, Fluor Corporation, The Whiting-Turner Contracting Company, Emcor Group Inc., Turner Construction Co., Gilbane Building Company, Hensel Phelps Construction Co., The Walsh Group, Balfour Beatty Inc., Swinerton Inc., McCarthy Building Companies, Dunn Construction Group Inc., Holder Construction Group LLC, CBRE Group Inc., Cushman & Wakefield plc, Jones Lang LaSalle Incorporated, Colliers International India Property Services Pvt Ltd., Lincoln Property Company, Hines Interests Limited, Prologis Inc., Newmark Group Inc., Kimco Realty Corporation, Kittle Property Group Inc., Houlihan-Parnes Realtors LLC, Brookfield Properties Pvt. Ltd., Robert A.M. Stern Architects LLP, Elkus Manfredi Architects, M. Arthur Gensler Jr. & Associates Inc., Tishman Speyer Properties L.P., Fischerwerke GmbH & Co. KG, Lewis Management Corp., Neoscape Inc.

Asia-Pacific was the largest region in the retail and other commercial buildings market in 2023. The regions covered in the retail and other commercial buildings market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the retail and other commercial buildings market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of retail and other commercial buildings are smart buildings and traditional buildings. Smart buildings are those that incorporate advanced technology to enhance efficiency, security, and overall performance, contributing to improved building management and user experience. These buildings find applications across various sectors, including residential buildings and non-residential buildings utilized by offices, retail establishments, leisure facilities, and other end-users.

The retail and other commercial buildings market research report is one of a series of new reports that provides retail and other commercial buildings market statistics, including retail and other commercial buildings industry global market size, regional shares, competitors with a retail and other commercial buildings market share, detailed retail and other commercial buildings market segments, market trends, and opportunities, and any further data you may need to thrive in the retail and other commercial buildings industry. This retail and other commercial buildings market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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