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Global Office Space Market Size (2024 - 2029)

The office space market is experiencing a resurgence in demand, driven by a positive net absorption trend and increased leasing activity, particularly in city centers. The IT and ITeS sectors are significant contributors to this growth, as they seek large, quality office spaces due to bulk hiring. Despite the lingering effects of COVID-19, which have influenced real estate strategies, the market is showing signs of recovery. Occupiers are prioritizing modern offices with health and wellness amenities and are increasingly interested in flexible leasing options, including co-working spaces. The current market conditions are enabling occupiers to negotiate more favorable lease terms, leading to quicker decision-making and a focus on new-generation office environments.

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Market Size of Global Office Space Industry

Global Office Space Market Summary
Study Period 2020 - 2029
Market Size (2024) USD 3.10 Trillion
Market Size (2029) USD 4.20 Trillion
CAGR (2024 - 2029) 5.19 %
Fastest Growing Market North America
Largest Market North America
Market Concentration Low

Major Players

Global Office Space Market Major Players

*Disclaimer: Major Players sorted in no particular order

Global Office Space Market Analysis

The Global Office Space Market size is estimated at USD 3.10 trillion in 2024, and is expected to reach USD 4.20 trillion by 2029, growing at a CAGR of 5.19% during the forecast period (2024-2029).

In particular, larger companies still use a classic leasing model for office space on long-term agreements. Nevertheless, the development of flexible workspace solutions, such as coworking spaces and service offices, and the demand for meeting rooms are fueled by the increasing flexibility in working arrangements. The Employment Relations Flexible Working Bill was adopted by Parliament in July 2023 and received royal assent in the United Kingdom.

Coworking spaces, offering shared workspaces with flexible lease terms, have gained popularity among freelancers, start-ups, and even established enterprises. These spaces often provide a collaborative environment, networking opportunities, and amenities, attracting businesses seeking flexibility.

Technology is playing an increasingly significant role in office spaces. Smart office solutions, including IoT devices, occupancy sensors, and integrated communication tools, enhance efficiency, security, and workplace experience. In January 2023, Global IT Corporation and Konica Minolta Inc. announced the establishment of a joint venture, Konica Minolta Solution Labs Inc., to fortify software development capabilities and boost the growth of the office space market. Konica Minolta also targets other peripheral areas of the market, such as smart office solutions and the potential for untapped software solutions.

Global Office Space Industry Segmentation

Office space refers to space used primarily as work areas for personnel, conference areas, reception areas, hearing rooms, drafting areas, etc. A complete background analysis of the global office space market, including the assessment of the economy and contribution of sectors in the economy, market overview, market size estimation for key segments, emerging trends, market dynamics, geographical trends, and COVID-19 impact, is covered in the report.

The global office space market is segmented by building type (retrofits and new buildings), end user (IT and telecommunications, media and entertainment, and retail and consumer goods), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America). The report offers market sizes and forecasts in value (USD) for all the above segments.

By Building Type
Retrofits
New Buildings
By End User
IT and Telecommunications
Media and Entertainment
Retail and Consumer Goods
Other End-users
By Geography
North America
United States
Canada
Europe
Germany
United Kingdom
France
Rest of the Europe
Asia-Pacific
India
China
Japan
Rest of the Asia-Pacific
Middle East and Africa
South Africa
United Arab Emirates
Saudi Arabia
Egypt
Rest of the Middle East and Africa
Latin America
Mexico
Brazil
Argentina
Rest of the Latin America
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Global Office Space Market Size Summary

The global office space market is experiencing a resurgence, with leasing activity picking up as companies implement return-to-work strategies. The IT and ITeS sectors are driving demand for large, quality office spaces in major cities, influenced by bulk hiring. Despite the challenges posed by COVID-19, including renewed restrictions from the Delta variant, the market is showing signs of recovery, with net absorption turning positive for the first time since the pandemic began. Occupiers are increasingly renewing leases and seeking modern offices with a focus on health, wellness, and flexibility, including co-working spaces for decentralized workforces. The market dynamics are favorable for negotiations, with quicker decision-making and a focus on new-generation offices as companies plan to bring more employees back to the office.

The office space market is characterized by improving sentiment and activity, though recovery varies by region. While global leasing volumes have increased compared to the previous year, they remain below pre-pandemic levels. Vacancy rates continue to rise, but at a slower pace, with development cycles peaking in 2022. Tenant-friendly conditions persist, with landlords eager to attract tenants, although rents for premium buildings have increased in some markets. The banking and financial services sector remains a dominant occupier of premium office space. International businesses are revitalizing their workplaces to enhance corporate branding and employee retention post-pandemic. The market is highly competitive, with key players engaging in strategic collaborations, mergers, and acquisitions to expand their market share and profitability.

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Global Office Space Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Government Regulations and Initiatives

    3. 1.3 Technological Trends in the Industry

    4. 1.4 Insights into Office Rents

    5. 1.5 Insights into Office Space Planning

    6. 1.6 Impact of Covid-19 on the Market

    7. 1.7 Value Chain / Supply Chain Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Building Type

      1. 2.1.1 Retrofits

      2. 2.1.2 New Buildings

    2. 2.2 By End User

      1. 2.2.1 IT and Telecommunications

      2. 2.2.2 Media and Entertainment

      3. 2.2.3 Retail and Consumer Goods

      4. 2.2.4 Other End-users

    3. 2.3 By Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Rest of the Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 India

        2. 2.3.3.2 China

        3. 2.3.3.3 Japan

        4. 2.3.3.4 Rest of the Asia-Pacific

      4. 2.3.4 Middle East and Africa

        1. 2.3.4.1 South Africa

        2. 2.3.4.2 United Arab Emirates

        3. 2.3.4.3 Saudi Arabia

        4. 2.3.4.4 Egypt

        5. 2.3.4.5 Rest of the Middle East and Africa

      5. 2.3.5 Latin America

        1. 2.3.5.1 Mexico

        2. 2.3.5.2 Brazil

        3. 2.3.5.3 Argentina

        4. 2.3.5.4 Rest of the Latin America

Global Office Space Market Size FAQs

The Global Office Space Market size is expected to reach USD 3.10 trillion in 2024 and grow at a CAGR of 5.19% to reach USD 4.20 trillion by 2029.

In 2024, the Global Office Space Market size is expected to reach USD 3.10 trillion.

Global Office Space Market Report Snapshots

Office Space Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)