Commercial Interior Refurbishment Market - UK 2008-2012AMA ResearchApril 21, 2008 112 Pages - SKU: AJLA1777720 |
| Countries covered: United Kingdom This is the 3rd Edition of the ‘ Commercial Interior Refurbishment and Fit-Out Market - UK report - incorporating original input, and containing over 100 pages and 30 charts and tables. This report provides a detailed insight into the commercial refurbishment market, providing analyses of key trends in the industry at large, together with a review of key end-use sectors. Following a difficult period, this £multi-billion market has experienced a strong recovery in 2006-07, largely underpinned by the recovery in the commercial office sector and steady levels of trading in the retail market. Most of the larger contractors have full order books for 2008, reflecting underlying confidence in key end use sectors. Beyond 2008, it is expected that demand for fit-out & interior refurbishment will slow down, as supply and demand for office space become more balanced, while a likely slowdown in consumer spending will inevitably impact upon the retail & leisure sectors. To some extent, this will be offset by demand from the public sector - especially with the Building Schools for the Future programme - and developments related to the 2012 Olympic Games. Key areas covered include:
MARKET OVERVIEW Market size by value 2002 -2007. Forecasts for 2008 and through to 2012. Key market influences e.g. office vacancy & take-up rates, consumer spending, capital investment trends, key product price trends, average wage increases by types of trade Overview & comparison of fit-out/interior refurbishment projects by types of trade Future prospects: short term - buoyant conditions in office sector prevailing, retail investment in most sectors expected to stall, supermarket roll-out programmes remaining significant. Medium term - increased investment in Olympic Games infrastructure, Building Schools For The Future programme. Risks to market growth - impact of credit crisis, slowdown in key refurbishment markets MARKET ANALYSIS OF KEY END USE SECTORS Market mix by end-user sector by contractors output values up to 2007, with forecasts up to 2012. Recent trends in end-use sectors: - industry performance & underlying market drivers, trends in capital expenditure, recent trends in demand for fit-out & interior refurbishment, Changes in structure in key end-user sectors; underlying market drivers; impacts on demand for fit-out and refurbishment. Analysis of typical fit-out/interior refurbishment projects by types of trade by value - i.e. finishes, building services installations Short to medium prospects within key end-use sectors & implications for fit-out & interior refurbishment contractors Covers key end-use sectors & main sub-markets including:- Commercial offices Central London, business parks, provincial cities); Retail (supermarkets, High Street multiples); Education (schools, universities); Healthcare (hospitals, primary healthcare facilities): Leisure (hotels, restaurants, pubs, betting premises, Olympic Games) INTERIOR REFURBISHMENT - MARKET STRUCTURE & SUPPLY Review of industry structure & trends e.g. market concentration & contraction, low entry levels, loss of key contractors. Market shares of major players - market positioning, key sectors etc. Company profiles for 60+ leading contractors. Includes: - Interior Services Group (Cathedral, Dean&Bowes, Interiorexterior Plc, Pearce), Morgan Sindall Fit-out division (Overbury etc), Ibex Interiors, Styles & Wood, Apollo Property Services Simpson (York), Galliford Try Interiors, Byrne Group, Wates Interiors, Morris & Spottiswood, PEL Interiors, Withey Contracts, Havelock Interiors, Midas Property Services, Maris Interiors, Parkeray. |
Additional Information
In this third edition of the report we have included the public sector for the first time, with the key focus being on schools and to a lesser extent healthcare. This is primarily because over the next 15 years, the most stable area of demand for fit-out/interior refurbishment services will be the schools market, underpinned by the Building Schools for the Future programme.
As we have defined it, the market primarily comprises main contractors typically project managing the interior fit-out element of non-domestic newbuild/shell & core developments and full upgrades or refurbishment of existing non-domestic premises.
Within the context of this report the fit-out & refurbishment industry is estimated to be worth £7.8bn at main contractors prices in 2007, which represents strong growth over 2006 activity levels.
Since the recovery of the office market in 2005, following the onset of recession in the financial services and TMT (telecoms, media & technology) sectors in 2002, contractors output in the fit-out & interior refurbishment sector has shown a steady underlying increase.
This has primarily been underpinned by the subsequent recovery in speculative and pre-let office construction in Central London, an unprecedented level of activity in the development of tall buildings in the UK’s major cities, and increased levels of investment in public sector works, in particular schools newbuild and refurbishment.
The office sector is by far the most important area of demand for fit-out and interior refurbishment, estimated to account for 30-40% of main contractors output, followed by the retail industry. Overall levels of demand from the retail sector have been impacted upon by relatively poor trading conditions during late 2007 and early 2008, with only the grocery multiples sector managing to buck the generally flat market conditions.
Over the short term, full order books among main contractors operating in the office sector suggest that trading conditions in 2008 will be reasonably buoyant, although demand from 2009 is likely to slow down considerably. Without doubt, the recent level of credit-fuelled consumer spending has ended and is unlikely to recover in the short term. This will inevitably have an impact upon trading in the retail and leisure industries, and in turn lead to lower levels of construction activity - the main exception being the grocery multiples. However, over the medium term, the Olympic Games programme should generate demand for interior refurbishment as both hotel operators and owners of other leisure/entertainment establishments - particularly across South East England - will need to invest in upgrading premises ahead of 2012.
Early 2008 is seeing the first indications of a slowdown in the office construction sector, which may not impact heavily on the fit-out market in 2008, but will feed into medium term market prospects if the current credit crisis is sustained. As a result, our forecasts for 2009-10 indicate a substantial slowing in the rate of growth, but this could turn into a potentially severe downturn if confidence in speculative office construction is undermined and projects are cancelled.
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