Commercial Property Remodeling
Operators in the Commercial Property Remodeling industry have benefited from large increases in demand through the five years to 2019 as a result of decreasing office rental vacancy rate and higher consumer spending. Additionally, increasing corporate profit levels have led businesses to remodel commercial properties. With industry clients expanding, they have had greater need for the industry's remodeling services. Over the five years to 2024, the industry is forecast to exhibit steady, albeit more modest, growth. The office rental vacancy rate is expected to increase at a slower rate, and consumer spending and corporate profit are both likely to increase amid a growing economy; this will provide businesses with more discretionary income to spend on industry services. However, industry operators will need to be conscious of rising interest rates on commercial loans, which finance many of the industry's projects.
This industry primarily undertakes remodeling construction for commercial buildings. Remodeling construction includes additions, alterations, reconstruction, maintenance and repair work. This industry is composed of general contractors, operative remodelers, remodeling design-build companies and remodeling project construction management firms. This industry excludes residential remodeling.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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