Asia Pacific’s Building Stock Is Expected to Total Nearly 82.6 Billion Square Meters in 2024
A recent report from Navigant Research offers a comprehensive view of the world’s total commercial and residential building stock, with data from eight commercial building types and two residential building types, from 2014 to 2024.
Asia Pacific represents a major portion of global real estate, with about 46 percent of the world’s building stock today. The region as a whole is expected to remain relevant as it offers the largest regional construction market, accounting for 40 percent of global construction spending. Click to tweet: According to a recent report from @NavigantRSRCH, Asia Pacific’s building stock is expected to total nearly 82.6 billion square meters in 2024.
“In many of the rapidly expanding Asian economies, domestic demand is becoming an increasingly important driver of construction activity,” says Benjamin Freas, principal research analyst with Navigant Research. “This explains the shift in construction focus from large commercial projects toward infrastructure that will eventually be characterized by a much stronger residential construction market.”
China has more building space than any other country in the world, and represents the world’s largest construction market. According to the report, most of the new growth is expected to occur in China, where approximately 1 billion square meters of space is forecast to be added to the total commercial and residential building stock every year throughout 2024.
The report, Global Building Stock Database, provides data on the size and growth of the global building stock from 2014 to 2024, as well as a qualitative description of key growth drivers and trends. The building stock data covers eight commercial building types (office, retail, education, healthcare, hotels and restaurants, institutional/assembly, warehouse, and transport) and two residential building types (single-family detached and multi-unit residential) for seven regions worldwide. This study is intended to provide a comprehensive picture of the total commercial and residential building stock across the world. An Executive Summary of the report is available for free download on the Navigant Research website.