As the non-residential construction market continues to rebound, there is a focus on interior fit-out as opposed to new construction. According to CBRE, “Overall office market conditions are expected to continue tightening during 2014, with the U.S. vacancy rate forecasted to decrease to 14.5% by year-end 2014.” As available office space continues to be leased, these spaces must be retrofitted to meet the needs of the new user. As a result, a higher demand for interior building services is expected.
However, there are significant challenges that come with this increased demand. Spaces are expected to encourage creativity, preserve energy, and include the most updated technology and appearances, all while managing costs effectively.
By the Numbers: Construction Gains & Losses
- 14,100 nonresidential construction jobs lost in December
- 19.7% annual increase in commercial construction spending (as of December)
- 1.8% increase in highway construction spending in December
- 5.9% year-over-year decrease in iron and steel prices (as of December)
For a more detailed look at influences on the interior construction market, click here.