Research company, Pike Research has released a report titled “Global Building Stock Database”.
According to the report the total global building stock will grow to 182.5 billion sqm by 2021 from 145.1 billion sq.m in 2011, through a CAGR of 2.3%. China will lead the growth since it is now growing by 2 billion sq.m for commercial and residential buildings every year. Building stocks in Western Europe and North America will also continue to record major growth.
China has the largest building space in the world and current investments in commercial and residential building will continue to grow over the next 10 years at an accelerated rate. It is estimated that 52% of the country’s population will live in urban areas by 2021 by when the total population will be recorded at 1.4 billion. China’s building stock was 34.9 billion sq.m during 2011 and will grow to 55.7 billion sq.m through a CAGR of 4.8%. According to analyst Eric Bloom, new construction in many regions will be lagging behind as compared to the levels recorded in 2007. Hence the building industry has changed its focus on energy efficient technologies. Growing building stock over the next few years will be caused due to the impending recovery of the commercial and industrial real estate industry. For the purpose of the report eight commercial types of building such as hotels and restaurants, education, retail, office, warehouse, transport, healthcare and institutional were considered. In terms of residential buildings two types were considered, which included multi-unit and single family residential across seven regions in the world.