North America accounts for over 40% share in the global office relocation services market and is projected to dominate going ahead as well
As per a newly released report on office relocation services by Fact.MR, the global market is valued at US$ 10.6 billion in 2022 and is forecasted to expand at a CAGR of 3.3% over the 2022-2032 period.
Market growth can be attributed to factors such as companies moving to remote work or hybrid work models, rising globalization, increasing compliance burdens, competitive advantages & supportive tax incentives to organizations, and many organizations remodelling or downsizing their office spaces.
Throughout the pandemic, office design renovations and the reduction of commercial office space have become increasingly popular. Businesses that have shifted to remote or hybrid workspaces have discovered that they don’t require as much space and are shrinking their offices to reduce overhead costs. As a result, demand for business relocation services is projected to rise steadily as companies look at cost savings and finding locations better suited to their business needs, along market players offering better client access & collaboration.
Additionally, there has been an increase in interest across industries in repurposing and rethinking how a company uses its office space. For instance, retail businesses, post-pandemic, devote more room to fulfilling e-Commerce orders than they did before as opposed to floor space for in-person shopping. Similarly, dining rooms have been replaced with ‘ghost kitchens’ in restaurants. All these factors result in increased need for office resettlement services.
Key Takeaways from Market Study
- Employee relocation accounts for 41% market share in 2022, being worth around US$ 4.3 billion.
- By end-use industry, technology accounts for 23% market share.
- North America holds 42% market share at present and is projected to reach a valuation of US$ 6.12 billion by 2032.
- Europe will provide an absolute dollar opportunity worth US$ 3.18 billion by 2032.
- The market in North America is projected to expand at the highest CAGR of 3.6% from 2022 to 2032.
Key Companies Profiled
- Agarwal Packers and Movers Ltd.
- AGS Group
- Altair Global
- AMJ Campbell
- Asian Express International Movers Ltd.
- Asian Tigers Group
- AWGI LLC
- Biddulphs International
- Brytor International Moving
- Anywhere Real Estate
- Crown Workspace US