Commercial remodelling sector bounces back
The UK’s commercial property remodelling market is set to continue its strong post-pandemic recovery, according to analysis by debt advisory specialist, Sirius Property Finance.
The data looked at the market size, based on annual revenue, of the commercial remodelling market, and the findings suggest that that many commercial developers are looking to revamp rather than build new.
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“As we’ve shown with previous research, the commercial construction sector is performing well in a difficult economic environment. But at the same time, developers are still looking for ways to keep costs down where possible,” said Kimberley Gates, head of corporate partnerships at Sirius Property Finance.
“That’s why we’re seeing the remodelling market perform so well at this difficult time – older buildings can be transformed into revitalised assets at a relatively lower cost than building from scratch.”
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Previous research from Sirius Property Finance found that the UK’s commercial construction market is forecast to grow by 2.8 per cent by the end of 2023, reaching total market revenue of £19.21bn for the year.
Last year, the market saw a significant bounce back with revenue increasing by 23 per cent to reach £5.6bn.
The data forecasts that by the end of 2023, the market will have grown by a further 4.2 per cent resulting in annual revenue of £5.8bn, the highest value since 2018.
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