Americas
Europe
Middle East
Program and Project Management
Amidst slower leasing and increasing vacancy rates due to economic headwinds, the real estate sector is innovating with space repurposing, while stabilized supply chains and strategic global expansion signal growth and improved project dynamics into 2025.
Newmark presents the 2023/2024 market trends for our Global Project Management business, offering insights into the over $2 billion worth of projects we managed worldwide 2023, as well as local market trends we have observed.
Most of our markets are seeing slower leasing activities due to office space consolidation, high interest rates and other macroeconomic headwinds, leading to an increase in vacancy rates. Some markets are now looking for innovative ways to repurpose office space into residential or storage space.
In 2023, the supply chain for construction-related materials normalized to pre-pandemic levels. Electrical switchgear, panelboards, transformers, and generators continue to disrupt projects and “go live” schedules. We expect these changes to persist into 2024, as most major suppliers have a two-year backlog on orders.
As Newmark expands its reach to more geographical locations, we are leveraging our enhanced buying power with suppliers to our customers’ advantage, reducing costs and improving delivery times. We anticipate deals and projects to expand in the second half of 2024, and 2025 to be a year of significant growth for both projects and transaction volumes.
Read the Newmark Program & Project Management 2024 Market Updates report.
Executive Managing Director, Program & Project Management, Global Corporate Services
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