Introduction
Many construction projects involve renovating or retrofitting existing
structures. More than $3 trillion was spent on commercial remodeling in
2017, making it a lucrative opportunity for construction companies.
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As interest in "green" buildings grows and owners seek new ways to
better utilize existing spaces, the renovation market is expected to
continue to sustain healthy growth. In North America, the push for
greater employee productivity coupled with the desire for increased
energy efficiency—which can reduce fixed expenses like utilities—will
continue to drive the need for commercial renovation. In fact, the North
American commercial remodeling market alone is expected to reach
$2.2 trillion by 2024.
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The forecast for the global renovation market also remains strong.
Investments in the renovation and maintenance of existing infrastructure
are exceeding spending for new projects in many areas of the world.
In the U.K., for example, the National Infrastructure Delivery Plan will
invest over $130 billion between 2020-21 to improve social and
economic infrastructure.
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And in the Asia-Pacific region, commercial
property renovations, including updates to offices, retail spaces, and
restaurants, are predicted to drive compounded annual growth of more
than 5% through 2024.
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By all estimations, charting your course to include commercial renovation
and retrofit projects is a sound plan. But while the opportunities are big,
the risks can be, too. Working on existing structures can feel like sailing
in uncharted waters, particularly when the project lacks original or
current construction documentation. Without a map to guide you,
you could miscalculate what's ahead or start to lose your way.
But renovation projects don't have to feel like sailing without a map. There
are tools that can help you identify and plan for any potential dangers.
Read on to get a better understanding of the obstacles that renovation
and retrofit projects present and how you can successfully navigate them.
The global commercial remodeling market
exceeded $3 trillion in 2017.
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