United States Real Estate Services Market (2022 – 2027): Real Estate Accounts for 17.4% of Gross State Product – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “United States Real Estate Services Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.

The US real estate services is estimated to register a CAGR of approximately 7% during the forecast period.

The real estate industry accounted for USD 3.6 trillion or 17.4% of the gross state product in 2018. Home prices were raised by 5% in 2019 compared to the previous year. The Realtors Confidence Index (RCI) recorded at 65 for detached single-family, 53 for townhomes, and 50 for condominium properties.

Commercial leasing volume increased by 2.4% in 2019 Q2. Leasing activity mainly increased in apartment properties, followed by Industrial warehouse and flex properties. In a small real estate market, the total sales volume in 2019 Q3 rose at a modest pace of 3% compared to the previous year.

In 2009, the rental vacancy rate was at 41%. By 2018, it reduced to 25.2%. In 2017, 43% of all US renters were living in single-family homes. Despite lower vacancy rates and high rental costs, nearly 65% of renters in 2016 were under the age of 35. During 2006-2016, the number of owners slightly dropped and renters increased by 25% in the same period.

In 2018, the American property management industry generated around USD 76 billion in revenue, Adoption of new technology, including the use of artificial intelligence, to increase availability and efficiency, are restructuring the industry like never before, making it easier to take care of client needs and keep property owners informed on the everyday operations of their properties. Property management has plenty of growth opportunities, as there has been an increase in the adoption of technology and can embrace the millennial market.

Key Market Trends

Increase in Demand for Facility Management:

North America holds the major market share in the outsourced facility management. Moreover, the global standard for integrated facility management services, building maintenance, and repair services are getting a digital revamp.

Facility management holds a major share in real estate services, due to the adoption of new technology in the facility management to reduce operating costs and improve efficiency. As technology is increasing, people are looking for instant access, maintenance, and other workplace services. Facility management service providers are looking forward to investing in building construction and integrated services.

Market players are outsourcing facility management services to capture the market and achieve strategic partnerships. US real estate has many residential and commercial buildings. Moreover, the adoption of new technology in real estate services to provide better services will drive the market during the forecast period.

Adoption of New Technology in Property Management Services:

US companies are adopting new technology to improve their services by utilizing technology to create efficiencies and increase the property’s performance. Managers and owners are looking for technological innovations, like Internet of Things devices, such as thermostats, CCTVs, and smart locker storage, which are being broadly used.

Moreover, automation is becoming a critical component of the property management industry. Usage of technology by millennials is high. A recent survey stated that 42% of property managers are chosen to adopt new technologies to keep their properties relevant to today’s market.

New products are offered by several companies, such as Buildium, AppFolio, Rentalutions, and VTS, these programs simplify and automate many previously paper-heavy functions, such as paying bills, collecting rents, and tracking maintenance performed.

Competitive Landscape

The report covers the major players operating in the United States Real Estate Services. The US real estate market is fragmented. The US real estate services market has both international and local players, and some of the prominent players in the industry are Jones Lang Lasalle Inc. and CBRE Group.

The growing real estate market, adoption of new technology by real estate services providers, and a few other factors will increase the growth of the market.

For more information about this report visit https://www.researchandmarkets.com/r/c4aah0

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