Interior Refurbishment and Fit-Out Market Report – UK 2018-2022
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This 7th edition reviews the UK commercial interior refurbishment & fit-out market taken from the perspective of prime contractors, rather than sub-contracted trades or materials suppliers. Within the context of this report we include fit-out undertaken in existing premises, interior refurbishment and shell and core fit-out. Detailed market data and insight on the interior refurbishment and fit-out market by AMA Research, a leading UK provider of construction market intelligence.
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The 7th edition of AMA Research’s report on the UK interior refurbishment and fit-out market provides detailed insight including a review of important trends and influences in the industry. It reviews the UK market for interior refurbishment and fit out services, covering all non-domestic building applications from the perspective of prime fit-out and interior refurbishment contractors.
Key content covered:
- Interior refurbishment and fit out market – size, structure, key trends and market prospects.
- Construction activity – review of current and future new build output in key end use sectors.
- End-use sectors – commercial offices, retail, education, healthcare and leisure & entertainment.
- Supply and distribution – review of leading contractors and trends within the supply sector.
- Market forecasts – overall and for key end use sectors up to 2022.
Key areas of insight include:
- Key market trends – market size and recent trends and developments.
- Construction activity – shift from new build to refurbishment and upgrading of properties in offices, healthcare and education sectors etc.
- Review of key market sectors – commercial offices, retail, education, healthcare and leisure & entertainment sectors.
- Supply chain review – analysis of key contractors, as well as main procurement methods.
- Market prospects to 2022 – analysis of the key factors affecting future industry direction.
- Detailed market data and insight on the interior refurbishment and fit-out market by AMA Research, a leading UK provider of construction market intelligence.
Some of the companies included:
8Build, Alan Nuttall Partnership, Beck Interiors, Byrne Group, BW Workplace Interiors, Clark Contracts, Collins Construction, Como Interiors, County Contractors, Fourfront Group, Gilbert-Ash, Harvey Shopfitters, Havelock Europa, Mac-Interiors, Maris Interiors, Modus Workspace, Morris & Spottiswood, Oktra, Paragon, Parkeray, Simpson (York), Structure Tone UK, Styles & Wood Group, Tétris-bluu, Wates Smartspace, Willmott Dixon Interiors (WDI).
Market Overview
- UK Market size by value – data for 2013-2017, with forecasts for 2018-2022 period.
- Key market issues – public sector budgets, construction industry skills shortages, continued growth of e-commerce, greater use of BIM techniques, etc.
- Construction output – new build output for key market sectors and market prospects.
- End use market mix – for 2017 and 2022, covering offices, retail, education, healthcare and leisure/entertainment.
Key End Use Sector Review
- Offices – demand for commercial offices within Central London market (e.g. City, West End, Docklands) and other leading UK cities, plus shortages of Grade A office space and changing workplace design.
- Retail – shift in emphasis from large-scale developments to smaller format stores, growth of multi-channel retailing due to rising penetration of online shopping (e.g. Click & Collect).
- Education – demand for upgrades and refurbishment from schools, colleges and universities, changing pupil and student numbers, impact of Government measures (e.g. Priority Building for Schools) and investments into student accommodation.
- Leisure/entertainment – levels of refurbishment taking place in hotels, pubs/clubs, restaurants, gyms and fitness clubs, cinemas and betting/gaming, as well as strong growth in demand from budget chains in the hotels and gyms/fitness clubs sectors.
- Healthcare – continued impact of Government legislation changing the shape of the UK healthcare industry, move towards provision of more locally-based services, rationalization of the NHS estate to release funds and likelihood of investment into the care homes sector to cope with the ageing population.
Market Structure and Supply
- Overview of industry structure – market polarisation and fragmentation, participation by large national builders, leading contractors etc.
- Company profiles – split by turnover bands, providing information such as financial performance, merger and acquisition activity, recent new product innovations, etc.
Given the broad interpretation of ‘interior refurbishment’, the market definition used for the purposes of this report primarily consists of main contractors typically managing the interior fit-out element of non-domestic new build/shell & core developments and full upgrades or refurbishment of existing non-domestic premises.
The interior fit-out and refurbishment market, as defined in this report, has increased by 34% since 2013 in value terms. However, annual growth levels are starting to slow with more constrained growth forecast, for reasons such as the uncertain state of the UK economy, the deferral of major investment decisions, cuts to public sector budgets and a continued scaling back of large construction programmes.
In many end use sectors, demand for refurbishment services is being led by changes in the way industries operate, e.g. a much greater emphasis upon technology-based learning in schools and universities, as well as rising expectations amongst students, which has led to significant improvements in many HEI facilities. Annual levels of growth of around 2-3% are forecast for the next few years.
From a supply perspective, the industry remains fragmented. There have been relatively few major entrants into the interior refurbishment and fit-out market in recent years, since much of the turnover generated from leading companies is from repeat business or long-term contracts and store roll-out programmes. However, an increasing number of large national contractors have diversified into or expanded their operations within the fit-out market.
- Contents Listing
- 1. INTRODUCTION 7
- 1.1 BACKGROUND 7
- 2. SUMMARY 9
- 2.1 BACKGROUND 9
- 2.2 MARKET PROSPECTS 10
- 3. ECONOMIC ENVIRONMENT 12
- 3.1 GDP 12
- 3.2 INFLATION & INTEREST RATES 13
- 3.3 UNEMPLOYMENT 14
- 3.4 HOUSEHOLD CONSUMPTION 15
- 3.5 HOUSING & CONSTRUCTION 15
- 3.6 STERLING 16
- 3.7 POPULATION PROFILE 16
- 3.8 CONCLUSIONS 17
- 4. OVERVIEW OF FIT-OUT & INTERIOR REFURBISHMENT MARKET 18
- 4.1 DEFINITION 18
- 4.2 MARKET SIZE & TRENDS 18
- 4.2.1 Market Background and Size 18
- 4.2.2 Market Prospects 20
- 4.2.3 End Use Sector Mix 21
- 4.2.4 Construction Output 22
- 4.3 OTHER MARKET INFLUENCES 24
- 4.3.1 Building Information Modelling 24
- 4.3.2 Shortages in Traditional Construction Skills 25
- 4.3.3 Growth in E Commerce 26
- 5. COMMERCIAL OFFICES 28
- 5.1 INTRODUCTION 28
- 5.2 MARKET SIZE, TRENDS AND FORECASTS 29
- 5.2.1 Overview of the UK Office Market 29
- 5.2.2 Market Size and Recent Trends 32
- 5.2.3 Market Prospects 33
- 6. RETAIL 36
- 6.1 INTRODUCTION 36
- 6.2 MARKET SIZE, RECENT TRENDS AND FORECASTS 36
- 6.2.1 Market Size and Recent Trends 36
- 6.2.2 Market Prospects 39
- 7. EDUCATION 40
- 7.1 INTRODUCTION 40
- 7.1.1. Schools 40
- 7.1.2 Higher Education Institutions 42
- 7.2 MARKET SIZE, TRENDS AND FORECASTS 43
- 7.2.1 Education Interior Refurbishment and Fit Out Market Size 43
- 7.2.2 Schools and Colleges 44
- 7.2.3 HEIs 46
- 8. HOTELS, FOODSERVICE & LEISURE 49
- 8.1 INTRODUCTION 49
- 8.2 MARKET SIZE, TRENDS AND FORECASTS 50
- 8.2.1 Market Size and Trends 50
- 8.2.2 Hotels and Similar Accommodation 51
- 8.2.3 Food and Drinks Service Industry 53
- 8.2.4 Health & Fitness Centres / Leisure Centres 56
- 8.2.5 Other 56
- 9. HEALTHCARE 58
- 9.1 INTRODUCTION 58
- 9.2 MARKET SIZE, TRENDS AND FORECASTS 59
- 10. PROCUREMENT 63
- 10.1 COMMERCIAL OFFICES 63
- 10.2 RETAIL 64
- 10.3 SCHOOLS AND COLLEGES 65
- 10.4 HIGHER EDUCATION 66
- 11. MARKET STRUCTURE & SUPPLY 69
- 11.1 OVERALL STRUCTURE 69
- 11.2 COMPANIES WITH A TOTAL TURNOVER OF £100M PLUS 69
- 11.3 COMPANIES WITH TOTAL £50 – 99M TURNOVERS 73
- 11.4 COMPANIES WITH TOTAL > £10 – 49M TURNOVER 76
- 11.5 MAJOR CONSTRUCTION COMPANIES WITH FIT-OUT DIVISIONS OR UNITS 80
- Tables & Charts
- CHART 1: FIT-OUT & INTERIOR REFURBISHMENT MARKET SIZE AND FORECASTS BY OUTPUT VALUE (£ BILLION AT CURRENT PRICES) 2013 -2022 9
- TABLE 2: GDP DATA – 2015-2017 – KEY CONSTITUENT ELEMENTS 12
- CHART 3: INTEREST RATES AND INFLATION (CPI) FROM 2000-2022 14
- CHART 4: PDI & SAVINGS RATIO AT CURRENT PRICES 2000-2022 15
- TABLE 5: EXCHANGE RATE FLUCTUATIONS 2014-2020 – STERLING TO THE DOLLAR, AND THE EURO, SPOT RATES 16
- TABLE 6: UK FIT OUT & INTERIOR REFURBISHMENT MARKET SIZE AND FORECASTS £M 2013 -2022 18
- CHART 7: UK INTERIOR FIT-OUT & REFURBISHMENT MARKET BY END USE SECTOR (OFFICES, RETAIL, EDUCATION, HEALTHCARE, LEISURE ETC) BY VALUE 2017 & 2022 21
- CHART 8: NON-HOUSING CONSTRUCTION NEW WORK OUTPUT IN KEY MARKETS BY VALUE (£MILLION AT CURRENT PRICES) 2013-2021 22
- TABLE 9: UK CONSTRUCTION INDUSTRY BY PROFESSION, 2012-2022 (NUMBER OF WORKERS) 26
- CHART 10: NUMBER OF OFFICES IN ENGLAND & WALES BY REGION, 2017 29
- CHART 11: CENTRAL LONDON OFFICE MARKET – OFFICE TAKE UP (MILLION SQUARE FEET) FOR PERIOD Q1 2015-Q4 2017 30
- CHART 12: CENTRAL LONDON OFFICE MARKET – OFFICE VACANCY RATES (%) FOR PERIOD Q1 2015-Q4 2017 31
- CHART 13: OFFICES INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2012 -2022 32
- TABLE 14: VALUE OF CONTRACTORS OUTPUT IN THE OFFICE SECTOR £M 2013-2021 33
- CHART 15: CENTRAL LONDON OFFICE MARKET – OFFICE SPACE UNDER CONSTRUCTION (MILLION SQUARE FEET) FOR PERIOD Q4 2015-Q4 2017 34
- CHART 16: RETAIL INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2012 -2022 36
- CHART 17: RETAIL NEW WORK OUTPUT BY VALUE (£ BILLION AT CURRENT PRICES) 2013 -2021 37
- TABLE 18: UK RETAIL VALUE SALES EXCL. AUTOMOTIVE & FUEL – NOT SEASONALLY ADJUSTED – 2013-2017 (£BN) 37
- TABLE 19: UK EDUCATIONAL ESTABLISHMENTS BY NUMBERS AND HEADCOUNTS, 2017 40
- TABLE 20: EDUCATION CONTRACTORS NEW WORK OUTPUT (£M) 2012-2021 43
- CHART 21: EDUCATION INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2012 -2022 44
- CHART 22: NUMBER OF STUDENT ENROLMENTS IN THE UK (MILLION STUDENTS) – 2012/2013-2016/2017 46
- CHART 23: UK ENTERTAINMENT MARKET – SHARE OF REVENUE BY SECTOR – FOOD SERVICE, HOTELS, PUBS, HEALTH CLUBS ETC. 2017 49
- CHART 24: LEISURE INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2012 -2022 50
- CHART 25: LEISURE AND ENTERTAINMENT CONSTRUCTION NEW WORK OUTPUT BY VALUE (£ BILLION AT CURRENT PRICES) 2013 TO 2021 51
- CHART 26: TURNOVER IN THE UK HOTEL SECTOR (£ BN AT CURRENT PRICES) 2013 TO 2021 52
- TABLE 27: TOP UK FOODSERVICE GROUPS BY OUTLET NUMBERS 2017 54
- CHART 28: HEALTHCARE INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2012 -2022 59
- CHART 29: HEALTHCARE CONSTRUCTION NEW WORK OUTPUT BY VALUE (£ BILLION AT CURRENT PRICES) 2013 TO 2021 60
- TABLE 30: MAIN PRIVATE LANDLORD-DEVELOPERS ESTATES SIZES AND SUB-REGIONS 63
- TABLE 31: UK RETAIL INDUSTRY – INTERIOR REFURBISHMENT & FIT OUT CONTRACTORS 65
- CHART 32: FIT-OUT & INTERIOR REFURBISHMENT CONTRACTORS MIX 2016/2017 69
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