Interior Refurbishment and Fit-Out Market Report – UK 2020-2024
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The 8th edition of the Interior Refurbishment & Fit Out Market Report – UK 2020-2024 provides a detailed insight into the UK market for interior refurbishment and fit out services, covering all non-domestic building applications from the perspective of prime fit-out / interior refurbishment contractors.
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The 8th edition of the Interior Refurbishment & Fit Out Market Report – UK 2020-2024 has been published by Barbour ABI. The report provides a detailed insight into the UK market for interior refurbishment and fit out services, covering all non-domestic building applications from the perspective of prime fit-out / interior refurbishment contractors.
Key content covered:
- Refurbishment and fit out market – size, structure, key trends and future prospects.
- Construction activity – review of current and future new build output in key end use sectors.
- End-user sectors – commercial offices, retail, education, healthcare & leisure/entertainment.
- Supply and distribution – review of leading contractors and trends within the supply sector.
- Market forecasts – overall and for key end use sectors for years leading up to 2024.
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 2024 – analysis of the key factors affecting future industry direction.
Some of the companies included:
Airbnb, Radisson Hospitality, Wyndham Hotel Group, Hilton Hotels, Marriott Hotels, Clayton Hotels, Whitbread, Travelodge, Greene King, Marston’s, JD Wetherspoons, Ladbrokes Coral, Genting, Gala Bingo, Rank Group, Canary Wharf Group, Land Securities Group, British Land, Derwent London, Byre Group, Willmott Dixon Interiors, Kier Construction, 8Build, Wates Smartspace, Byre Group, Collins Construction, Modus Workspace, Barnwood Shopfitting, Hutton Group, The Midas Group and more.
Market Overview
- Market size by value – data for 2015-2019, with forecasts for 2020-2024 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 2019 and 2024, 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 (e.g. Bristol, Birmingham, Edinburgh, Glasgow, Manchester and Leeds), plus shortages of Grade A office space and changing workplace design.
- Retail – growth of multi-channel retailing due to rising penetration of online shopping (e.g. Click & Collect), plus the ongoing struggles experienced by high street retailers.
- Education – demand for upgrades and refurbishment from schools, colleges and universities, changing pupil and student numbers, impact of Government funding and investments into HEI accommodation and teaching facilities.
- Leisure/entertainment – levels of refurbishment taking place in hotels, pubs/clubs, restaurants, gyms and fitness clubs, cinemas and betting/gaming, as well as likely impact of Covid-19 pandemic and social distancing measures on various types of leisure venues.
- Healthcare – continued impact of Government legislation changing the shape of the UK healthcare industry, rationalization of the NHS estate to release funds, anticipated move towards more specialist healthcare units 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.
Table and Charts
- There are 32 tables and charts included in this detailed report.
Growth within the interior fit-out and refurbishment market has stalled over the last couple of years, with a downturn in activity widely expected for 2020 due to the Covid-19 pandemic. In recent years, the uncertain political and economic environment has had a detrimental effect upon business confidence and investment, thereby resulting in a downturn in demand for fit-out and refurbishment services in sectors such as commercial offices and leisure and recreation. However, activity has picked up in some public sector areas, with the repurposing of many buildings in the central Government estate one notable example.
With a share worth 24% within the last year, the commercial offices sector is the largest in terms of end user application. Although shortages of Grade A office space persist in many of the UK’s largest cities, the commercial offices sector has been hit by a slowdown in new orders from the large central London market. The retail sector appears set to experience a further decline in activity, for reasons such as the growth of online shopping and the decline of the high street. The picture appears to be more promising in sectors such as education and healthcare, where future investment seems likely to take place. Many buildings are being repurposed to cope with changing demographics and technological advances, while environmental performance is likely to remain a key driver of refurbishment work.
Contents Listing
RESEARCH SERVICES OFFERED BY AMA RESEARCH 3
1. INTRODUCTION 8
1.1 INTRODUCTION 8
1.2 SOURCES OF INFORMATION 8
2. SUMMARY 10
2.1 BACKGROUND 10
2.2 MARKET PROSPECTS 11
3. OVERVIEW OF FIT-OUT & INTERIOR REFURBISHMENT MARKET 14
3.1 DEFINITION 14
3.2 MARKET SIZE & TRENDS 14
3.2.1 Market Background and Size 14
3.2.2 Market Prospects 17
3.2.3 End Use Sector Mix 19
3.2.4 Construction Output 20
3.3 OTHER MARKET INFLUENCES 23
3.3.1 Building Information Modelling 23
3.3.2 Shortages in Traditional Construction Skills 24
3.3.3 Growth in E Commerce 26
4. COMMERCIAL OFFICES 28
4.1 INTRODUCTION 28
4.2 OVERVIEW OF THE UK OFFICE MARKET 29
4.2.1 Central London 30
4.2.2 Rest of UK 32
4.3 MARKET SIZE, TRENDS AND FORECASTS 33
4.4 MARKET PROSPECTS 34
5. EDUCATION 38
5.1 INTRODUCTION 38
5.1.1. Schools 38
5.1.2 Higher Education Institutions 41
5.2 MARKET SIZE, TRENDS AND FORECASTS 42
5.2.1 Education Interior Refurbishment and Fit Out Market Size 42
5.2.2 Schools and Colleges 44
5.2.3 HEIs 46
6. HOTELS, FOOD SERVICE & LEISURE 51
6.1 INTRODUCTION 51
6.2 MARKET SIZE, TRENDS AND FORECASTS 52
6.2.1 Market Size and Trends 52
6.2.2 Hotels and Similar Accommodation 55
6.2.3 Food and Drinks Service Industry 57
6.2.4 Health & Fitness Centres/Leisure Centres 61
6.2.5 Other 62
7. RETAIL 65
7.1 INTRODUCTION 65
7.2 MARKET SIZE, TRENDS AND FORECASTS 65
7.3 MARKET PROSPECTS 69
8. HEALTHCARE 71
8.1 INTRODUCTION 71
8.2 MARKET SIZE, TRENDS AND FORECASTS 72
9. PROCUREMENT 77
9.1 COMMERCIAL OFFICES 77
9.2 SCHOOLS AND COLLEGES 78
9.3 HIGHER EDUCATION 80
9.4 RETAIL 82
10. MARKET STRUCTURE & SUPPLY 84
10.1 OVERALL STRUCTURE 84
10.2 COMPANIES WITH A TOTAL TURNOVER OF £100M PLUS 85
10.3 COMPANIES WITH A TOTAL OF £50M – £99M TURNOVER 89
10.4 COMPANIES WITH A TOTAL OF £10M – £49M TURNOVER 93
10.5 MAJOR CONSTRUCTION COMPANIES WITH FIT-OUT DIVISIONS OR UNITS 99
APPENDICES 101
APPENDIX A. ECONOMIC ENVIRONMENT 101
A.1 Overview and Outlook 101
A.2 GDP 101
A.3 Inflation & Interest Rates 103
A.4 Employment & Wages 104
A.5 Household Consumption 104
A.6 Sterling 105
Tables & Charts
CHART 1: FIT-OUT & INTERIOR REFURBISHMENT MARKET SIZE AND FORECASTS BY OUTPUT VALUE (£ BN AT CURRENT PRICES) 2015 -2024 10
TABLE 2: UK FIT OUT & INTERIOR REFURBISHMENT MARKET SIZE AND FORECASTS £M 2015 -2024 15
CHART 3: UK INTERIOR FIT-OUT & REFURBISHMENT MARKET BY END USE SECTOR BY VALUE 2019 & 2024 19
CHART 4: NON-RESIDENTIAL CONSTRUCTION – NEW WORK OUTPUT IN KEY MARKETS BY VALUE (£M AT CURRENT PRICES) 2015-2024 20
TABLE 5: UK CONSTRUCTION INDUSTRY BY PROFESSION, 2017-2023 (NUMBER OF WORKERS) 25
CHART 6: CENTRAL LONDON OFFICE MARKET – OFFICE TAKE UP (MILLION SQUARE FEET) FOR PERIOD Q1 2017-Q4 2019 30
CHART 7: CENTRAL LONDON OFFICE MARKET – OFFICE VACANCY RATES (%) FOR PERIOD Q1 2017-Q4 2019 31
CHART 8: OFFICES INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2014 -2024 33
TABLE 9: VALUE OF CONTRACTORS OUTPUT IN THE OFFICE SECTOR £M 2015-2024 34
CHART 10: CENTRAL LONDON OFFICE MARKET – OFFICE SPACE UNDER CONSTRUCTION (MILLION SQUARE FEET) FOR PERIOD Q4 2017-Q4 2019 35
TABLE 11: UK EDUCATIONAL ESTABLISHMENTS BY NUMBERS AND HEADCOUNTS, 2019 38
TABLE 12: EDUCATION CONTRACTORS NEW WORK OUTPUT (£BN) 2015-2024 43
CHART 13: EDUCATION INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2014 -2024 44
CHART 14: NUMBER OF STUDENT ENROLMENTS IN THE UK (MILLION STUDENTS) – 2014/2015-2018/2019 47
CHART 15: UK ENTERTAINMENT MARKET – SHARE OF REVENUE BY SECTOR – 2018 52
CHART 16: LEISURE INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2014 -2024 53
CHART 17: LEISURE AND ENTERTAINMENT CONSTRUCTION NEW WORK OUTPUT BY VALUE (£BN AT CURRENT PRICES) 2015 TO 2024 54
CHART 18: TURNOVER IN THE UK HOTEL SECTOR (£BN AT CURRENT PRICES) 2015 TO 2024 55
TABLE 19: TOP 25 UK FOODSERVICE GROUPS BY OUTLET NUMBERS 2019 58
CHART 20: RETAIL INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2014 -2024 65
CHART 21: RETAIL NEW WORK OUTPUT BY VALUE (£ BILLION AT CURRENT PRICES) 2015 -2024 66
TABLE 22: UK RETAIL VALUE SALES EXCL. AUTOMOTIVE & FUEL – NOT SEASONALLY ADJUSTED – 2015-2019 (£BN) 67
CHART 23: HEALTHCARE INTERIOR REFURBISHMENT AND FIT OUT BY VALUE (£ MILLION) 2014 -2024 72
CHART 24: HEALTHCARE CONSTRUCTION NEW WORK OUTPUT BY VALUE (£BN AT CURRENT PRICES) 2015 TO 2024 73
TABLE 25: MAIN PRIVATE LANDLORD-DEVELOPERS ESTATES SIZES AND SUB-REGIONS 77
TABLE 26: UK RETAIL INDUSTRY – INTERIOR REFURBISHMENT & FIT OUT CONTRACTORS 83
CHART 27: FIT–OUT & INTERIOR REFURBISHMENT CONTRACTORS MIX 2018/2019 85
CHART 28: GVA CHAINED VOLUME MEASURES, 2015-2020, KEY CONSTITUENT ELEMENTS 102
CHART 29: CPI INFLATION AND BANK OF ENGLAND BASE RATE, 2008-2023 103
CHART 30: AVERAGE WEEKLY EARNINGS DATA – GB – TOTAL PAY – 2014-2019 (SEASONALLY ADJUSTED) 104
CHART 31: PDI & SAVINGS RATIO AT CURRENT PRICES 2008-2023 105
CHART 32: EXCHANGE RATE FLUCTUATIONS 2015-2019, STERLING TO THE DOLLAR AND THE EURO, SPOT RATES 106
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