The global office relocation services market is worth US$ 10.6 billion in 2022 and is anticipated to expand steadily at a CAGR of 3.3% to reach US$ 14.6 billion by 2032.
Office relocation accounted for nearly 15% of the global relocation services market at the end of 2021 and is likely to maintain this share in the near future as well.
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Market growth can be attributed to factors such as companies moving to remote work or hybrid work models, rising globalization, increasing compliance burdens, competitive advantages & supportive tax incentives to organizations, and many organizations remodelling or downsizing their office spaces.
Throughout the pandemic, office design renovations and the reduction of commercial office space have become increasingly popular. Businesses that have shifted to remote or hybrid workspaces have discovered that they don’t require as much space and are shrinking their offices to reduce overhead costs.
Additionally, there has been an increase in interest across industries in repurposing and rethinking how a company uses its office space. For instance, retail businesses, post-pandemic, devote more room to fulfilling e-Commerce orders than they did before as opposed to floor space for in-person shopping. Similarly, dining rooms have been replaced with ‘ghost kitchens’ in restaurants. All these factors result in increased need for office resettlement services.
Key Takeaways from Market Study
- Employee relocation accounts for 41% market share in 2022, being worth around US$ 4.3 billion.
- By end-use industry, technology accounts for 23% market share.
- North America holds 42% market share at present and is projected to reach a valuation of US$ 6.12 billion by 2032.
- Europe will provide an absolute dollar opportunity worth US$ 3.18 billion by 2032.
- The market in North America is projected to expand at the highest CAGR of 3.6% from 2022 to 2032.
The office relocation services market is expected to rise on a positive note despite the intense competition in the market. The global spread of COVID-19 fuelled the demand for these services with the introduction of new market players. Furthermore, existing and new market players are taking favourable initiatives to enhance their client base by focusing on varied end users as well as regions.
Prominent commercial relocation service providers are Agarwal Packers and Movers Ltd., AGS Group, Aires, Altair Global, AMJ Campbell, Asian Express International Movers Ltd., Asian Tigers Group, AWGI LLC, Biddulphs International, Brytor International Moving, Anywhere Real Estate, Crown Workspace USA, FINK Mobility, Graebel Companies Inc., Irishrelo, King Companie USA, NIPPON EXPRESS’ Moving Services, Santa Fe Relocation, SIRVA, BGRS Worldwide, Inc., Suddath Van Lines, Inc., The Paxton Companies, UniGroup, XONEX Relocation LLC., and Mayflower.
The global business relocation services market is fragmented and competitive with the presence of several domestic and international market players.
- In July 2017, Nigerian start-up Relocate introduced the Provide Home and Corporate Relocation Service. The organization aims to provide services for office & home moving in & out of Lagos metropolis.
- In May 2022, SIRVA and BGRS announced a merger to create a new company offering household goods & business relocation services.
- In November 2020, Gerson Relocation Ltd. announced the acquisition of the business and assets of Dijkshoorn Euromovers B.V., which provides moving services in the Netherlands. This acquisition is aimed towards the expansion of the company’s footprint in the European region.