The global construction market is forecasted by GlobalData to grow by 1.8% in real terms in 2024, having grown by 1.7% in 2023. While the residential construction market in many countries will decline, this will be offset by high growth in the infrastructure sector, with output rising by 8.3% in real terms. GlobalData tracks and profiles all major construction projects from announcement to completion. For further insight on this market, buy the latest profiles here.
Driving growth in the market in 2022 and over the remainder of the decade are a potential 135 mega hydroelectric projects, costing over $100m each. Here are the largest office building construction projects initiated globally in Q3 2024, according to GlobalData’s construction projects database.
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1. 600 Collins Street Office Tower
The project involves the construction of a 180m high, 60,000m2 premium-grade office tower on 0.24ha of land in Melbourne, Victoria, Australia.
Construction work started in Q3 2024 and is expected to be completed in Q2 2026.
In December 2020, Hines acquired a development site in the heart of Melbourne’s CBD for $156 million with plans for a $761 million office tower development. The site was previously held by Chinese-backed developer Landream who had planned to develop a 54-story luxury apartment with 420 apartments and a hotel tower. Buy the profile here.
2. Sankaido Office Building
The project involves the construction of a 94m high, 34,600m2, and a 19-story office building on 0.32ha of land in Minato-ku, Tokyo, Japan.
Construction work commenced in Q3 2024 and is expected to finish in Q3 2027.
3. 2233 E. Jesse Street Mission Campus
The project involves the construction of a five-story, 28,149m2 office and studio complex on 2.02ha of land at 2233 E. Jesse Street, Los Angeles, California, the US.
Construction work started in Q3 2024 and is forecast to complete in Q4 2025.
4. Shantou Professional Homewear Procurement Base
The project involves the construction of a professional homeware procurement base on a site area of 8.46ha with a construction area of 420,000m2 in Chaonan District, Shantou, Guangdong, China.
Construction work commenced in Q3 2024 and is expected to be completed in Q4 2027.
5. Canberra Office Complex
The project involves the construction of a 14,000m2, seven-story office complex on 0.27ha of land in Canberra, Australian Capital Territory, Australia.
Construction work started in Q3 2024 and is expected to be completed in Q4 2026.
The project aims to provide high-quality, centrally located office accommodation to meet the city’s growing needs and achieve high sustainability, including rooftop solar, no gas, a 100 percent electric operation, and hybrid timber construction.
For more details on the latest construction projects, buy the profiles here.
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GlobalData’s Construction Projects database tracks over 220,000 new construction projects valued at >$25m from announcement to completion across all countries and sectors.
