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. Xi’An Northwest Science and Technology Innovation Center
The project involves the construction of a science and technology innovation center in Xi’an, Shaanxi, China.
Construction work started in Q3 2024 and is expected to be completed in Q2 2027.
It aims to develop a science and technology innovation center to fulfill the commecrical facilities in the region.
2. 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 commenced in Q3 2024 and is expected to finish 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.
3. Hanging Gardens Tower
The project involves the construction of a 60,386m2 150m high 35-story office tower which will be 150m in height in Greater London, the UK.
Construction work started in Q3 2024 and is forecast to complete in Q4 2028.
The development team is targeting BREEAM Excellent, reflecting the commitment to a high standard of sustainability.
4. 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 be completed in Q3 2027.
5. Goregaon Commercial Development
The project involves the construction of a commercial complex in Goregaon, Mumbai, Maharashtra, India.
Construction work started in Q3 2024 and is expected to be completed in Q4 2028.
The project aims to provide better office and hospitality facilities in the region.
For more details on the latest construction projects, buy the profiles here.
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