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 commercial and leisure construction projects initiated globally in Q3 2024, according to GlobalData’s construction projects database.
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1. Uchisaiwaicho 1-Chome District Redevelopment
The project involves the construction of a mixed-use complex with a floor area of 1,100,000m2 comprising four towers on 6.5ha of land in Tokyo, Japan.
Construction work started in Q3 2024 and is expected to be completed in Q1 2038.
The project aims to provide better commercial and leisure facilities in the region.
2. 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 commenced in Q3 2024 and is expected to finish in Q2 2027.
It aims to develop a science and technology innovation center to fulfill the commecrical facilities in the region.
3. University of Utah Student Housing Community
The project involves the construction of a student housing community comprising 5000 beds in Salt Lake City, Utah, the US.
Construction work started in Q3 2024 and is forecast to complete in Q4 2030.
The project aims to help meet the housing needs of students within the main campus area.
4. 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 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.
5. Port 460 Logistics Center
The project involves the construction of a 465,515m2 logistic center on 219ha of land in Suffolk, Virginia, the US.
Construction work started in Q3 2024 and is expected to be completed in Q4 2027.
The project aims to enhance the industrial facilities to meet the growing demand in the region and will create more than 2,000 construction jobs and up to 9,000 long-term jobs.
For more details on the latest construction projects, buy the profiles here.
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