Parts of the Built World Industry are currently facing a downturn in business due to economic uncertainty.
Nonetheless, numerous building opportunities still exist for Built World companies that look for new opportunities. In this post, we look at nine of the most lucrative opportunities that Built World companies can take advantage of and profit from today.
Types of Commercial Buildings Being Built Today
These are the most in-demand commercial construction opportunities for Built World companies right now:
Multi-Family Buildings
Most people are currently turning to mid-rise, highrise, garden apartments, duplexes, and other affordable multifamily housing options. As the demand for multi-family commercial real-estate and rentals increases, building materials companies can profit from the construction of these units.
Hospitals and Health Centers
If there’s a valuable lesson that the government has learned from the pandemic is the need for additional hospitals and healthcare facilities. Currently, numerous hospital construction projects are in the process of approval by the federal government.
These projects can be profitable for Built World companies since they require various structures and amenities constructed. In most health facilities, there must be low to high-rise buildings for housing and patient care, food service areas, staff rooms, and offices. There must also be a section for loading docks and making delivery, storage rooms, and industrial plants for running utilities.
Industrial Buildings
There are numerous industrial facilities that companies in various sectors are planning to construct. Many of these will require large buildings for processing and manufacturing and other utilities like water, high voltage, and steam for operating.
On top of that, there will also be a need for loading docks for delivery and shipments by train or trucks and stations for storage in these facilities. Overall, it’s a total construction package from which Built World companies can profit.
Government Buildings
The government has a list of large-scale building projects lined up for the year. These range from sports and entertainment complexes to libraries, museums, government offices, and other public amenities.
All of these projects will require significant amounts of building materials to construct. What’s more, additional structures and amenities will be built inside the main facilities, like washrooms, seating areas, meeting rooms, locker rooms, and storage areas.
Schools and Universities
The goal of providing equal access to quality education has led to the demand for different educational facilities countrywide. These range from high schools to universities and other institutions of higher learning.
What’s great is that in each institution several structural components must be built at each of these include:
Other than these, there will also be a need to construct interconnecting pathways across the institutions for people to move easily from one section to another. In total, it’s a significant project with many moving parts that Built World companies can profit from.
Lodging
The need to rest while traveling or on vacation is always there. That means the construction of hotels, motels, and ranges such as resort-style complexes and roadside inns will increase to satisfy the demand.
Built World companies can make money from the construction of these recreational facilities. Most of them are built using custom building materials that appeal better to customers, plus larger facilities will require additional structures like fitness rooms, swimming pools, and dining areas built.
Types of Commercial Buildings Being Remodeled or Repurposed
Many individuals and businesses are rethinking how best to use their spaces now that there is an economic shift. Some want to give their commercial spaces a fresh look, while others want to change the outlook of their properties completely.
Built World companies can generate revenue from various remodeling and repurposing projects without relying on major construction contracts. Examples of popular remodeling projects right now include:
Office Buildings
The post-pandemic era has seen a drastic decrease in office use due to remote working, with some businesses even shutting down for good. As a result, many landlords have opted to convert traditional office space into real estate, such as residential housing.
Over the last two years, 41% of residential units have been converted from old office space. Apart from places to live, other office buildings are converting into live-work-play and industrial distribution centers.
Restaurants
The technological innovations today have allowed dark kitchens to thrive to the point that on-site premises are becoming obsolete. For this reason, many restaurants are reducing their real-estate footprints by adopting off-premise sales completely or redesigning their spaces to shrink dining floor space and increase kitchen space.
Built World companies can profit from the repurposing and remodeling of restaurants that have closed down for good and those looking to remodel their spaces.
Retail Stores
Businesses in most towns are reopening their physical stores while some set up shop for the first time. After a long time from physical premises, many companies want to give their spaces a new look.
Some want their storefront remodeled with new custom builds inserted to attract more customers, and others are looking to do interior repurposing. Such construction works will require structural framing materials and exterior facades on roofs, among other materials, for a unique appearance that Built World companies can supply.
Helping You Take Advantage of the Construction Opportunities
Even if demand for your products has declined, many growth opportunities still exist for Built World companies willing to get out of their comfort zones. Those commercial construction opportunities are among the many available to take full advantage of.