A commercial architecture market worth $10 billion in 2019 could be worth more than $30 billion by 2020, according to a new report by consultants.
The report by the consulting firm Wards Associates predicts the market will reach $60 billion by 2021, a 25 percent increase over the $47 billion worth of new commercial buildings being built in the U.S. a year earlier.
The market is expected to grow to $100 billion by 2023, according the report.
The market is still far from fully saturated.
In 2016, there were only 12,000 commercial buildings in the country, and in 2020 there were about 2,300, according Re/code.
The average price per square foot of a new office building in the United States is currently about $1,500.
That’s a big difference compared to other countries where a building can be bought for a fraction of its price.
In China, for example, the average price is $1.6 million per square feet.
Wards estimates the commercial market in the world’s second-largest economy will grow at 7 percent annually until 2031.
That’s a slower pace than the global average of 9 percent.
But it’s still the fastest rate in the developed world, which is estimated to have grown at about 7 percent from 2016 to 2020.
Commercial architecture is an increasingly important industry, according Toomas Pekkarinen, the report’s author.
A growing number of companies are creating products that are designed to help people live in places that they would otherwise not be able to afford.
The business models of the top three largest firms, Zaha Hadid Architects, JBL and WPP, are based on the idea that they can be designed to provide a certain level of living space for their customers, but also to reduce the need for office space.
The three firms all aim to have at least one of their buildings in every city in the 2023 to 2026 period.
For Zaha, this means more than 40 percent of its new commercial units in the global market.
Zaha plans to build a 40-story tower in downtown Dubai that will be a high-end office building, but with a low-cost approach to space.
It plans to open two other offices in Dubai by 2027, with plans to eventually have 100 units.
JBL plans to have a 25-story office tower in Dubai with two levels of space, one for office workers and one for employees.
And WPP plans to develop an office in Shanghai that will include a 50-story building with 50,000 square feet of office space, but only 30 percent of that space is available for tenants.
The firms’ efforts to increase their presence in Dubai are paying off, according a Bloomberg report from October.
As the city’s economy improves, and as more residents are moving to the country to live and work, the developers are building more offices, the reports found.
WPP also announced a new partnership with a Chinese company to open its first office in China in 2019.