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Interior Refurbishment and Fit-Out Market Report - UK 2014-2018 Analysis’

  • May 2014
  • 109 pages
  • AMA Research
Report ID: 3516892

Summary

Table of Contents

AMA Research are pleased to announce the publication of the 5th Edition of the report ‘Interior Refurbishment and Fit-Out Market Report - UK 2014-2018 Analysis’. This report provides a detailed insight into this market, providing analyses of key trends in the industry, together with a review of key end-use sectors.Fit-out and refurbishment activity has bounced back in 2013 as commercial clients undertook refurbishment and repair work rather than new build projects.

Despite an upturn in the economy in 2013/early 2014, the medium-term trend in many sectors is away from capital intensive new build projects towards refurbishment and fit-out, which should provide good opportunities for contractors and material suppliers in the medium term.


Key areas covered include:

Review of the overall fit-out and interior refurbishment market – market size, trends 2008 –2013, including construction output, etc.


• Review of key end use market sectors – offices, retail, education, healthcare & leisure. Overview of trends in end-use sectors in terms of capital expenditure. Assessment of trends in demand for fit-out/interior refurbishment & future prospects for 2014-2018.


• Contractors review – review of leading contractors; trends within the supply sector. Profiles of leading players in market: shares, geographical coverage, key end-use sectors etc.


• Forecasts up to 2018 – market forecasts, key factors influencing future prospects.


Of particular interest:

• Review of key trends in fit-out & interior refurbishment – recent developments and market prospects up to 2018.


• Switch from new build to refurbishment – education, healthcare, offices, grocery sector etc.


• Review of key market sectors - development pipelines, current trends, RMI work, prospects and key drivers.


• Market structure – specialists, general contractors, regional players etc. – changes in 2012/13, framework agreements etc.


• Key client sectors - grocery multiples, hotels/leisure, London office market, healthcare (private sector, GP surgeries), education etc. - opportunities for fit-out work.


Leading contractors profiled in the report include:

Barnwood, Beck Interiors, Byrne Group, BW Interiors, Como Interiors, Ellmer, Galliford Try Interiors, Havelock Europa, ISG, Kier, MITIE, Modus Group, Morgan Sindall, Morris & Spottiswood, Overbury, Paragon Interiors, Parkeray, Simpson, Structuretone International, Styles & Wood, VINCI, Wates Interiors, Willmott Dixon Interiors.

Key areas covered in the report include:

MARKET OVERVIEW

• Market size by value 2008 -2013. Forecasts for 2014 and through to 2018.


• Key market influences e.g. office vacancy & take-up rates, consumer spending, capital investment trends, key product price trends, average wage increases by types of trade.


• Future prospects: Short term – improving prospects in the office sector, switch from new build to refurbishment, changes in grocery sector to convenience stores/growth of discounters. Medium term – balance between slowdown in education and health sectors, but recovery in private sector – timing and speed of growth?


MARKET ANALYSIS OF KEY END USE SECTORS

• Market mix by end-user sector - by contractors output values in 2013, with forecasts up to 2018. Share by sector - offices, retail, education, healthcare and leisure.


• Review of key end-use sectors & main sub-markets including:- Commercial offices (Central London, business parks, provincial cities); Retail (supermarkets/convenience stores, High Street multiples); Education (schools, universities, student accommodation); Healthcare (hospitals, primary healthcare facilities): Leisure (hotels, restaurants, pubs, betting premises, Olympic Games) etc.


• Recent trends in end-use sectors: - offices, retail, leisure, education, health, industrial etc - industry performance & underlying market drivers, trends in capital expenditure, switch from new build to refurbishment, mix changes (public / private sector), recent trends and opportunities for fit-out & interior refurbishment.


• Key clients - retail sector, office pipeline in London, hotels/leisure groups, education/healthcare funding programmes, retail developments etc. Key growth sectors in 2014/15 and up to 2018.


• Analysis of typical fit-out/interior refurbishment projects – review of key project types, costs, growth of RMI.


• Short to medium prospects within key end-use sectors & implications for fit-out & interior refurbishment contractors, development pipelines, key clients/ key sectors etc.


INTERIOR REFURBISHMENT - MARKET STRUCTURE & SUPPLY

• Review of industry structure & trends e.g. market concentration & structure, low entry levels, changes in industry structure 2011-2014, loss of some key contractors.


• Major players – estimated turnover from fit-out work, market positioning, key sectors, strength etc.


• Company profiles for leading fit-out contractors, leading shopfitters.

The Interior Refurbishment and Fit-Out market is estimated to be worth approximately £7.1bn in 2013, having risen by between 2% and 3% per annum between 2011 and 2013, following a period of significant decline.

While difficult to define, our definition of the market primarily covers main contractors which typically project manage the interior fit-out element of non-domestic new build/shell & core developments, and upgrades or refurbishment of existing non-domestic premises.

In 2013, the market was stimulated by an increasing focus on refurbishment and repair projects in the commercial sector and a noticeable increase in estate rationalisation programmes in all areas of commercial sector activity, with newbuild development remaining constrained in a number of sectors due to a lack of finance and caution amongst developers to commit to development projects.

With major reductions in capital spending programmes, this increased interest in refurbishment activity has also been seen in the public sector, with NHS trusts and universities preferring to reassess and refresh existing assets rather than building new developments, boosting refurbishment and upgrade work in health, schools and local authority accommodation.

The retail sector represents a major end use sector in terms of interior refurbishment and fit-out accounting for around a 22% share. More stable market conditions are encouraging the continuation of refurbishment and expansion plans in the grocery sector and the major supermarkets have announced significant development plans in areas such as convenience and online, though many retailers in the non-food sector have scaled back their development programmes.

Commercial offices also represent a major sector with a 27% share, and during 2013 a more sustained recovery was seen in the commercial office market, with take-up and investment returning to levels not seen since the start of the economic downturn. Much of the take-up during 2013 was for secondary space, as occupiers sought to achieve cost savings or were unable to find grade-A space in the right location. London remained the most active market in terms of total take-up, but activity has increased across many regional centres.

In terms of supply structure, the fit-out and interior refurbishment sector is highly fragmented with a smaller number of larger national contractors and many small-medium size firms operating at a regional or local level. There have been relatively few major entrants into the interior refurbishment and fit-out market in recent years, and 2013 saw some of the larger players in the sector cease trading following several years of difficult market conditions.

The outlook for the interior refurbishment and fit-out market is largely positive, with a number of major developments expected to come through in the retail sector following an improvement in consumer confidence and an increased focus on refurbishment work across all sectors. Re-branding and upgrading programmes announced by the budget hotels, value gym, cinema and grocery retail sectors will also create continued opportunities for fit-out and refurbishment contractors. We estimate that the market will see annual growth rates of around 4-5% over the next 3-4 years, to reach a value of around £8.65bn in 2018.

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