United States Real Estate Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

United States Real Estate Services Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The US real estate services market is estimated to register a CAGR of approximately 7% during the forecast period (2022-2027).

Despite concern about the possible implications of the COVID-19 pandemic, the real estate services market maintains a favorable outlook for the economy and commercial real estate in 2022. While the new variant will impact the timing of a large-scale return to the office, fiscal and monetary policy will continue to support economic growth.

Market growth is mainly driven by a prerequisite for tools and platforms to tackle customers changing real estate preferences and the rising need for better consumer handling and support. Property managers and real estate agents are focusing on leveraging property management software's benefits to expand their customer base by following a unified technology platform. Adoption of new technology, including the use of artificial intelligence, to increase availability and efficiency, is restructuring the industry, making it easier to take care of client needs and keep property owners informed on the everyday operations of their properties.

North America holds the major market share in outsourced facility management. Moreover, the global standard for integrated facility management services, building maintenance, and repair services is getting a digital revamp. Facility management holds a major share in real estate services due to the adoption of new technology in facility management to reduce operating costs and improve efficiency. As technology is increasing, people are looking for instant access, maintenance, and other workplace services. Facility management service providers are looking forward to investing in building construction and integrated services. Market players are outsourcing facility management services to capture the market and achieve strategic partnerships. US real estate has many residential and commercial buildings. Moreover, the adoption of new technology in real estate services to provide better services is expected to drive the market during the forecast period.

US companies are adopting new technologies to improve their services to create efficiencies and increase the property’s performance. Managers and owners are looking for technological innovations, like Internet of Things devices, such as thermostats, CCTVs, and smart locker storage, which are being broadly used. Moreover, automation is becoming a critical component of the property management industry. Usage of technology by millennials is high. A recent survey stated that 42% of property managers are chosen to adopt new technologies to keep their properties relevant to today’s market. Several companies offer new products, such as Buildium, AppFolio, Rentalutions, and VTS. These programs simplify and automate many previously paper-heavy functions, such as paying bills, collecting rents, and tracking maintenance performed.

The US real estate market is fragmented. The report covers the major players operating in United States Real Estate Services. The US real estate services market has both international and local players. Some of the prominent players in the industry are Jones Lang Lasalle Inc., CBRE Group, Brookfield properties LLC, Homeservices of America Inc., and Cushman & Wakefield Holdings Inc. The growing real estate market, adoption of new technology by real estate services providers, and a few other factors will increase the growth of the market.

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