When deciding between building new or renovating, developers are increasingly favoring renovations, as forecasted trends show a significant rise in the U.S. renovation market. ConstructConnect projects a nearly 70% increase in renovation spending by 2030, with multi-family and mixed-use developments at the forefront. The shift is driven by factors such as high interest rates, remote work trends, and rising construction costs.

Multi-family housing and office buildings are two sectors set to see the most growth. Multi-family renovation spending is predicted to increase from $5.5 billion in 2022 to $24.3 billion by 2028. Office renovations, though not returning to pre-pandemic levels, are expected to reach $9 billion by the same year, especially as developers convert underutilized offices into housing and mixed-use spaces.   

For developers and property owners, renovations provide a financially attractive option. Purchasing and refurbishing existing properties can save significantly on materials and labor costs, while tapping into a growing demand for adaptable spaces. With Vibranic’s solutions, we can help builders take advantage of this trend by offering cost-effective building materials, driving savings and higher returns on renovation projects.