WASHINGTON – 15 April 2024 – The Americas is the only world region that showed a year-over-year increase in pipeline activity at the end of the first quarter, according to March 2024 data from CoStar. CoStar is a leading provider of online real estate marketplaces, information, and analytics in the property markets.
March 2024 (% change in comparison with March 2023):
Europe
- In construction: 172,499 rooms (-6.8%)
- Final Planning: 99,744 rooms (-25.3%)
- Planning: 160,404 rooms (+3.1%)
- Total Under Contract: 432,647 rooms (-8.8%)
Among countries in the region, Germany (28,500) led in construction activity, closely followed by the U.K. (28,423).
Asia Pacific
- In construction: 502,610 rooms (+5.6%)
- Final Planning: 109,926 rooms (+5.6%)
- Planning: 289,041 rooms (-11.0%)
- Total Under Contract: 901,577 rooms (-0.4%)
China leads the Asia Pacific region in total rooms in construction (315,145), followed by Vietnam (37,113).
Middle East & Africa
- In construction: 110,783 rooms (-7.3%)
- Final Planning: 36,173 rooms (-20.9%)
- Planning: 81,316 rooms (-3.3%)
- Total Under Contract: 228,272 rooms (-8.5%)
Most of the region’s pipeline activity is focused in the Middle East. Saudi Arabia (42,464) and the United Arab Emirates (19,046) have the most rooms in construction.
Americas
- In construction: 205,998 rooms (+4.1%)
- Final Planning: 296,374 rooms (+6.8%)
- Planning: 378,628 rooms (+36.0%)
- Total Under Contract: 881,000 rooms (+16.9%)
The U.S. (156,525) holds the majority of rooms in construction in the region. After the U.S., Mexico (13,335), Canada (7,603) and Brazil (5,799) show the highest number of rooms in construction.
For more information about the company and its products and services, please visit www.costargroup.com.
Additional Performance Data
CoStar’s world-leading hotel performance sample comprises 81,000 properties and 10.5 million rooms around the globe. Members of the media should refer to the contacts listed below for additional data requests.
News Media Contact
Haley Luther
Senior Communications Manager – STR
(216) 278-0627
hluther@str.com
About CoStar Group
CoStar Group (NASDAQ: CSGP) is a leading provider of online real estate marketplaces, information, and analytics in the property markets. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of real estate information. CoStar is the global leader in commercial real estate information, analytics, and news, enabling clients to analyze, interpret and gain unmatched insight on property values, market conditions and availabilities. Apartments.com is the leading online marketplace for renters seeking great apartment homes, providing property managers and owners a proven platform for marketing their properties. LoopNet is the most heavily trafficked online commercial real estate marketplace with over twelve million monthly global unique visitors. STR provides premium data benchmarking, analytics, and marketplace insights for the global hospitality industry. Ten-X offers a leading platform for conducting commercial real estate online auctions and negotiated bids. Homes.com is the fastest growing online residential marketplace that connects agents, buyers, and sellers. OnTheMarket is a leading residential property portal in the United Kingdom. BureauxLocaux is one of the largest specialized property portals for buying and leasing commercial real estate in France. Business Immo is France’s leading commercial real estate news service. Thomas Daily is Germany’s largest online data pool in the real estate industry. Belbex is the premier source of commercial space available to let and for sale in Spain. CoStar Group’s websites attract over 100 million unique monthly visitors. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S., Europe, Canada, and Asia. From time to time, we plan to utilize our corporate website, CoStarGroup.com, as a channel of distribution for material company information. For more information, visit CoStarGroup.com.
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