Overall commercial construction in Germany on a decline, as demand for office space and business confidence remains muted
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The commercial construction sector declined by 1.3% in 2020, due to the impact of the COVID-19 pandemic, as sub-sectors such as leisure and hospitality and retail suffered the most from the knock-on effects of the decline in travel and consumer and business confidence
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GlobalData expects output to contract by 1.1% in 2021, as demand for office building and tourism activity is expected to remain subdued in 2021
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However, the government announced a spending package worth EUR25 billion ($28 billion), which includes an allocation for the hospitality, tourism and sports sectors
Overall commercial construction in Germany on a decline, as demand for office space and business confidence remains muted
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