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.
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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.
