The UK economy is expected to grow steadily in the coming years, creating demand for FM services as businesses invest in their workplaces and infrastructure. Private sector buyers are expecting to see continued growth in the UK's FM sector in 2024, driven by the need to reduce costs, improve efficiency, and gain access to specialist expertise. The FM buyers from the private sector will offer opportunities worth more than £2.5 billion through renewals from the existing contracts across 2024. The Month of March will offer the maximum in terms of value with £555 million worth of contracts while September will have a higher number of contracts coming up for renewal. Looking at the quarterly scenario, Q1 will be the most lucrative for FM suppliers as it will offer 27 contracts worth £1.1 billion in TCV.

The services demand from renewals will be led by Integrated FM contracts having both Soft & Hard services as part of the agreement. These will command around one-third of the total opportunities with a contract value of £809 million followed by Catering Services at around 18%. Multiple Hard FM Contracts will closely follow at 17% with agreements containing more than one service under this bucket. M&E Services will contribute around 8% with contracts worth £198 million.