EDUCATIONAL VENUES
FOCUS ON: HIGHER EDUCATION AND STUDENT ACCOMMODATION
HIGHER EDUCATION The total UK university estate is large and diverse, totaling 25million m2
of
floor space, of which around 6.2million m2
is residential space. There is
thought to be a remedial investment need of approximately £5.1billion across the whole UK higher education infrastructure, to address backlogs of maintenance, of which around £1.3billion is for residences. With around 70% of the university estate consisting of buildings that are 30
STUDENT ACCOMMODATION The total value of the UK student accommodation sector is estimated to be around £23billion, of which University- owned student accommodation is worth around £15billion and purpose built privately-owned student accommodation is rising rapidly and now worth around £8.5billion.
The UK’s student accommodation market has emerged as a key investment sector over the past decade.
26
years old or more, the replacement cost of buildings in English universities alone is estimated to be £11billion.
Given the 25million m2 of floor
space, it is not surprising that the higher education sector represents a significant market for floorcoverings, though demand has been under pressure from budget cuts.
The overall education market accounts for around 10% of the floorcoverings market and is estimated to be worth over £200million, with higher
To date, around 210,000 student bed spaces have been provided by commercial operators in the UK. The continued expansion in the number of students in higher education has led to increased pressure on university residential accommodation though only around 20% of students are currently catered for in university-run halls. With overseas student numbers alone forecast to rise to 870,000 by 2020 there are concerns that the shortfall in
education/student accommodation a significant share of this total.
Vinyl and carpet are key sectors, accounting for over 60% of the sector, but wood/laminates and ceramic tiles have grown in recent years.
While capital funding has been cut, now down to £160million in 2013/14, public funding now currently provides just a fraction of HE finances needed, and the government has stated that it will increasingly look to universities to make greater use of private finance.
university-owned accommodation will continue to grow, requiring universities to develop additional student residences to cope with the growing numbers in communal accommodation.
Accommodation standards are improving, offering good opportunities for floorcovering suppliers, though channels of distribution are changing as flooring products are increasingly supplied to manufacturers of offsite prefabricated buildings.
www.tomorrowsflooring.com
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