Although modular construction was once a cheap solution for properties in lower-priced areas, some of the largest construction companies have begun to focus on modular and prefab builds, according to Million Acres. Today, modular construction is used in a variety of high-end commercial real estate projects. The market is expected to reach as high as $157 billion by 2023, according to Million Acres.
What is modular construction?
Modular construction is "a way of building through the use of smaller modules," which are constructed in a factory and assembled on-site. The type of module can vary from entire houses, to mere walls of a building. These smaller units can be linked together to create a new structure, or added to existing spaces.
What are the benefits of modular construction?
Faster builds: Modular construction happens quicker than traditional methods. Since pieces are assembled in a factory, weather delays are not a factor—factories can produce units year-round in any conditions. Modular buildings can also be disassembled, and the modules can be relocated or refurbished for new use.
Less waste: Since assembly occurs in a factory, it is easier and more cost effective to recycle materials directly within the factory. Modular structure are mainly completed in a factory-controlled setting using dry materials, eliminating the high levels of moisture often trapped in new construction, according to the Modular Building Institute.
A solution for multifamily issues: Modular builds can work for affordable housing situations, because projects can go up faster and are less expensive.
Is there a downside to modular construction?
Although modular construction can be a huge plus in a lot of ways, trucking in modules and moving them into place can be complicated. Shipping them long distances can also be problematic due to their heavy weight. Of course, modular structures are also not as adaptable as stick-built bricks, according to Million Acres. Depending on zoning, modular construction may also not be feasible in all areas.
Source: Million Acres & Modular Building Institute
