Commercial real estate development generates key economic benefits and helps drive the economy. New development and spending for office, industrial, warehouse and retail contributed $376 billion to GDP in 2013, supporting 2.8 million jobs with wages and salaries of $120 billion. Looking ahead – development spending is expected to rise, with year-over-year growth in the 8-15 percent range by year-end 2015.
Watch this video produced by the NAIOP Research Foundation and see how commercial real estate development positively impacts the economy.
Data from NAIOP Research Foundation report "Economic Impacts of Commercial Real Estate, 2014 Edition." The NAIOP Research Foundation helps build better communities through practical research and education. All reports produced by the NAIOP Research Foundation are available for complimentary download on the Foundation’s website.
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About NAIOP: NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. NAIOP comprises 19,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit naiop.org.