Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels.
An annual NAIOP Research Foundation study measures the valuable contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.
- Commercial real estate development contributed $667.4 billion to the U.S. GDP.
- Commercial real estate development created and supported 4.7 million American jobs.
- Commercial real estate development generated $217.2 billion in salaries and wages.
- There were 563.3 million square feet of office, industrial, warehouse and retail space built in 2019, with capacity to house 1.4 million new employees.
Commercial real estate development is expected to reflect the above-trend performance of the U.S. economy over the next year followed by more moderate growth rates early in the next decade.
The data source is Economic Impacts of Commercial Real Estate, 2020 U.S. Edition, published by the NAIOP Research Foundation.