As you go about your daily life, commercial real estate development directly impacts where you work, live, shop and beyond.
Before a building opens its doors, significant planning and a team of people contribute to its development.
Land planners, architects, contractors, designers, attorneys, brokers and other professionals play key roles in the process, joining the developers, investors and owners who lead the project.
Real estate development is a powerful economic engine, building communities, creating jobs and boosting the economy.
• $528 billion to GDP
• 3.9 million jobs created and supported
• $168 billion in wages and salaries
New development and construction has added 443 million square feet of new space across industrial, office and retail properties.
• Industrial: 228 million square feet
• Office: 104 million square feet
• Retail: 111 million square feet
That’s enough space for more than 1 million new jobs, growing companies and new technologies.
The economic value of commercial buildings extends well beyond their initial construction value.
Jobs and income from building operations continue to contribute to local, state and national economies.
Commercial real estate creates jobs and generates wages and salaries that circulate back into the economy.
The broader impact moves throughout the economy, contributing to industries like banking, logistics, transportation and health care, all of which depend on spending for commercial real estate development and the jobs it creates and supports.
Combined, commercial, residential, institutional and infrastructure development represents 16.9 percent of U.S. GDP:
• $2.95 trillion to GDP
• 22.4 million jobs created and supported
• $935 billion in wages and salaries
A thriving commercial real estate industry directly advances the U.S. economy.
Forecasts predict increased construction spending and growing investment in office, industrial and retail buildings will yield greater contributions to GDP through 2017.
Commercial real estate. Where America works, shops and plays.