Report: California Ranks #5 in U.S. for CRE Development
The impact of commercial real estate in the U.S. continues to grow, as the industry contributed $2.3 trillion to the nation’s gross domestic product in 2022, generated $832 billion in personal earnings and supported 15 million jobs. According to a new report by the NAIOP Research Foundation, California is the fifth highest ranking state, adding $37 billion to the national mix last year.
“The data in the report are strong economic indicators of commercial real estate development investment, job growth and subsequential contributions to the U.S. economy,” said NAIOP President Marc Selvitelli, who also warned that the success could be challenged by inflation, workforce constraints and higher interest rates.
California stood tall in the 2022 numbers, ranking #2 in the nation in the office sector, right behind top-ranked Texas, and a solid #5 in the United States in the Warehouse and Retail markets.