|NAIOP Research Foundation Issues Report on Commercial Real Estate Development and ConstructionThe NAIOP Research Foundation recently released a report on development and construction of commercial real estate. In 2011, the industry posted its first gains since the recession began in 2007, according to the report.The total economic impact of the development (pre-construction, construction and post-construction) of commercial real estate during 2011 added $261.6 billion to the GDP, compared to $231.7 billion in 2010, a 13 percent increase, according to the report.
Construction spending on commercial real estate totaled $92.3 billion, a more than 12 percent increase over 2010. This spending supported nearly 2 million jobs nationally.
The increases in construction spending and activity resulted in the building of 238.3 million square feet of new space, an increase of 2.5 percent from 2010. This new space has the capacity to house 610,000 jobs with an annual payroll of $26.8 billion.
For more information and the access the full report, visit http://www.naiop.org/foundation/completedresearch.cfm
The report was produced using data provided by the Bureau of Economic Analysis, U.S. Department of Commerce, U.S. Census Bureau, McGraw Hill Construction and a NAIOP member survey. The NAIOP Research Foundation published four previous editions of this report in 2006, 2008, 2009 and 2010.