Commercial Real EstateBy The Numbers

The economic strength and resiliency of America depends on the real estate industry. This report displays the integral role the industry plays as a driving force of the American economy and as a proactive actor in helping solve some of the country’s most pressing challenges.

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CRE By The Numbers - October 2024
Commercial Real Estate Market Value
$22.5T
Total Value of America’s Commercial Real Estate (Q4 2023)

To put that into perspective, the value of America’s commercial real estate is nearly 44% of the market capitalization of all U.S. publicly traded companies.

Real Estate’s Contribution To GDP
$2.5T
Commercial Real Estate’s overall contribution to GDP

The combined economic contributions of new commercial building development and the operations of existing commercial buildings contributed an estimated $2.5 trillion to GDP and generated $881.4 billion in personal earnings in 2023.

Real Estate’s Contribution To The Workforce
14.1M
U.S. jobs directly supported by real estate.

These jobs include new commercial building development and operations of existing commercial buildings in 2023.

In addition, real estate employs millions more indirectly in fields such as mortgage lending, accounting, legal services, investment advising, and environmental consulting.

Real Estate’s Contribution To The Tax Base
$600B
Yearly property taxes paid to local governments

Commercial real estate owners pay property tax rates that are 1.7x more, on average, than the tax rates paid by homeowners.

Real Estate’s Contribution To Americans’ Retirement
$900B
Amount invested by pension funds, educational endowments, and charitable foundations in real estate

Real estate plays an important role in investment portfolios to build diversified portfolios and manage risk. Real estate demonstrates valuable and distinct investment characteristics that have made it a staple in pension investment portfolios.