Commercial Real Estate Major Factor In Economy
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While all the media and pundits spend their waking moments dissecting the residential real estate market, the commercial market continues to grow and play a major part of the economy. The commercial real estate market contributes over 500 billion to the gross national product on an annual basis.
The growth in commercial development has also kept the real estate sector from imploding as many of those working in it have shifted their focus from residential to commercial. Commercial real estate employed over 4.2 million in 2005, and pundits are not expecting a slowdown in the coming future.
“This is a bigger industry than is perceived by government officials and the general public,” said study author Stephen Fuller, director of the Center for Regional Analysis at George Mason University. “It surprised me.”
Actual construction accounted for only $266 billion of commercial real estate spending. Soft costs — such as architects, engineers, site development and tenant improvements — and building operations accounted for the remainder of the spending.
The study found that commercial real estate supported 4.2 million jobs in 2005. via Business First of Buffalo
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Comment by Patrick West on 10 June 2007:
Excellent article! Commercial Real Estate is probably the largest over-looked industry in the U.S. Even the main stream media completely ignores it. Maybe that’s why it has stable profits and is less speculative than residential real estate.