U.S. commercial buildings generate nearly $610 billion in economic activity, according to BOMA International’s 2026 Market Study: The Economic Impact of U.S. Commercial Real Estate. Covering 35.4 billion square feet of office, retail, and industrial buildings across BOMA’s 79 U.S. markets, the study—which is conducted by BOMA every three to four years—provides a benchmark for measuring how CRE affects the U.S. economy and trends impacting the industry.
“Commercial real estate is often viewed as the buildings themselves, but the real story is the massive ecosystem of people, businesses, and services required to operate those buildings every day,” said Kjersten Jaeb, BOMA Fellow, RPA, LEED GA, Chair and Chief Elected Officer of BOMA International. “Commercial buildings are economic engines that support businesses, jobs, and communities across America.”
The economic impact of CRE extends beyond landlords and their tenants, Jaeb added: “Every building relies on an extensive network of property managers, service providers, contractors, maintenance and repair companies, utilities, security providers, suppliers, technology partners, and more.”
How CRE Fuels the U.S. Economic Engine
Annual building operating expenditures of $274.9 billion contribute $344.4 billion to the U.S. GDP and also generate $219.4 billion in personal earnings, according to the study. For every $1 spent on building operations, the industry generates $2.22 in total economic output through direct, indirect, and induced economic activity.
“The study validates the value that property professionals create every day. Their work supports millions of jobs, hundreds of billions in economic activity, and long-term community investment,” Jaeb said. “Building operations are not a cost center; they are a powerful economic multiplier.”
How the Real Estate Landscape is Changing
The study also examines construction trends across the office, retail, and industrial sectors to provide a broader look at how the commercial real estate landscape has changed over time. The industry’s economic impact has become more sophisticated, technology-driven, and interconnected over the years, Jaeb noted, and technology’s role in building operations has expanded greatly.
“The industry has become increasingly resilient and adaptable through economic cycles, changing work patterns, and evolving tenant demands,” Jaeb said. “What has not changed is the fundamental role commercial buildings play in supporting jobs and economic activity across communities. The buildings may look different and the technology is certainly more advanced, but the central story remains the same: commercial real estate continues to be an essential driver of economic opportunity.”
One significant change affecting the industry is the rapid growth of data center development, the study said. Federal construction statistics classify data centers as private office construction, which means the data center boom is shaping office construction figures. In 2025, according to the study, data centers accounted for roughly $41.2 billion of the more than $90 billion in private office construction nationally—nearly 46% of the total, compared to less than 5% a decade ago.
Industrial construction is also at historically high levels, the study stated. Warehouse and manufacturing construction totaled about $274.2 billion in 2025. This is actually down 7.9% from the previous year, but investment remains at more than twice its 2020 level and represents the third-highest annual total on record.
Retail construction totaled approximately $47.1 billion in 2025, with activity increasing during the first three months of 2026. The life sciences real estate market is also normalizing following several years of rapid expansion.
Trends likely to impact the next market report include a continuing spike in data center construction fueled by “the explosive growth of AI, cloud computing, and digital infrastructure,” Jaeb said. Greater adoption of AI and predictive analytics in building operations is also likely in the years to come, as well as increased automation of maintenance, energy management, and security systems, Jaeb explained.
Jaeb also predicted that occupiers will continue to prioritize high-quality buildings with improved amenities, sustainability features, strong wellness experiences, and advanced technology infrastructure, which would mean that “owners who invest strategically in their assets will remain well-positioned,” she said. There is also likely to be a continued focus on energy efficiency and resource management, as well as an emphasis on creating spaces that attract talent, foster collaboration, and support employee wellbeing, Jaeb said.
“The next market report may show that technology has become as foundational to commercial buildings as electricity or HVAC systems,” Jaeb added. “We’re increasingly operating intelligent buildings, not just physical assets.”
