Thursday, July 09, 2015
Texas was the top U.S. commercial real estate market last year
Last year was the best time for commercial real estate in seven years, according to a new study.
And Texas was the top commercial property market in the country, a report by NAIOP, the Commercial Real Estate Development Association, finds.
The industry group said that commercial real estate’s contribution to the national economy rose by 40 percent in 2014 from the previous year.
Commercial property direct expenditures for 2014 added up to $174.31 billion – the greatest volume since before the recession.
And the industry supported almost 4 million jobs nationwide.
“The industry is getting back to full health and making an even bigger contribution to our national economy, but it still has plenty of room to grow,” Thomas J. Bisacquino, NAIOP president and CEO, said in a statement. “Office and industrial l were very strong and we believe the activity in these areas will keep accelerating.”
Texas by far had the largest direct commercial real estate expenditures last year – almost $42 billion. And more than 776,000 of the state’s jobs were derived in part or all from commercial real estate.
California was a distant second with $13 billion, followed by New York with $10.5 billion.
Steve Brown/ Dallas Morning News