New Study Finds America's Commercial Buildings Are Big Business, Generating Nearly $610 Billion in Economic Activity

The study found that $274.9 billion in annual building operating expenditures contributes $344.4 billion to U.S. GDP and generates $219.4 billion in personal earnings. For every $1 spent on building operations, $2.22 in total economic output is generated through direct, indirect and induced economic activity.

"Commercial buildings are economic engines, supporting businesses, jobs and communities across the country," said Kjersten Jaeb, BOMA Fellow, RPA®, LEED GA, Chair and Chief Elected Officer of BOMA International. "Every building relies on an extensive network of professionals to keep it running safely and efficiently This study shows just how significant that ecosystem is to the U.S. economy."

Commercial Buildings in a Changing Real Estate Landscape

One notable shift is the rapid growth of data center development. Federal construction statistics classify data centers as private office construction, meaning their rapid growth is increasingly shaping overall office construction figures. In 2025, data centers accounted for approximately $41.2 billion, or nearly 46%, of the more than $90 billion in private office construction nationally, compared with less than 5% a decade earlier. Traditional office construction excluding data centers totaled approximately $48.4 billion in 2025.

Industrial construction also remains at historically high levels. Warehouse and manufacturing construction totaled approximately $274.2 billion in 2025. While down 7.9% from the previous year, investment remained more than twice its 2020 level and represented 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. In addition, the U.S. life sciences real estate market is normalizing following several years of rapid expansion.

Economic Impact Across the Country

The economic impact of building operations is not limited to the country's largest commercial real estate markets. BOMA's 79 markets span 38 states, with building operations supporting local jobs, businesses and economic activity in communities of varying sizes across the country. "The economic impact of commercial real estate is not a one-time event," said Mary Lue Peck, President and COO, of BOMA International. "Ongoing investments in the operation, maintenance and improvement of our buildings generate economic activity that supports businesses, jobs and wages across the country creating an impact that lasts well into the future."

About the Study

The BOMA 2026 Market Study: The Economic Impact of U.S. Commercial Real Estate was conducted by the Business Research Division at the Leeds School of Business at the University of Colorado Boulder on behalf of BOMA International. It examines office, retail and industrial properties across 79 BOMA markets and includes a separate analysis of life sciences properties in 17 markets where sufficient data were available. The study and state profiles are available at BOMA 2026 Market Study | BOMA International.

About BOMA International
Founded in 1907, the Building Owners and Managers Association (BOMA) International is a federation of U.S. local associations and global affiliates. The leading trade association for commercial real estate professionals for more than 100 years represents the owners, managers, service providers and other property professionals of all commercial building types, including office, industrial, medical, corporate and mixed-use. Learn more at www.boma.org.

SOURCE Building Owners and Managers Association International