Texas attains the top level in U.S. commercial real estate market last year

Category: Real Estate

A report by NAIOP, the Commercial Real Estate Development Association, confirms the Texas has gained the top level in the commercial property market in the country, The industry group said that commercial real estate’s contribution to the national economy grew by 40 percent in 2014 from the previous year. Commercial property direct expenditures value for 2014 contribution was up to $174.31 billion – which is considered as a greatest volume since before the recession. Also the industry supported almost 4 million jobs nationwide. Thomas J. Bisacquino, NAIOP president and CEO, said in a statement that the industry is was back to full health and making an even bigger contribution to our national economy, but it still has plenty of room to grow,” “Office and industrial l were very strong and we believe the activity in these areas will keep accelerating.” Texas had the largest direct commercial real estate expenditures last year, which read to $42 billion. Also more than 776,000 of the state’s jobs were derived from almost all commercial real estate. California stood at second with a $13 billion, followed by New York with $10.5 billion.