Last year was the best for commercial real estate
development since 2007, according to a report by the Washington, D.C.-based
NAIOP, the Commercial Real Estate Development Association.
And Pennsylvania was a leader of the pack.
According to a study on the economic impact of commercial
real estate, Pennsylvania ranked fourth in the nation for office and warehouse
commercial real estate development and sixth overall for commercial development.
The report showed more than $14.05 billion in commercial
real estate development spending, with $6 billion in the office, industrial,
warehouse and retail sectors alone.
That work was supporting 103,710 construction jobs in
Pennsylvania.
“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,” said Thomas J. Bisacquino, NAIOP president and CEO. “Office and
industrial … were very strong, and we believe the activity in these areas will
keep accelerating.”
The Lehigh Valley and Berks County are noted for recent
warehouse development, particularly along Interstate 78. And the extension of
Route 33 to I-78 about 13 years ago has led to warehouse and commercial development
in Northampton County.
At the national level, 2014 was the best year since 2007.
The report determined that the national economic contributions yielded by the
development process increased by 40 percent over 2013, the largest gain since
the market began to recover in 2011. Direct expenditures for 2014 totaled
$174.31 billion, up from $124 billion the year before.
According to the report, while 2014 was a big year,
projections are that 2015 will be the strongest year of the decade for
commercial real estate development.
NAIOP is an advocacy organization for developers, owners
and related professionals in office, industrial, retail and mixed-use real
estate. Formerly, the acronym NAIOP represented the National Association for
Industrial and Office Parks, but it dropped the words behind the acronym
because they no longer reflected its membership.
Source:
LVB
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