Ohio ranks among best in commercial real estate development
A new report from the NAIOP Research Foundation found that 429.4 million square feet of commercial real estate space was built in 2015, with the capacity to house 1.1 million new workers.
“Commercial real estate continues to bring new jobs, improve infrastructure, and create places to live, work and play,” said Thomas Bisacquino, NAIOP president and CEO. “This is positive news both for the industry and the nation, but clarity on budget policy and tax reform following the presidential election will provide more certainty and add to the confidence of developers and investors.”
Jobs supported and income generated by building operations show a continuing flow of expenditures into the economy “that extend over the life of the structures,” according to a news release.
Jobs and outputs related to construction generate economic and fiscal benefits on state levels. Ohio ranked in the top states by construction value for office, warehouse and retail development.
• In construction value for warehouse development, Ohio spent about $696 million and supported 11,497 jobs.
• In construction value for retail development, Ohio spent about $1.4 billion and supported 22,271.
The report predicts accelerated construction spending in 2016. The 2015 U.S. GDP contribution of $450 billion is down slightly from the 2014 contribution. The report attributes that to a decline in energy prices that deterred the construction of new energy facilities.