WASHINGTON – Building Owners and Managers Association International recently released its 2026 Market Study: The Economic Impact of U.S. Commercial Real Estate, finding that the operation and maintenance of office, retail and industrial buildings across the organization’s 79 U.S. markets generate $609.9 billion in annual economic output and supports 3.9 million jobs.
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, 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.”
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.
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.”