Ohio’s Commercial Real Estate Market is Booming
A new report by the NAIOP Research Foundation found that Ohio’s commercial real estate market is very strong, and ranks within the top 10 of the nation for contributions to the state’s overall GDP. Ohio has been on the rise when it comes to commercial development that has a significant impact.
State Rankings for Commercial Real Estate Impact
Ohio’s real estate market is ranked number seven nationwide for contributions to the state’s overall GDP, created by their commercial real estate development. For residents of Ohio, this equates to over 146,000 jobs and contributes over $20 billion to the Ohio GDP in 2019.
More insights from the report found that Ohio is performing strongly across other categories related to commercial real estate, such as industrial manufacturing (ranked 5th in the nation), retail (ranked 6th), office, and warehouse space (both ranked 8th in the nation).
The states that rank above Ohio in this list are ranked by commercial real estate development contribution to the state’s overall GDP:
- Texas - $54 billion
- California - $35 billion
- New York - $32 billion
- Virginia - $28 billion
- Georgia - $28 billion
- Florida - $26 billion
The states that follow Ohio on this list are:
- Alabama - $19 billion
- Massachusetts - $18 billion
- Illinois - $14 billion
For a full breakdown of the top 10 states click here.
What is the NAIOP Research Foundation?
The National Association for Industrial and Office Parks is a commercial real estate development association that does research throughout the nation to provide advocacy, education, as well as business opportunities for members within the association to network within the commercial real estate development and investment industry.
NAIOP has been conducting this study and report since 2008, giving valuable insight to real estate professionals and state and federal employees to better understand the impact of commercial real estate development in North America. The foundation estimates that the commercial real estate industry created 9.2 million jobs in 2019, and contributed $1.14 trillion to the nation’s GDP. This is an increase from 2018’s 8.3 million jobs and a contribution of $1 trillion to the nation’s GDP.
GDP growth is expected in 2020 with strong initial reports of development projects and job opportunities.
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