Commercial buildings last year generated $609.9 billion in total output and supported nearly 3.9 million jobs nationwide, according to a market study from the University of Colorado Boulder.

The study, which was written by the university’s Leeds School of Business on behalf of the Building Owners and Managers Association International (better known as BOMA), gave an overview of the immense economic impact of commercial buildings.

The research found that the 35.4 billion square feet of office, retail and industrial properties in the nation’s 79 markets served by BOMA were responsible for direct spending of $274.9 billion in 2025. Those buildings also directly employed an estimated 2.4 million workers.

Advertisement

The spending on goods and services also has a multiplier effect: For every $1 spent, the study estimates that the economic return is $2.22, bringing the total economic impact to $609.9 billion.

The multiplier effect brought the total number of jobs generated by commercial buildings to 3.9 million. The buildings also are estimated to have contributed $344.4 billion to the U.S. gross domestic product last year and supported $219.4 billion in personal income.

In addition to the existing properties, new construction across all sectors of commercial real estate expands inventory and eventually increases the impact of the properties on the overall economy.

In 2025, the U.S. recorded more than $90 billion in new office construction, up 3% from 2024. Data centers accounted for nearly 46% of last year’s total, up from 5% a decade ago. That percentage is expected to grow this year.

Retail construction fell to $47.1 billion last year, down 8.5% from 2024 but still above pre-pandemic levels, according to the study. Industrial construction spending, including warehouses and manufacturing facilities, was also down in 2025 to $274.2 billion, a 7.9% decrease from 2024 but more than double the levels recorded in 2020.

This year began with office construction on the rise, climbing 7.1% through March when compared to the same period in 2025. Retail construction also increased 7.1% for the same period.

The laggard was industrial construction, which was down 14.3% year over year. But the sector had been experiencing an unprecedented growth period since 2022, when warehouse space and manufacturing investment ramped up in the post-pandemic economy.

Between 2020 and 2024, annual industrial construction activity more than doubled from about $117.4 billion to $297.7 billion.