When it comes to commercial real estate, many cities throughout the United States come to mind. These include, but are not limited to, New York City, Houston, Chicago and Miami.
According to a recent report by the NAIOP Research Foundation, Texas is no longer at the top of the list with the most commercial real estate development activity. Instead, the Lone Star State has passed the torch to New York.
While Texas did not fall far on the list - just back to the number two slot - it did not have enough commercial real estate activity in 2012 to hold off the Empire state. One of the primary reasons for this, of course, is that New York City is always booming with commercial real estate projects.
Last year, Texas generated more than 162,000 jobs related to commercial real estate. Furthermore, more than $4.3 billion was spent on new projects. Even with numbers like these, it was not enough for Texas to hold onto the top spot.
In an overall sense, the U.S. should be proud of the direction in which new commercial real estate is headed. Last year, this sector of the real estate market contributed approximately $303.4 billion to the economy. This is a 16 percent increase over the previous year. Even more exciting is the fact that the increase helped support roughly 2.3 million jobs.
The data used by the NAIOP Research Foundation was provided by a member survey, McGraw Hill Construction, the Bureau of Economic Analysis, U.S. Census Bureau and the U.S. Department of Commerce.
According to this report, New York is once again top dog in terms of commercial real estate development activity. While this is something New Yorkers can be proud of, the fact that the entire nation is moving in the right direction is even more exciting.
Commercial real estate deals require experienced attorneys to ensure that a business' interests are protected. As the deals increase in New York City, it's imperative to make your company's interests are always at the forefront.
Source: The Houston Chronicle, "Texas (nearly) tops for commercial real estate" Nancy Sarnoff, Nov. 04, 2013