According to a recent report published by the Commercial Real Estate Development Association (NAIOP) Research Foundation, Texas commercial property is booming. Texas, for the second consecutive year, ranked as one of the leading states in commercial real estate spending. In fact, Texas commercial real estate spending is second only to New York.
Money spent on commercial property construction was more than $18.5 billion last year in Texas. This real estate development money supported hundreds of thousands of jobs in Texas — 310,994 to be exact. According to the president of the NAIOP, commercial real estate development is essential to the U.S. economy, and the industry plays an important role in new job growth, in addition to the building of new infrastructure and places for working, shopping and playing.
Across the United States, in 2016, commercial development added $861 billion toward the U.S. gross domestic product. It also created 6.25 million jobs for Americans. Since 2011, this represents a 50 percent spike in construction spending. Happily, Texas has been one of the most vital contributors to this construction and commercial real estate growth spurt. Texas was the leading contributor in the space of retail and entertainment construction spending. It came in second for warehouse and office development spending.
If you’re considering a construction project to build a commercial property space, you’ll want to make sure you have everything organized from a real estate law perspective. A San Antonio commercial real estate lawyer can help evaluate your project, improve your plans and ensure that all your zoning and planning concerns are perfectly in order.
Source: DallasNews, “New York, Texas top the nation in commercial property development,” Steve Brown, accessed May 04, 2017