Texas' commercial real estate activity more than doubled in 2022.In case all those construction cranes in the skyline aren’t enough of an indication, a new study shows Texas leads the country in commercial real estate activity.
Direct commercial property spending more than doubled in Texas from 2021 levels, along with jobs supported. Texas ranks first in the country for office, industrial and retail building activity, according to the NAIOP study.Arizona was second last year with $41.89 billion in direct commercial property spending in 2022, followed by Ohio with $27.2 billion.
“Nonresidential building construction expenditures surged 41.6% in 2022 and are up 74.2% from 2020 levels,” the annual report says. “Total construction spending was up an estimated 10.8% in 2022 and accounted for approximately 20.7% of total GDP.”construction and sales is forecast for 2023 due to higher loan costs and tighter borrowing standards by lenders.
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