Commercial real estate is growing. While there is no exact numbers, one recent estimate from JLL, a commercial real estate advisory firm, puts the value of commercial real estate in the U.S. at $1.2 trillion, up from $900 billion in 2010.
The surge in commercial real estate is in part because of the strong demand for large office and corporate buildings, but also because demand for single-family homes is growing.
More than 20 million new single-family homes were built in the U.S. in the past 10 years, according to JLL. That’s more than twice the number of new apartments.
“If the average U.S. home price were to be doubled, it would have an impact on commercial real estate,” said Mark Eberhard, a managing director at JLL. “You’d certainly see the numbers change.”
The latest data from the U.S. Census Bureau also point to the growth in commercial real estate.