Since 2010, industrial and warehousing construction has caught the attention of developers and investors alike, thoroughly dominating the national commercial pipeline.
New York — which continued to witness the largest amount of office space completions — has faced mounting competition from Southern metro areas, while the retail sector has been trying to slow and eventually reverse its decline.
So, to get a clearer understanding of some of these commercial real estate development trends — as well as the total square footage of new office, industrial and retail space that has been added across the U.S. — we used construction data from CommercialEdge to analyze activity between 2010 and 2021. Notably, our study is broken up into two sections: The first looks at commercial real estate (CRE) completions across the four major regions (Northeast, South, Midwest and West), while the second section follows the same outline, but with a focus on the most prominent metropolitan statistical areas (MSAs).
Here are some key takeaways from our report for the Atlanta metro:
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It ranked 6th in the country in terms of total commercial real estate development, with 125 million square feet of new space added since 2010.
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Atlanta metro made the top 10 for industrial completions as well, ranking 5th with 92 million square feet of industrial and warehousing space added during the surveyed period.
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This sounthern metro also claimed the 6th spot in terms of retail completions, adding 8.9 million square feet or retail space to the market.
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Overall, U.S. commercial real estate construction expanded by 237% in 2021 compared to 2010, with 42% of industrial construction located in the South.
For more details, as well as insights into Commercial Real Estate trends across the four regions (West, Midwest, South and Northeast), check out the full report: https://42floors.com/