The New Jersey Chapter of NAIOP, the Commercial Real Estate Development Association, is the leading organization for owners, developers and related professionals in office, commercial, industrial and mixed-use real estate and the logistics sector. Founded in 1970, NAIOP New Jersey provides unparalleled business development opportunities, professional education and advocacy for our members. NAIOP New Jersey advances responsible, sustainable development that creates jobs and benefits the communities in which our members work and live.
The industry we represent:
The economic impact of commercial and industrial real estate includes all of the expenditures associated with the development and operation of buildings, such as architecture, engineering, legal, site preparation, marketing, management and interior design services, tenant improvements, and building maintenance and repair services.
National Impact: In 2013, new commercial development and the operation of existing commercial buildings contributed $747.25 billion to the US GDP, generated $236.8 billion in personal earnings, and supported 5.7 million jobs across the United States. Looking ahead – development spending is expected to rise, with year-over-year growth in the 8-15 percent range by year-end 2015.
NJ Impact: NJ’s office and industrial spaces support over 931,000 jobs, generating more than $71 billion in personal earnings, over $150 billion in business income, and more than $22 billion in federal, state and local tax revenues. Our transportation, logistics and distribution sector alone employs over 11% of the state’s private sector workers, some 400,000 – 450,000 workers, and represents 11% of NJ’s GDP. In 2013, office, industrial and warehouse construction and improvements contributed nearly $2.5 billion in expenditures and supported 35,253 jobs.
Local Impact: Commercial and industrial real estate creates jobs and brings work places close to families. We contribute billions in local spending and infrastructure improvements, increase the tax base, and reclaim blighted, disused and contaminated areas, returning properties to productive use and chasing out crime. Commercial and industrial buildings pay 20% of NJ’s property taxes, over $5 billion in 2012.
TLD: NJ’s transportation, logistics and distribution sector employs over 11% of the state’s private sector workers, some 400,000 – 450,000 workers, and represents 11% of NJ’s GDP. In 2013, TLD contributed more than $54.4 billion to the state’s GDP, and paid over $25 billion in wages.
Video: The Economic Impacts of Commercial Real Estate
Watch this video produced by the NAIOP Research Foundation and see how commercial real estate development positively impacts the economy.