U.S. Real Estate Boom: Five Decades of Development Across Major Sectors
Originally published on December 3, 2024, by Maria Gatea for NAIOP.
U.S. cities have experienced massive expansion across all real estate sectors over the past 44 years, according to recent StorageCafe research that looked at residential and commercial construction activity between 1980 and 2023.
Along with residential construction, industrial, office, retail and self-storage spaces have grown significantly, although the scale and pace of development differ among regions and asset types.
Industrial real estate boom, driven by e-commerce and manufacturing revival
Almost 29.3 billion square feet of industrial space have been delivered across the United States since 1980, representing about half of the country’s overall inventory.
In recent years, the demand for industrial real estate has reached new heights, with distribution centers, warehouses and manufacturing sites emerging as in-demand assets. Companies have required more logistical centers to support inventory and facilitate efficient delivery processes, while the resurgence in domestic manufacturing has also fueled industrial construction.