According to the BOMA 2022 Office Market Study, the commercial properties found in the markets represented by BOMA International’s U.S. local associations are a significant driver of the nation’s economic engine. Understanding the impact of these properties on the economy’s continued vitality is important for business and government leaders as they consider the strategic positions of their respective communities in an increasingly competitive global economy.
Did you know…
- The 8.6 billion square feet of office space in 85 BOMA markets equates to direct spending of $137 billion and directly employes an estimated 866,000 workers.
- For every $1 spent on office building operation expenditures in this portfolio, the United States economy gains $1.9.
- Each of the 350,000 office building operations jobs supports three additional jobs across all other sectors in the local, metropolitan area, state and national economies, totaling an impressive 1.7 million jobs.
The operating expenditures for commercial office buildings in the United States continue to be a major source of economic activity, jobs and personal earnings, all to the benefit of their host economies. While the economic benefits from construction end when the building is ready for occupancy, the economic benefits flowing from the annual operating expenditures associated with the office building inventory extend over the lifespan of the buildings and grow as this inventory expands, supporting the economy’s vitality, creating new jobs, generating personal income and contributing year after year to the local tax base. While the office landscape has
shifted due to the change in
work habits post-pandemic, their
importance as an economic engine
remains pronounced.