You can also read our other Top Development Firms rankings.
* As of June 30, 2024
Key: O=Office; I=Industrial; R=Retail; H=Hospitality; He=Health care; X=Other
Though we make every effort to include all major commercial developers, several notable firms (among them SL Green, Bridge Industrial and Prologis) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at [email protected].
New projects persist in spite of uncertainty
Between 2021 and 2023, nearly 229 million square feet of office space came online across the U.S., according to CommercialEdge data. This year, the national office development pipeline included more than 97 million square feet of space underway in early November. Overall, nationwide completions amounted to 78.8 million square feet. Current designs lean toward wellness-focused amenities, sustainable development practices, flexible layouts and the creation of shared spaces.
A total of 1.6 billion square feet of industrial space was delivered throughout the U.S. between 2021 and 2023. At the beginning of November this year, more than 364 million square feet of industrial space was under construction nationwide, showing ongoing demand despite a slowing of new starts. Completions totaled nearly 426 million square feet, noticeably lower than the peaks of the previous years, though still higher than other yearly figures compiled by CommercialEdge since 2010.
The 20 companies on the list delivered a total of 226.5 million square feet of commercial real estate space over the same three-year period with the total market value estimated at more than $63.4 million. These developers also had an under-construction pipeline encompassing 136.5 million square feet as of June 2024.
Out of the 20 companies on the list, a significant 80 percent indicated that they plan to keep up or increase their construction activity over the next six quarters. However, not all companies shared this optimistic outlook, with one firm even expecting a significant decrease. This mixed outlook highlights the varying risk appetites among commercial real estate developers.
Trammel Crow Co. outpaced all developers by delivering twice as much commercial real estate space than any other firm from 2021 to 2023. As of June 2023, the company at the top of our ranking had a significant volume of space under construction: mostly industrial but office, health care, retail, hospitality and other sectors, also.
Hines followed with completions in the last three years amounting to 31.8 million square feet and an under-construction pipeline of mostly industrial and office space totaling 19.2 million square feet. Tishman Speyer rounded out the top three, having delivered 16.8 million square feet between 2021 and 2023 and 11.4 million square feet of space underway.
—Agota Felhazi, Senior Associate Editor
Methodology
The 2024 CPE Top Commercial Real Estate Developers ranking utilized self-reported data for all companies. Our rankings utilize weighted formulas based on a variety of factors (only a few of which are specified here), including current and future plans, market value of projects completed and under construction, and geographic and property diversification. The ranking represents what we feel is a logical balance between firm growth and market share.
Read the December 2024 issue of CPE.