Data centers drive major shifts in U.S. commercial real estate

Recent industry reports highlight the significant economic influence of commercial real estate and the rapid expansion of data centers in the United States. According to the Building Owners and Managers Association International, the operation and maintenance of commercial buildings across 79 U.S. markets generate $609.9 billion in annual economic output and support 3.9 million jobs.

A major shift noted in the sector is the surge in data center development. In 2025, data centers accounted for approximately $41.2 billion, or nearly 46%, of all private office construction nationally, a massive increase from less than 5% a decade ago.

Complementing this, the National Association of REALTORS® 2026 Data Center Impact Report found that data center concentration correlates with higher home values and stronger job growth. In counties with 10 or more data centers, the median home value is $431,750, compared to $174,500 in counties without them. However, the report cautions that this correlation does not necessarily imply causation, noting that these high-concentration areas were often already established technology hubs.