Indiana’s Commercial Real Estate Industry Generates $10.8 Billion in Economic Activity

New BOMA study highlights the economic impact of commercial building operations across Indiana

Commercial real estate is more than the space where businesses operate. The people, services and resources required to operate and maintain commercial buildings generate significant economic activity throughout Indiana and across the country.

The 2026 BOMA Market Study: The Economic Impact of U.S. Commercial Real Estate found that commercial building operations across BOMA’s 79 U.S. markets generate $609.9 billion in annual economic output and support 3.9 million jobs. The study represents 35.4 billion square feet of commercial real estate and examines the economic impact of operating and maintaining office, retail and industrial properties.

The Economic Impact in Indiana

Indiana’s commercial real estate industry represents a significant economic engine for the state.

According to the study’s Indiana economic impact profile, commercial building operations in Indiana generate:

• $10.77 billion in total economic output
• $5.83 billion contributed to Indiana’s GDP
• 72,000 jobs supported
• $4.64 billion in total building operating expenditures
• $3.81 billion in personal earnings
• 1.116 billion square feet of commercial real estate represented

These numbers illustrate the broad economic reach of commercial building operations. The impact extends beyond property owners and tenants to the professionals and businesses that keep buildings operating every day—including property managers, engineers, contractors, maintenance and repair companies, suppliers, utilities, security providers and other service professionals.

The Impact Goes Beyond the Building

Nationally, the study found that for every $1 spent on commercial building operations, $2.22 in total economic output is generated through direct, indirect and induced economic activity.

That means the economic activity generated by a commercial building doesn’t stop with the initial operating expense. Spending flows through contractors, suppliers and service providers, supports workers and businesses, and contributes to economic activity throughout the broader community.

A Changing Commercial Real Estate Landscape

In addition to measuring the economic impact of building operations, the 2026 study examines trends shaping the commercial real estate industry.

Data Centers Are Reshaping Office Construction

Data centers are playing an increasingly significant role in national office construction figures. Federal construction statistics classify data centers as private office construction, and in 2025, data centers accounted for approximately $41.2 billion—or nearly 46%—of more than $90 billion in private office construction nationally. That compares with less than 5% a decade earlier.

Traditional office construction, excluding data centers, totaled approximately $48.4 billion in 2025.

Industrial Investment Remains Significant

Warehouse and manufacturing construction totaled approximately $274.2 billion in 2025. While that was down 7.9% from the previous year, investment remained more than twice its 2020 level and represented the third-highest annual total on record.

Other Property Sectors Continue to Evolve

Retail construction totaled approximately $47.1 billion in 2025, with activity increasing during the first three months of 2026. Meanwhile, the U.S. life sciences real estate market is continuing to normalize following several years of rapid expansion.

What This Means for Indiana

For Indiana, the study provides a clear picture of the role commercial real estate plays in the state’s economy.

With 72,000 jobs supported, $5.83 billion contributed to state GDP and $10.77 billion in total economic output, the impact of commercial building operations extends well beyond individual properties.

Every office, industrial facility and retail property depends on an ecosystem of people and businesses to keep it operating safely, efficiently and effectively. The ongoing investment in those buildings creates economic activity that reaches throughout the communities they serve.

About the Study

The 2026 BOMA Market Study: The Economic Impact of U.S. Commercial Real Estate was conducted by the Business Research Division at the Leeds School of Business at the University of Colorado Boulder on behalf of BOMA International.

The study examines office, retail and industrial properties across 79 BOMA markets, with a separate analysis of life sciences properties in 17 markets where sufficient data was available.

Researchers used 2025 square-footage estimates from CoStar, operating-expense data from the National Council of Real Estate Investment Fiduciaries (NCREIF) and the IMPLAN input-output model to calculate the direct, indirect and induced economic impacts associated with building operations.