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Report
North America Commercial Real Estate Market By Type (Offices, Retail, Industrial & Logistics, Multi-Family, Hospitality), By Business (Sales, Rental, Lease), By Country, By Competition, Forecast and Opportunities, 2020-2030F
Market Report I 2025-04-25 I 120 Pages I TechSci Research
Market Overview
The North America Commercial Real Estate Market was valued at USD 1.31 billion in 2024 and is projected to reach USD 1.68 billion by 2030, growing at a CAGR of 4.23% during the forecast period. This market encompasses the development, leasing, and sale of non-residential properties, including office spaces, retail outlets, industrial facilities, hotels, and multifamily housing. Commercial real estate underpins economic activity by providing the essential infrastructure businesses and institutions need to thrive. Growth is being driven by a resurgence in development across major cities in the United States, Canada, and Mexico, fueled by demographic shifts, evolving corporate needs, and technological advancements. Demand for smart, sustainable, and hybrid work-friendly buildings is rising, while e-commerce growth is increasing the need for warehousing and logistics hubs. Infrastructure investments, immigration-led population growth, foreign investment in industrial parks, and the rise of mixed-use developments are further enhancing market momentum. Proptech adoption and a growing focus on environmental, social, and governance (ESG) standards are also influencing the future of commercial real estate across the region.
Key Market Drivers
Urbanization and Population Growth Fueling Commercial Infrastructure Expansion
The continuous rise in urbanization and population concentration across metropolitan and suburban areas is a significant catalyst for the North America commercial real estate market. Cities throughout the United States, Canada, and Mexico are witnessing an influx of residents attracted by employment, education, and lifestyle opportunities. This migration is escalating the demand for commercial spaces, including office buildings, retail centers, logistics hubs, multifamily units, and hotels. Urban cores are undergoing transformation through mixed-use developments that integrate residential, commercial, and leisure spaces to meet new demands. Cities like Toronto and Vancouver are rapidly developing commercial high-rises, while U.S. Sun Belt cities such as Austin, Nashville, and Phoenix are seeing increased office space construction driven by the tech and service sectors. Meanwhile, Mexico's urban hubs like Monterrey and Queretaro are experiencing industrial and retail expansion supported by foreign investment. The continuous urban migration also fosters demand for transit-oriented infrastructure and business support services, reinforcing the importance of commercial real estate in regional development plans.
Key Market Challenges
Volatile Interest Rates and Rising Borrowing Costs Disrupting Investment Activity
The North America commercial real estate market is facing challenges from volatile interest rates and elevated borrowing costs, which are affecting both developers and investors. Central banks, including the U.S. Federal Reserve, the Bank of Canada, and Banco de Mexico, have tightened monetary policies in response to inflation, driving up the cost of capital. These changes have made financing new projects, refinancing existing properties, and securing acquisition funding more expensive, deterring investment. Developers are increasingly required to contribute higher equity or collateral, while institutional investors are becoming more cautious, setting stricter return requirements. These financial pressures have led to declining transaction volumes, stalled developments, and greater default risks in sectors like standalone retail and suburban offices. Rising capitalization rates and downward pressure on valuations further complicate refinancing and transaction negotiations, disrupting liquidity and slowing the pace of growth. Despite strong fundamentals driven by urbanization and diversification, the commercial real estate sector's momentum is being tempered by financial market uncertainties.
Key Market Trends
Acceleration of Mixed-Use Developments in Urban and Suburban Regions
The North America commercial real estate market is undergoing a shift toward mixed-use developments that integrate residential, retail, office, hospitality, and entertainment components within a single project. Driven by consumer demand for convenience, community-centered living, and work-life balance, developers are reimagining commercial spaces to create vibrant, walkable environments. Urban migration to suburban areas, intensified by global health disruptions, has further boosted the need for localized commercial hubs. Municipalities are revising zoning policies and promoting transit-oriented developments, supporting the trend. Investors are drawn to mixed-use projects for their higher rental yields and resilience against market volatility. Incorporating smart technology, energy-efficient features, and sustainable practices, these developments align with broader environmental initiatives and smart-city goals. By diversifying tenant mixes, mixed-use projects mitigate risks associated with single-purpose property vacancies, making them increasingly attractive. This trend is set to redefine urban landscapes across North America, shaping more adaptable, sustainable, and economically resilient communities.
Key Market Players
- CBRE Group, Inc.
- Jones Lang Lasalle Incorporated
- Cushman & Wakefield plc
- Colliers International Group Inc.
- Brookfield Properties LLC
- Keller Williams Realty, Inc.
- Marcus & Millichap, Inc.
- Prologis, Inc.
Report Scope:
In this report, the North America Commercial Real Estate Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- North America Commercial Real Estate Market, By Type:
o Offices
o Retail
o Industrial & Logistics
o Multi-Family
o Hospitality
- North America Commercial Real Estate Market, By Business:
o Sales
o Rental
o Lease
- North America Commercial Real Estate Market, By Country:
o United States
o Canada
o Mexico
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the North America Commercial Real Estate Market.
Available Customizations:
North America Commercial Real Estate Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
1. Solution Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1. Secondary Research
2.5.2. Primary Research
2.6. Approach for the Market Study
2.6.1. The Bottom-Up Approach
2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1. Data Triangulation & Validation
3. Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, and Trends
4. Voice of Customer
5. North America Commercial Real Estate Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Type (Offices, Retail, Industrial & Logistics, Multi-Family, Hospitality)
5.2.2. By Business (Sales, Rental, Lease)
5.2.3. By Country (United States, Canada, Mexico)
5.2.4. By Company (2024)
5.3. Market Map
6. United States Commercial Real Estate Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Type
6.2.2. By Business
7. Canada Commercial Real Estate Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Type
7.2.2. By Business
8. Mexico Commercial Real Estate Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Type
8.2.2. By Business
9. Market Dynamics
9.1. Drivers
9.2. Challenges
10. Market Trends & Developments
10.1. Merger & Acquisition (If Any)
10.2. Product Launches (If Any)
10.3. Recent Developments
11. Company Profiles
11.1. CBRE Group, Inc.
11.1.1. Business Overview
11.1.2. Key Revenue and Financials
11.1.3. Recent Developments
11.1.4. Key Personnel/Key Contact Person
11.1.5. Key Product/Services Offered
11.2. Jones Lang Lasalle Incorporated
11.3. Cushman & Wakefield plc
11.4. Colliers International Group Inc.
11.5. Brookfield Properties LLC
11.6. Keller Williams Realty, Inc.
11.7. Marcus & Millichap, Inc.
11.8. Prologis, Inc.
12. Strategic Recommendations
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