Total Value of U.S. Commercial Real Estate
$22.5T
Q4 2024
Source: Federal Reserve Z.1 Financial Accounts · Noncorporate nonresidential RE + corporate RE at market value, Q4 snapshots, 2000–2024
Families with Direct Commercial Property Equity
5.8%
2022
Source: Federal Reserve, Survey of Consumer Finances · Percent of all families holding net equity in nonresidential real estate, triennial, 1989–2022
Households with Indirect CRE Exposure (REITs)
50%
2022
Source: Nareit Research · Estimated share of U.S. households owning REIT stocks (directly or via mutual funds, ETFs, retirement accounts), 2001–2022
Total Commercial Real Estate Owned by U.S. Households
$6.72T
Q4 2024
Source: Federal Reserve Z.1 Financial Accounts · Noncorporate nonresidential real estate at market value (household & partnership-owned CRE), Q4 snapshots, 1990–2024
U.S. REIT Equity Market Capitalization
$1.37T
2024
Source: FTSE Nareit Real Estate Index · Equity REIT market capitalization at year end, 2000–2024
Key Data
Summary metrics on U.S. commercial real estate, household exposure, and comparison with residential real estate.
| Metric | Value | As Of | Source |
|---|---|---|---|
| Total U.S. CRE Value (Fed Z.1) | $22.5 Trillion | Q4 2024 | Fed Z.1 |
| CRE Investable Universe (Industry Est.) | $26.8 Trillion | H1 2024 | Roundtable / Clarion |
| Families with Direct CRE Equity | 5.8% | 2022 | Fed SCF |
| Households with REIT Exposure | ~50% | 2022 | Nareit |
| Americans Invested in REITs | ~170 Million | 2022 | Nareit |
| CRE Owned by U.S. Households | $6.72 Trillion | Q4 2024 | Fed Z.1 |
| Equity REIT Market Capitalization | $1.37 Trillion | Year-End 2024 | FTSE Nareit |
| CRE Contribution to U.S. GDP | $2.5 Trillion | 2024 | NAIOP |
| CRE-Supported Jobs | 14.2 Million | 2024 | NAIOP |
| CRE Transaction Volume | $560.2 Billion | Full Year 2025 | Altus Group |