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Report: Commercial real estate crucial to Maryland economy

Cash. (Flickr / frankieleon / “Grab that cash with both hands and make a stash” / CC BY 2.0 / resized and cropped)

Cash.
(Flickr / frankieleon / “Grab that cash with both hands and make a stash” / CC BY 2.0 / resized and cropped)

Maryland ranks No. 7 in the nation in terms of state gross domestic product generated by office real estate development, according to a recent report.

NAIOP Research Foundation released the 2018 edition of its impacts of commercial real estate report on Wednesday. It found commercial real estate development in the state supports 47,857 related jobs and $7.78 billion to the state economy.

“Maryland, buoyed by a diversified economy and a more business-friendly environment in recent years, continues to rank extremely high nationally in the commercial office, industrial and retail categories,” Vince Bagli, president of NAIOP Maryland said in an emailed statement. “Some of the largest and most ambitious new developments in the country are currently underway in the greater Baltimore metropolitan region. Necessary fundamentals are in place, led by a highly-educated labor market, to maintain this momentum in the foreseeable future.”

Maryland, however, did not rank in the top 10 states in terms of total development impacts. California, Texas and Pennsylvania were the topped ranked states in that category.

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