Building Alberta’s Future: CRE drives Jobs, growth, and community in Edmonton and beyond.
The NAIOP Research Foundation commissioned a 2024 report to measure the economic benefits of commercial construction across four major asset classes: industrial, retail and hospitality, office, and institutional multifamily housing. The report also examines the impact of commercial brokerage, property management, and landlord operations.
The commercial real estate (CRE) sector is a vital driver of Canada’s economy. Its development, construction, and ongoing operations generate jobs, stimulate investment, and add billions to the country’s GDP. Beyond the numbers, CRE provides the physical spaces where Canadians work, innovate, live, shop, dine, and play.
In 2024 alone, Canada’s CRE sector delivered:
- $342.3 billion in total economic activity
- $172.5 billion in net contribution to GDP
- 1 million jobs across the country, including 365,300 direct jobs, many of them high-skilled and high-paying
- $61.9 billion in labour income for workers
Read the summary of Alberta and Edmonton’s local CRE statistics.
The timely development of commercial and industrial spaces is essential for strong local economies. Communities thrive when they can offer quality workspaces and a diverse range of amenities such as vibrant shopping districts, dining, entertainment, and cultural hubs. These spaces help attract and retain skilled talent, support innovation, and enhance overall quality of life.
Office buildings shape the central business districts of our cities. Retail, hospitality, and entertainment clusters create gathering points that define community life. The sector also serves some of the world’s leading industries, including life sciences, financial services, advanced manufacturing, technology, food distribution, and retail.
Although CRE is shaped by municipal zoning and planning, it is entrepreneurial firms that take the initiative and the risk to invest, develop, and deliver spaces that benefit entire communities.
Access the full 2024 NAIOP Research Foundation report here.