Just How Big Is It
A recent report by Research and Markets took a look at the real estate management industry and found the following:
The US real estate management industry includes 220,000 individual companies generating about $160 billion in annual revenue. Of these, 60,000 are local real estate brokers, another 50,000 are involved in non-owner property management and appraisals, and the other 110,000 are owner/managers of residential and nonresidential properties, such as apartments, office and retail buildings, shopping malls, theaters, industrial space, assisted living facilities, and retirement communities.
The range size of companies in this very fragmented industry is enormous. A large apartment owner such as AIMCO manages over 300,000 apartments, while most companies are small and own or manage a single building. Even the largest property owners hold only a small fraction of the total US market, which includes 34 million apartments; 700,000 office buildings; 1.3 million retail buildings; and 2.5 million other commercial buildings. The average size of retail and office properties has not changed significantly in 20 years: 10,000 square feet for retail buildings and 15,000 square feet for office buildings.