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Article: The economic impact of real estate.(BOMA International report illustrates major impact of real estate industry on the economy)(Abreast of the Market)(Business Brief)(Industry Trend or Event)(Brief Article)(Industry Overview)
- Article from:
- Real Estate Weekly
- Article date:
- July 19, 2000
- Author:
CopyrightCOPYRIGHT 2000 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Nearly $300 billion in taxes annually; 70 percent of local tax revenues
BOMA International, with its 17,000 members representing six of the world's seven continents, has always played a significant -- and powerful -- role in the commercial real estate industry. In fact, the North American office market comprises some 12 billion square feet of competitive spade -- and by all reasonable estimates, BOMA's membership represents almost 8.6 billion square feet, or over 70 percent, of this total.
In turn, the real estate industry as a whole has a significant impact on the economy -- estimates show that approximately $293 billion in federal, state and local tax ...