Top 20 Commercial Development Firms of 2020

The 2020 CPE Top Commercial Development Firms ranking utilized self-reported data for all companies.

You can also read our other Top Development Firms rankings.

Rank Company SF Completed 2017-19 SF Under Construction* Regions Property Sectors
1 Trammell Crow Co. 28,508,570 56,238,960 E, M, S, W, I O, I, R, H, He
2 Tishman Speyer 20,600,000 15,400,000 E, M, S, W, I O
3 Duke Realty 32,228,000 6,730,000 E, M, S, W I
4 Majestic Realty Co. 16,000,000 9,880,000 E, S, W O, I, R, H
5 Lincoln Property Co. 11,300,000 12,140,000 E, M, S, W, I O, I, X
6 Dermody Properties 15,981,778 4,463,509 E, M, S, W I
7 Related Cos. 9,500,000 5,400,000 E, M, S, W, I O, R, H
8 Transwestern Development Co. 4,917,495 13,166,372 E, M, S, W O, I, R, He
9 McCraney Property Co. 10,075,055 5,114,120 E, S I
10 Stream Realty Partners 6,166,194 3,585,285 E, S, W O, I, R, X
11 Vulcan Inc. 1,248,543 2,470,000 W O, R, X
12 Flaherty & Collins Properties 7,488,380 1,702,241 E, M, S, W R
13 Madison Marquette 3,088,000 1,737,000 E, S, W O, R, He
14 Concord Hospitality Enterprises 2,903,586 2,666,488 E, M, S, W, I H
15 Ashley Capital LLC 5,885,000 5,065,000 E, M, S, W I
16 RD Management 3,064,254 2,214,977 E, M, S R, H, X
17 First Industrial Realty Trust 9,415,988 984,346 E, M, S, W I
18 HSA Commercial Real Estate 3,956,000 1,557,000 M, S, W I, R, He
19 WS Development 2,508,886 1,604,868 E, M, S O, R, He
20 Inland National Development Co.  1,700,000 1,496,000 M, S, W I, R, H, X

* As of Jun. 30, 2020

Key: Regions (E=East; M=Midwest; S=South; W=West; I=International). Property Sectors (O=Office; I=Industrial; R=Retail; H=Hospitality; He=Health care; X=Other)

Though we make every effort to include all major commercial developers, several notable firms (among them Alexandria Real Estate, Kilroy Realty and Prologis) did not participate this year.

To be included in upcoming surveys, email Jeff Hamann at

Industrial Development Takes Center Stage

Of all commercial real estate sectors, industrial has emerged as one of the clear winners as consumer spending has dramatically shifted toward e-commerce, increasing the need for warehouse space, and, more specifically, cold storage as the popularity of grocery delivery increases.

Retail and hospitality have both clearly struggled due to shutdowns of nonessential businesses and declines in travel, tourism and in-store shopping. Although businesses have largely reopened in recent months, travel has been slow to recover as consumers remain wary.

Office users, too, have been hesitant to return to traditional workspaces, leading to slowed absorption across the sector. With all the uncertainty, it is likely that developers will remain cautious over the next few months, specifically within the office, retail and hospitality sectors.

In this year’s Top Commercial Development Firms ranking, Trammell Crow Co. holds the top spot with more than 56 million square feet under construction as of June 30, 2020. Rounding out the Top 3 are office developer Tishman Speyer with more than 15 million square feet underway and Duke Realty with nearly 7 million square feet of industrial under construction. The three companies developed more than 65 million square feet combined during the past three years.

A full 60 percent of our respondents were either partially or exclusively focused on industrial development. The companies delivered 123 million square feet in industrial projects during the past three years, with another 97 million square feet underway at the end of the second quarter. When asked about future activity, 90 percent of all respondents said they expect to develop at the same level or more rapidly over the next six quarters compared to the previous six.


The 2020 CPE Top Commercial Development Firms ranking utilized self-reported data for all firms. Our rankings utilize weighted formulas based on a variety of factors (only a few of which are specified here), including current and future plans, market value of projects completed and under construction, and geographic and property diversification. The ranking represents what we feel is a logical balance between firm growth and market share.

Read the December 2020 issue of CPE.

—Madeline Winship, Senior Research Analyst, Yardi Matrix

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