{"id":1004691786,"date":"2025-12-04T00:25:02","date_gmt":"2025-12-04T08:25:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004691786"},"modified":"2025-12-18T06:39:07","modified_gmt":"2025-12-18T14:39:07","slug":"top-commercial-real-estate-developers","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-commercial-real-estate-developers\/","title":{"rendered":"2025 Top Commercial Real Estate Developers"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1094\" height=\"212\" data-attachment-id=\"1004537876\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/2021-most-powerful-brokerage-firms\/research-center-cpe\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Research-Center-CPE.jpg\" data-orig-size=\"1094,212\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Research Center CPE\" data-image-description=\"&lt;p&gt;Research Center CPE&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Research Center CPE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Research-Center-CPE.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Research-Center-CPE.jpg\" alt=\"Research Center CPE\" class=\"wp-image-1004537876\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Research-Center-CPE.jpg 1094w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Research-Center-CPE.jpg?resize=300,58 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Research-Center-CPE.jpg?resize=768,149 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/Research-Center-CPE.jpg?resize=1024,198 1024w\" sizes=\"auto, (max-width: 1094px) 100vw, 1094px\" \/><\/figure>\n\n\n\n<p><em>You can also read our other <a href=\"https:\/\/www.commercialsearch.com\/news\/research-center\/top-development-firms\/\">Top Development Firms<\/a> rankings.<\/em><\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<p><iframe title=\"2025 Top Development Firms\" aria-label=\"Table\" id=\"datawrapper-chart-LRtbu\" src=\"https:\/\/datawrapper.dwcdn.net\/LRtbu\/1\/\" scrolling=\"no\" frameborder=\"0\" style=\"width: 0; min-width: 100% !important; border: none;\" height=\"689\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">window.addEventListener(\"message\",function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data[\"datawrapper-height\"][t]+\"px\";r.style.height=d}}});<\/script><\/p>\n\n\n<p><em>* As of June 30, 2025<\/em><\/p>\n\n\n\n<p><em>Key: He=Health care; Ho=Hospitality; I=Industrial; O=Office; R=Retail; X=Other<\/em><\/p>\n\n\n\n<p><em>Though we make every effort to include all major commercial developers, several notable firms (among them Hines, SL Green, Bridge Industrial and Prologis) did not participate this year.<\/em><\/p>\n\n\n\n<p><em>To be included in upcoming surveys, email Agota Felhazi at <a href=\"mailto:agota.felhazi@cpe-mhn.com\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">agota.felhazi@cpe-mhn.com<\/a>.&nbsp;<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-while-office-starts-slow-industrial-projects-dominate\">While Office Starts Slow, Industrial Projects Dominate<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0f314c08eb4&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004780103\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-real-estate-developers\/the-entrance-to-the-westcott-building-and-ruby-diamond-auditorium-at-florida-state-university-33\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Developers-art-CPE-2025.-Image-by-zoranm.jpg\" data-orig-size=\"1200,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;16&quot;,&quot;credit&quot;:&quot;Getty Images&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;The driveway circle and entrance to the Westcott Building at Florida State University during the afternoon&quot;,&quot;created_timestamp&quot;:&quot;1340236800&quot;,&quot;copyright&quot;:&quot;Copyright 2012: Ian Anderson, All Rights Reserved&quot;,&quot;focal_length&quot;:&quot;24&quot;,&quot;iso&quot;:&quot;400&quot;,&quot;shutter_speed&quot;:&quot;0.005&quot;,&quot;title&quot;:&quot;The Entrance to the Westcott Building and Ruby Diamond Auditorium at Florida State University&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Developers art CPE 2025. Image by zoranm\" data-image-description=\"&lt;p&gt;iStock image purchased for a one time use. Do not reuse without requesting permission from the art department&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Ranking. Image by zoranm\/iStockphoto.com&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Developers-art-CPE-2025.-Image-by-zoranm.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Developers-art-CPE-2025.-Image-by-zoranm.jpg?w=1024\" alt=\"Developers art CPE 2025. Image by zoranm\" class=\"wp-image-1004780103\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Developers-art-CPE-2025.-Image-by-zoranm.jpg 1200w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Developers-art-CPE-2025.-Image-by-zoranm.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Developers-art-CPE-2025.-Image-by-zoranm.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/12\/Developers-art-CPE-2025.-Image-by-zoranm.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\"><em>Image by zoranm\/iStockphoto.com<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Discover which companies earned a spot on <em>CPE<\/em>\u2019s annual ranking among the 20 industry leaders.<\/p>\n\n\n\n<p>Despite the higher interest rates and growing uncertainty of the past few years, developers continued to put shovels in the ground and bring new product on line.&nbsp;<\/p>\n\n\n\n<p>Between 2022 and 2024, developers added approximately 150 million square feet of office space across the U.S., according to Yardi Matrix. As of September of this year, the national office development pipeline included more than 38.5 million square feet under construction, with Boston in the lead with 4.4 million square feet underway. Overall, during the first nine months of the year, completions at the national level totaled 19.1 million square feet. Yardi Matrix projects another 53.1 million square feet by year-end, with 30 million square feet expected in 2026.<\/p>\n\n\n\n<p>In the industrial sector, close to 1.7 billion square feet of industrial space came online nationwide, according to the same source. As of September, approximately 340.5 million square feet of industrial space was underway. Completions totaled more than 219 million square feet. A combined total of 294 million square feet is expected to come online by the end of the year, with an additional 235 million square feet anticipated in 2026.<\/p>\n\n\n\n<p>The 20 companies on our \u201c2025 Top Commercial Developers\u201d ranking delivered a combined 272.2 million square feet of commercial real estate space over the same three-year period with a total market value estimated at more than $70.2 billion. The same leading developers also had close to 176 million square feet of projects under construction as of June 2025.&nbsp;<\/p>\n\n\n\n<p>Similar to last year\u2019s top developers, 80 percent of firms signaled they will maintain or even ramp up their construction activity over the next six quarters, starting in the third quarter of 2025. Most companies anticipated growth, while the remainder projected declines.<\/p>\n\n\n\n<p>Trammell Crow Co. once again snagged the first position on the 2025 Top Commercial Real Estate Developers ranking. Among other factors that boosted the firm on top, Trammell delivered 56.2 million square feet of commercial real estate space from 2022 to 2024. As of June 2025, the company also had a notable under-construction pipeline, centered predominantly around industrial projects.\u00a0<\/p>\n\n\n\n<p>Lincoln Property Co. placed second, with completions during the three-year period amounting to 40.8 million square feet and projects under development mainly targeting industrial projects. Panattoni Development Co. rounded out the top three, completing 46 million square feet between 2022 and 2024 and with 9.3 million square feet of industrial space underway.<\/p>\n\n\n\n<p>Below is a more detailed look at the top 10.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. <a href=\"https:\/\/www.trammellcrow.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Trammell Crow Co.<\/a><\/h2>\n\n\n\n<p>For another year, Trammell Crow Co. leads the ranking. The wholly owned subsidiary of CBRE Group has completed 56.2 million square feet of commercial real estate space between 2022 and 2024. The projects valued at $18.3 billion focused mostly on the industrial sector, followed by office, healthcare, retail, hospitality and other sectors. As of June, Trammell had 53.6 million square feet of commercial space under construction. Most of the projects were industrial developments, such as the <a href=\"https:\/\/www.commercialsearch.com\/news\/trammell-crow-launches-1-msf-industrial-park\/\">1 million-square-foot industrial park<\/a> the company recently started on in Phoenix.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. <a href=\"https:\/\/lpc.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Lincoln Property Co.<\/a><\/h2>\n\n\n\n<p>Lincoln Property Co. earned second place. Between 2022 and 2024, the private real estate firm has completed 40.8 million square feet of commercial space. Industrial projects dominated the company\u2019s recent deliveries, followed by mixed-use, life science, data center and office developments. As of June, Lincoln was building 42.3 million square feet of additional commercial real estate space. In August, Lincoln and Kairoi Residential have topped out Waterline, a 1,025-foot mixed-use tower that now holds the title of <a href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-kairoi-top-out-texas-tallest-tower\/\">Texas\u2019 tallest building<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. <a href=\"https:\/\/www.panattoni.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Panattoni Development Co.<\/a><\/h2>\n\n\n\n<p>Panattoni Development Co. claimed the third position. The developer has completed 46 million square feet of commercial real estate valued at $5.8 billion from 2022 to 2024. All completions were in the industrial sector, such as the 753,069-square-foot facility at FRED310 in Frederickson, Wash., that came online in 2024. In July, Panattoni and Crow Holdings Capital sold the fully-leased building in a landmark sale, ranking among the <a href=\"https:\/\/www.commercialsearch.com\/news\/panattoni-crow-holdings-sell-seattle-asset\/\">largest core industrial deals<\/a> on the West Coast. As of June, the company was working on 9.3 million square feet of industrial space.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. <a href=\"https:\/\/www.tishmanspeyer.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Tishman Speyer<\/a><\/h2>\n\n\n\n<p>Tishman Speyer reached fourth place. The global development firm has delivered 13 million square feet of commercial real estate space between 2022 and 2024. Valued at $9.7 billion, these developments were primarily mixed-use projects, with additional developments in the office and health-care sectors. Meanwhile the company\u2019s redevelopment projects mainly targeted the office sector. As of June, Tishman\u2019s pipeline included 10.7 million square feet under construction. Tishman Speyer served as developer for JPMorgan Chase\u2019s recently completed 2.5 million-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/jpmorgan-chase-unveils-3b-2-5-msf-global-hq\/\">global headquarters<\/a> in Manhattan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. <a href=\"https:\/\/sansonegroup.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Sansone Group<\/a><\/h2>\n\n\n\n<p>Sansone Group placed fifth. The family-owned company has delivered approximately 17 million square feet of commercial real estate valued at $3.6 billion. Nearly all of these developments were in the industrial sector, with some retail projects also in the mix. As of June, the company had more than 12.9 million square feet of mostly industrial space under construction. In March, Sansone teamed up with Clous Road Partners to acquire a nearly 19-acre site in Columbus, Ohio, intended for a <a href=\"https:\/\/www.commercialsearch.com\/news\/sansone-group-jv-eyes-columbus-cold-storage-facility\/\">cold storage development<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. <a href=\"https:\/\/investments.metlife.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">MetLife Investment Management<\/a><\/h2>\n\n\n\n<p>MetLife Investment Management claimed sixth place. MIM has delivered 14.9 million square feet of commercial real estate between 2022 and 2024. Valued at $3.2 billion, these projects primarily targeted the industrial sector, with additional developments in office and hospitality sectors. As of June, the company had close to 6.1 million square feet under construction, mainly industrial space with some office projects. The same month, a joint venture between MetLife Investment Management and Trammell Crow Co. completed the first phase of Coastal Trade Center near the Port of Savannah, <a href=\"https:\/\/www.commercialsearch.com\/news\/trammell-crow-metlife-deliver-2-3-msf-of-warehouse-space\/\">delivering three speculative warehouses<\/a> totaling 2.3 million square feet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. <a href=\"https:\/\/streamrealty.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Stream Realty Partners<\/a><\/h2>\n\n\n\n<p>Stream Realty Partners ranked seventh. The national commercial real estate company has delivered 10.5 million square feet of commercial real estate between 2022 and 2024. Most of these developments were in the industrial sector, with office and other sectors also in the mix. Meanwhile all of Stream\u2019s redevelopment projects focused on the office sector. As of June, the company had 4.3 million square feet under construction. Building on that pipeline, recently Stream started on its <a href=\"https:\/\/www.commercialsearch.com\/news\/stream-enters-nashville-market-with-1-1-msf-project\/\">first Nashville-area industrial project<\/a>\u2014a 1.1 million-square-foot development in Lebanon, Tenn.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">8. <a href=\"https:\/\/transwestern.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Transwestern<\/a><\/h2>\n\n\n\n<p>Transwestern earned eighth place. Between 2022 and 2024, the company has completed 9.4 million square feet of commercial space valued at approximately $1.7 billion. Industrial developments dominated the portfolio, rounded out by health-care and hospitality projects. As of June, Transwestern had 5.9 million square feet underway. Recently the company started on the second phase of The RO in Houston, this addition will include a mixed-use tower, a multifamily community and retail buildings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">9. <a href=\"https:\/\/www.majesticrealty.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Majestic Realty<\/a><\/h2>\n\n\n\n<p>Majestic Realty claimed ninth place. Between 2022 and 2024, the company delivered 10.1 million square feet of commercial space valued at $2 billion. Nearly all of these projects were industrial with a smidge of retail. As of June, Majestic had 1.3 million square feet of industrial space under construction. In the same month, Majestic secured a tenant bringing Building 5 at Fort Worth South Business Park at full occupancy. At full build-out, the 320-acre master-planned development built in partnership with Hickman Cos. will encompass 4.5 million square feet.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">10. <a href=\"https:\/\/www.foundrycommercial.com\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Foundry Commercial<\/a><\/h2>\n\n\n\n<p>Foundry Commercial rounded out the top 10. The full-service real estate company has delivered 6.7 million square feet of commercial space totaling roughly $1.6 billion. Industrial projects dominated Foundry\u2019s projects, alongside health-care developments with redevelopment focused on industrial entirely. In August, the company teamed up with Crow Holdings Capital to acquire a vacant office building in Irving, Texas. After demolition, a 118,032 square-foot industrial building will take its place. As of June, the company had 5.1 million square feet in progress.<\/p>\n\n\n\n<p class=\"has-text-align-right\"><em>\u2014Agota Felhazi, Senior Associate Editor<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-methodology\">Methodology<\/h2>\n\n\n\n<p>The 2025&nbsp;<em>CPE<\/em>&nbsp;Top Commercial Real Estate Developers ranking uses self-reported data for all companies. 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.<\/p>\n\n\n\n<p><em><a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=858029\" target=\"_blank\" rel=\"noreferrer noopener\">Read the December 2025 issue of CPE<a href=\"https:\/\/mydigitalpublication.com\/publication\/?i=837050\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a>.<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Find out which firms made CPE\u2019s annual list of 20 industry leaders.<\/p>\n","protected":false},"author":1269,"featured_media":1004780103,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1521,21808,37763,37784],"tags":[],"class_list":["post-1004691786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital","category-featured","category-rc-surveys-and-rankings","category-research-center-top-development-firms"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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