You can also read our other Top Development Firms rankings.
| Rank | Company | SF Completed 2019-2021 | SF Under Construction* | Property Sectors |
| 1 | Trammell Crow Co. | 48,090,817 | 73,032,349 | O, I, H, He, X |
| 2 | Lincoln Property Co. | 36,800,000 | 18,500,000 | O, I, R, H, He, X |
| 3 | Tishman Speyer | 14,000,000 | 22,100,000 | O, X |
| 4 | Hines | 20,239,533 | 31,715,987 | O, I, R, H, X |
| 5 | Stream Realty Partners | 9,305,105 | 15,462,734 | O, I, R, X |
| 6 | The Related Cos. | 8,364,241 | 13,792,480 | O, R, H |
| 7 | Sansone Group | 6,917,062 | 7,221,785 | I, R, X |
| 8 | Flaherty & Collins Properties | 3,095,123 | 1,557,335 | R, He, X |
| 9 | Transwestern Investment Group | 2,101,939 | 1,688,865 | I |
| 10 | First Industrial Realty Trust | 7,244,971 | 5,818,757 | I |
| 11 | KDC Real Estate Development & Investments | 5,836,514 | 2,204,108 | O |
| 12 | Crescent Communities | 2,256,868 | 1,533,009 | O, I, X |
| 13 | WS Development | 3,500,000 | 2,600,000 | O, R, H, He, X |
| 14 | Greystar | – | 3,737,982 | O, I, H, X |
| 15 | McCraney Property Co. | 5,430,000 | 6,750,000 | I |
| 16 | Ashley Capital LLC | 6,860,000 | 2,802,000 | I |
| 17 | TMG Partners | – | 2,000,000 | O |
| 18 | HSA Commercial Real Estate | 3,733,950 | 4,343,095 | I, He |
| 19 | Transwestern Development Co. | 7,874,904 | 235,650 | I |
| 20 | Hunt Cos. | 1,478,153 | 717,511 | O, I, R, H, He, X |
| 21 | Billingsley Co. | 1,075,964 | 1,751,770 | O, I, R |
| 22 | The Inland Real Estate Group of Cos. | 500,000 | 150,000 | I, R, H, He |
| 23 | Holt Lunsford Commercial | 3,000,000 | 850,000 | I |
| 24 | Palladium USA | 11,242 | 14,000 | R |
* As of June 30, 2022
Key: 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 SL Green, Bridge Industrial and Prologis) did not participate this year.
To be included in upcoming surveys, email Agota Felhazi at [email protected].
Industrial Project Dominates Activity
The last several years have brought unique challenges for commercial real estate developers. In addition to coping with rising costs, they have had to rebalance inventories to match shifting demand brought on by the pandemic.
Among all sectors, industrial remains a hot commodity, with new supply unable to keep pace with demand. As a result, developers continue to focus heavily on this property type. According to a recent CommercialEdge report, 703 million square feet of industrial space are under construction, with another 650.3 million square feet in the planning stages.
Office deliveries have slowed compared to pre-pandemic volume, and the new-supply pipeline may not produce construction starts at former levels anytime soon. Still, the amount of new office space in 2022 is on track to match 2021’s 62.2 million square feet, according to CommercialEdge data. Office construction starts, however, have not dropped as much as expected. That is a good sign for a sector with an outlook clouded by the rise of remote and hybrid work models.
In this year’s Top Commercial Developers ranking, Trammell Crow Co. holds the top spot with more than 73 million square feet under construction as of June 30, 2022, and over 48 million square feet delivered between 2019 and 2021. Lincoln Property Co. is in second place, with 36.8 million square feet completed during the same period. Rounding out the top three is Tishman Speyer, with 22.1 million square feet of commercial space underway.
Combined, our top developers had more than 220 million square feet under construction across all property sectors at the end of June. Unsurprisingly, many reported a large portion of their commercial portfolios developed between 2019 to 2021 were in the industrial sector.
—Claire Spodoni, Senior Research Analyst, Yardi Matrix
Methodology
The 2022 CPE Top Commercial Development Firms ranking utilized 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.