What is a REIT?
A REIT, or Real Estate Investment Trust, is a company that owns, operates or
finances income-producing real estate. Established by Congress in 1960 and modeled after mutual
funds, REITs provide Americans the chance to own valuable real estate, present the opportunity to
access dividend-based income and total returns and help communities grow, thrive and revitalize.
Learn how REITs benefit your work life
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2,500
REITs own nearly 2,500 office buildings.
308,000 full-time employees
In total, REITs directly employ an estimated 308,000 full-time employees. Of those, 15,100 were direct full-time employees of REITs who own office properties.
691,000 full-time construction jobs
REIT-related construction activity in 2020 supported the equivalent of 691,000 full-time jobs that earned $46.6 billion in labor income.
REITs own some of the most iconic office properties in the country.
King Kong's climactic standoff and the most memorable scene in "Sleepless in Seattle" happen atop the REIT-owned Empire State Building. Watergate 600, located in the iconic Watergate Complex where Nixon’s legacy was changed forever, is undergoing renovations by a REIT to deliver class-A office space in downtown D.C. Not to mention, Boston's Prudential Center, San Francisco's Embarcadero Center and many more are REIT owned.
theMart - Chicago, IL
The world’s largest commercial building, theMart in Chicago, is owned by a REIT (Vornado Realty Trust). Formerly owned by Joseph P. Kennedy, the Mart spans two city blocks, is 25 stories tall and contains 4.2 million gross square feet of offices, showrooms and event space.
REITs are often the largest owners of office space in a given market.
For example, Highwoods Properties, a North Carolina-based REIT, is the largest office landlord in several metro markets including Pittsburgh, Raleigh, Buckhead, Nashville and Orlando.
Office REITs are helping to reshape buildings for more modern uses.
Whether it is transforming outdated studio lots into new high-tech offices for digital media or turning dilapidated train buildings into cutting-edge life science facilities, office buildings owned by REITs are helping to provide a home for innovation.
REIT-owned office properties are shaping skylines
REITs own the tallest office building in many cities including Philadelphia, San Francisco, Boston and Austin.
