Commercial real estate is a fundamental asset class, and investors are often interested in how large the market is. Nareit completed its third annual round in estimating the size of U.S. commercial real estate, and find that the total dollar value in 2018 was $16.0 trillion, with lower and upper bounds of this estimate of $14.4 to $17.0 trillion. These estimates are based on a bottom-up approach using the best available data for each property sector (primarily using data from CoStar). Table 1 illustrates the breakdown by sector.