Photo by James Sanna | Banker & Tradesman Staff

Commercial development contributed $14 billion to the Bay State economy in 2021, including the nation’s fifth-biggest office sector.

Massachusetts ranks 10th nationwide in commercial real estate’s contribution to the state’s gross domestic product, according to an economic impact study by NAIOP, the commercial real estate development organization.

The NAIOP Research Foundation said Massachusetts’ commercial real estate industry supported more than 87,000 direct and indirect jobs with combined personal earnings of $7 billion.

The report analyzes the economic impact of development and existing properties on landlords, construction companies and related industries such as architecture, engineering and management.

Massachusetts office development has remained active throughout the pandemic, including conversions of office buildings into lab-ready space. Downtown Boston’s office pipeline includes 5.6 million square feet under construction through 2025, according to a recent CBRE report, 53 percent of which is preleased. Developers are adding lab infrastructure to 3 million square feet of offices, Colliers International data stated.

The pandemic caused rapid shifts in how investors allocate funding for various property categories, with less spending on office properties and more on the warehouse and industrial sector across the U.S. Nationwide, the industry rebounded to contribute $653 billion to gross domestic product in 2021, up from $549 billion during the pandemic-disrupted 2020.

“We expect those trends to equalize as we continue to manage and lessen the effects of COVID-19,” NAIOP CEO Thomas Bisacquino said in a statement.