Some key dollar-figure findings released in the first phase: Office and industrial leases total $185 billion a year and brokerage commissions equal more than $10 billion annually. Perhaps more interesting is the sheer mass of office and industrial space--across the U.S., an estimated 7.4 billion sf generates annual lease revenues of $115 billion, and an estimated 22.9 billion sf of industrial space brings in yearly lease revenues of $69.9 billion. The "present value" of brokerage industry profits for office and industrial profits is more than $5 billion, according to study findings.

"Most brokers have a good understanding of what their firm does, what the square footage in their market is," says Steven H. Podolsky, SIOR, principal of Chicago-based Podolsky Northstar Realty Partners and president of the SIOR educational foundation. "But I think some of these figures will make even the most experienced brokers in the largest markets stand back and say, 'Whoa.'"

Other key findings: there are an estimated 11.9 billion sf of multifamily housing across the US, 1.1 billion sf of hotel space, and 5.5 billion sf of retail space. Those totals are based on figures provided by national industry associations. Suburbs contain 70% of the nation's office space, with 5.1 billion sf--generating 54.2% or $62.3 billion, of office lease revenues. Central business district office space totals 2.3 billion sf, generating 45.8% of office lease revenues, or $52.7 billion.

In the industrial sector, traditional properties, which include warehouses and distribution facilities, bring in $52.7 billion, or 75.4% of all industrial space revenue. Meanwhile, flex space lease revenue totals $17.2 million, or 24.6% of the total for industrial properties.

The industry's strengths are expected to continue to draw e-commerce and technology innovations and entrepreneurs. "The numbers would suggest that the industry is large enough, and profitable enough, that e-commerce companies are going to put a lot of money into providing goods and services, including the storage of proprietary data and common data," says Podolsky, recalling how property listings were once done manually and stored in notebooks. "Now, you push a couple of buttons and it's all there for you at the drop a hat … It's no longer a question of 'if' technology will impact real estate, but 'how' it will affect it."

Podolsky also says Wall Street firms and entrepreneurs, lured by the apparent opportunity in the industry, may be interested in purchasing brokerages. "It is not unheard of to think we will have an influx of companies into the business," he says.

Conducting the study for SIOR are professors from the Zell/Lurie Real Estate Center at the Wharton School of the University of Pennsylvania--center director Joseph Gyourko and associate director Asuka Nakahara. Nakahara had previously served as chief financial officer for Trammell Crow. Results of the second phase, which will likely be released early next month, will survey online brokerage efforts and e-commerce strategies. The final phase, slated for release in a few months, will analyze how--and how much--technology will impact brokerage businesses and their affiliates.