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The new year is roughly two months away, but the top five real estate markets to watch in 2017 have been announced in the Emerging Trends in Real Estate 2016 report co-published by PwC US and the Urban Land Institute (ULI).
The top two markets in the report were in Texas: Dallas/Fort Worth took the top spot, with praise for its “impressive employment growth” plus “a business-friendly environment along with an attractive cost of doing business and cost of living.” Second place went to Austin, which was commended for its “diverse job creation,” although some concern was raised that “the market is growing faster than the local infrastructure.” Charlotte, N.C., ranked third, followed by Seattle and Atlanta.
“Advancements in technology that are affecting how people live, work, learn, socialize, and get around are reflected in the rising popularity of cities other than the largest coastal markets as magnets for investment,” said ULI’s Global Chief Executive Officer Patrick L. Phillips. “More and more of these cities are gaining a competitive edge by positioning themselves as vibrant, more affordable places to live and work, with amenities that appeal to different generations.”
Looking into 2017, the new report forecasted an expansion of “18-hour cities” along with a new appreciation of suburban markets for residential and commercial property potential. The report also warned of the need to expand housing availability options for an expanding population, as well as improved infrastructure to meet the needs of growing urban populations.
“The real estate industry’s traditional focus on big cities and large employers is shifting significantly as small businesses emerge as the growth engine for the U.S. economy,” said Mitch Roschelle, partner, U.S. real estate advisory practice leader, PwC. “This is creating disruption in the office sector as it finds ways to create new space models to accommodate these employers.”