SAN FRANCISCO – Houston fell from being the top real estate commercial market in the nation last year to No. 30 in the 2016 rankings, while two other Texas cities ranked at the top of the 2016 national investment rankings — Dallas and Austin ranked No. 1 and No. 2 — according to Emerging Trends in Real Estate 2016, co-published by PwC US and the Urban Land Institute (ULI).
“Houston – because of the fall in oil prices – fell to Number 30,” said Andrew Warren of Pwc in a presentation of the rankings to an audience of thousands of people at the Moscone Convention Center in San Francisco where ULI is holding is annual Fall Meeting.
Dallas is ranked as the top real estate market because of it has been leading the nation in job growth, with 480,000 new jobs over the last five years, said ULI panelist Mary Ludgin, director of global investment research with the Heitman company.
Now in its 37th year, Emerging Trends in Real Estate is an annual industry outlooks for the real estate and land use industry. It includes interviews and survey responses from more than 1,800 leading real estate experts, including investors, fund managers, developers, property companies, lenders, brokers, advisers, and consultants
Comments from Emerging Trends on the top 5 cities:
Dallas/Fort Worth – Impressive employment growth is the story behind this area’s rise to the top of this year’s survey (it ranked #5 last year), which is supported by a business-friendly environment along with an attractive cost of doing business and cost of living.
Austin – Austin (same spot as last year) fueled by another year of diverse job creation, it remains an attractive place to live for all generations. One concern from surveyed participants – the market is growing faster than the local infrastructure.
Charlotte – This city (up from #7 last year) embodies many of the components of the 18-hour city. Good job and population growth along with the development of urban centers makes the market attractive to residents.
Seattle – Seattle (#8 in 2014), is popular with domestic and global investors, offers a diverse industry base and is benefiting from growth in the technology, advertising, media and information industries.
Atlanta – The market (which ranked #11 last year) enjoys strong growth in key sectors of the economy without the typical concern of oversupply. The lower cost of doing business is attracting corporate relocations which contribute to market growth.
Realty News Report Oct. 7, 2015.