The commercial real estate arena is gearing up
for a strong year in 2020. Big metros in the United States are receiving a lot
of attention - especially these 5 cities.
While the country’s commercial landscape is
always changing, commercial real estate professionals need to keep up with the
latest trends. In their recent report titled ‘Emerging Trends in Real Estate: US and Canada’,
PwC says that these are the big CRE markets to watch in 2020.
Here’s where they are and why:
Austin,
Texas
Austin takes first place on PwC’s list. This
popular Texas destination has quickly gained momentum throughout 2019 and is
set to kick off 2020 with strong prospects.
Both the residential and commercial real
estate sectors are thriving in Austin. The city offers residents and tenants a
unique lifestyle that’s perfectly summed up in the area’s famous slogan: ‘Keep
Austin Weird’. CRE professionals should pay attention to this officially
recognized top-tier 18 hour-city.
As Austin continues to prosper, the
already-high investor demand is set to continue increasing.
Raleigh-Durham,
North Carolina
Ranking 2nd place, North Carolina’s city of
Raleigh-Durham is a booming metropolitan market.
Raleigh-Durham’s office and multifamily market
outlooks are especially impressive. According to the report, this is one of the
United States’ fastest-growing tech hubs. Thanks to the surrounding area’s
focus on education, demonstrated by the collection of prestigious universities
and research facilities located nearby, it is attracting tons of tech
professionals and companies.
Raleigh-Durham currently has 89,000 tech-based
jobs - and the number is only anticipated to grow. CRE professionals should
consider investing in this growing market.
Nashville,
Tennessee
Another 18-hour city came in 3rd place on
PwC’s list of markets-to-watch in 2020. Nashville is a popular destination for
tourism, business, and residents. The Nashville real estate market is
experiencing tons of growth in terms of both investment and development.
Charlotte,
North Carolina
Charlotte has moved up 5 places in PwC’s list
of the year’s most popular commercial real estate metros. In 2019 they were
ranked 9th place, whereas this year Charlotte made it to 4th place.
According to the report, Charlotte is one of
the best places in the country to start a new business. Technology and
manufacturing firms are targeting Charlotte for it’s expanding economy and
tech-centric city culture.
Thanks to the local area’s profitable
marketplace, Charlotte’s commercial real estate market is anticipated to reach
unprecedented heights in the coming years.
Boston,
Massachusetts
In fifth place is none other than Boston. This
popular Massachusetts city is emerging as one of the year’s most promising
destinations for commercial real estate investments and developments.
Don’t let Boston’s size fool you. It’s the hub
that is propelling Massachusetts’ progression. Even though it’s smaller than
most of the country’s hot metro markets, Boston has an impressive real estate
scene. Both the residential and commercial sectors are thriving thanks to
Boston’s strong economic prowess.
Commercial real estate professionals can
benefit from entering into Boston’s commercial arena early on.
Get ahead of the game and make sure you’re
keeping an eye on the country’s 5 hottest markets this new year. Include these
cities in your business strategies for 2020.
Comments
Post a Comment