Austin has edged out Dallas in the competition for the top U.S. real estate market.
Both Texas cities headed the list of best places to invest in property and develop in 2017, according to the annual Emerging Trends in Real Estate report by the Urban Land Institute and PricewaterhouseCoopers.
The yearly study surveys real estate execs across the country for their predictions about the U.S. property market and economy.
Last year, the closely watched report ranked Dallas-Fort Worth first and Austin a close second.
“This year Dallas flip flopped with Austin,” said Andrew Warren, PwC’s director of research. “Austin has been steadily climbing in the last 10 years.
“Both markets still look very good.”
This year the D-FW area still received high marks for affordable housing and business costs and the diversified local economy.
“The economy survived the global financial crisis better than most other U.S. markets and the real estate fundamentals continue to avoid the boom-bust behavior that has plagued the market in the past,” the report details about D-FW. “The Dallas-Fort Worth metro area has avoided becoming a victim of its own success, although rising demand is pushing up the price of housing in the market.”
D-FW got higher scores than Austin for its office market, apartments and housing conditions.
But Austin got the “top city” award for 2017 thanks to its high-tech environment, economic diversity and niche development opportunities.
“The capital of Texas has consistently ticked the majority of the top boxes related to real estate market attractiveness,” the report highlights. “Despite Austin’s growing popularity, it remains a comparatively small market in terms of investment opportunities. While Austin is unlikely to attract a meaningful amount of offshore capital, it tops many domestic investors’ wish lists.”
“Austin’s rise to the top of the list signals the durability of the city’s long-term appeal to investors,” Mitch Roschelle, PwC Partner and Real Estate Research Leader, said in a statement. “Austin, along with many of this year’s top 10 cities, boasts attractive, niche neighborhoods and a vibrant, diverse economy.”
Other markets high on real estate industry’s wish list for 2017 include Portland, Seattle and Los Angeles. No Northeastern markets made the cut.
Atlanta and Denver fell off the ranking completely because of worries abort overbuilding.
The 38th annual Emerging Trends reports is based on interviews with over 2,000 investors, fund managers, developers, property companies, lenders, brokers, advisers and consultants.
The results are being released this week in Dallas at the annual meeting of the Urban Land Institute, the country’s largest commercial real estate organization.
Niche Neighborhoods & Economic Diversity Drive Austin to Top in Emerging Trends in Real Estate® 2017
DALLAS, Oct. 26, 2016 /PRNewswire-USNewswire/ — Niche neighborhoods and economic diversity are driving forces behind the strong showing of this year’s top ten U.S. cities, according to Emerging Trends in Real Estate® 2017, released today by PwC US and the Urban Land Institute (ULI). Austin, Texas, wins “Top City,” thanks to its authentic, niche neighborhoods and depth of economic diversity, from manufacturing to education, health care and technology. Construction labor shortages and the rapid spread of digitization throughout the industry are also playing key roles in fueling 2017 real estate trends, along with “Optionality,” the multi-purposing of in-demand spaces.
Now in its 38th year, Emerging Trends in Real Estate® is one of the most highly regarded 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.
“Viewed as a fluke when it hit the study’s top ten list 5 years ago, Austin’s rise to the top of the list signals the durability of the city’s long-term appeal to investors,” says Mitch Roschelle, PwC Partner and Real Estate Research Leader. “Austin, along with many of this year’s top 10 cities, boasts attractive, niche neighborhoods and a vibrant, diverse economy.”
“This year’s report shows that there are opportunities stemming from a shift in how, where, and when people work,” says ULI Global Chief Executive Officer Patrick L. Phillips. “One of the trends leading to new opportunities is multi-purposing of commercial space. We’re seeing different types of tenants using the same space for different uses at different times of the day, particularly in tight markets. Buildings with open, flexible space have a competitive advantage.”
Top 10 Cities in Emerging Trends in Real Estate® 2017:
- Austin, TX
- Dallas/Fort Worth, TX
- Portland, OR
- Seattle, WA
- Los Angeles, CA
- Nashville, TN
- Raleigh/Durham, NC
- Orange County, CA
- Charlotte, NC
- San Francisco, CA
Conclusion: In the year of 2017 Austin is going to be the #1 place where investors are focusing on getting more into Autin, Texas real estate market which consistently headed the list of best places to invest in property and develop in 2017.
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