Survey Dubs Austin Most Promising Commercial Real Estate Market in United States
Austin is the No. 1 non-gateway U.S. city for commercial real estate investment, according to DLA Piper’s annual State of the Market Survey.
DLA Piper surveyed approximately 220 real estate executives from top firms on which city they believe will outperform as a commercial real estate investment in the upcoming year. Forty-five percent of the executives voted for Austin putting the Southwest city in the No. 1 position (tied with Seattle, WA.) Gateway cities, such as New York and Los Angeles, were not factored into the vote.
In addition, the report shows that there is growing hesitation surrounding commercial real estate.
“A large majority of those surveyed, 92 percent, expect interest rates to increase, and global uncertainties, such as escalating tensions with North Korea and the ongoing fallout from Brexit, could impact commercial real estate across the U.S.”
Jen Buchholz | Austin Business Journal
Though the concerns listed above could impact Austin, as “institutional money and private equity is flowing to Austin from around the globe,” the city also has much to look forward to with the proposed 70 Rainey high-rise project in East Austin, which sees Sackman Enterprises partnering with Chinese investors.
[Via Austin Business Journal]Posted on Monday, October 30, 2017