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Based on the 2015 Emerging Trends in Real Estate report released recently by the Urban Land Institute and PricewaterhouseCoopers, the Charlotte market has been ranked as no. 7 of the markets to watch out for next year. Their ranking has been up from getting the 16th place last year.
The rankings were based on the respondents’ outlook on the real estate prospect for every city for development, homebuilding and investment.
The Charlotte market was the highest non-Texas market from the South and ranked seventh in all the three categories of this year’s survey. The top 6 markets include Houston, Austin, San Francisco, Denver, Dallas/Fort Worth and Los Angeles.
Based on the released report, Charlotte’s market has “rebounded from consolidation in the banking industry and is benefiting from a surge in new startup companies that have been created to service the financial-services industry.” Furthermore, millennials find the place an attractive destination aside from the fact that it’s an affordable place for doing business.
In addition to this, these cities were also ranked for their investment prospects and Charlotte ranked no. 6 for the industrial category, no. 7 for the single-family housing sector, no. 8 for the hotel section, no. 10 for their retail and no. 12 for their office. However, Charlotte market ranked 28th on the multi-family sector, which means that the supply of new apartment may pose a problem next year.
Emerging Trends in Real Estate report, based on the responses of about 1,400 real estate professionals, gives the readers an overview of the real estate investment and development trends, real estate finance and capital markets, property sectors, metropolitan areas and other related issues.