What Markets and Core sub markets do you think will experience rapid growth over the next 3-5 years ?
As the title describes what areas do you think will pop in the next 3-5 years both domestically and internationally. My pick is De Moines Iowa and Newark NJ. I think growth in these areas is inevitable.
Des Moines, Iowa???? yeah right
Q4 Potato Harvest Fundamentals Strong; Office Demand Peaking as Rents Surpass $0.50 PSF High Water Mark
The sunbelt will continue to boom. Southeast, Texas, and the Southwest.
Well DFW has been the fastest growing area in the US for the last 3 - 4 years... with an oil recovery don't see that slowing down.
Definitely agree with you, although I will say that Dallas is a strange city. Granted I was only there for 5 days over ULI, but it had weird feel to it, almost as if it didn't have any feel or culture or identity whatsoever.
Ridiculously good brisket though.
I live in the South, bless your heart...
I'm more involved in multifamily on the west coast, so that tilts my perspective a good bit, but I'd put my money on seeing more growth in secondary markets surrounding the core markets in CA. There is so much pressure on multifamily rents in the core markets that its pushing people outward to places like Riverside or out of the state altogether into cheaper cities such as Phoenix (and further). Some back office type jobs are following suit and leaving the state for cheaper locations. I would expect to continue to see year over year growth in these "cheaper" markets in the western region in the 3-5 year range at least. Places like Phoenix have little to no supply constraints (except construction financing currently) so the rent growth isn't as spectacular but it seems supported by middle / high wage jobs moving into the state so I think its quite sustainable in the near term.
Con #1 - both are full of Floridians