Curious to know what you guys think about the different markets/cities to work in here in the US. Every city seems to offer a uniqueness that can translate in to how easy it is to do business there, build a network, enjoy a quality of life, etc.
We constantly hear about NYC, LA, SF, Boston, etc...wondering if they've held a justice or if other cities are taking over and potentially offering better.
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It depends on what you want. If you mean career opportunities, then those cities you've listed have tons and that is why they're always talked about. It's difficult to be an investment banker in Tuscaloosa.
If you mean quality of life, well, that's a judgement so centered on the individual that there isn't a great way to give "advice" on it. I'm sure there are a ton of great things to do in Tucson or Des Moines, but in terms of options, they are both sleepy country towns compared to a Chicago or LA. That speed of life suits some people just fine. Salt Lake City has a ton of awesome shit going on, but some people might want to be able to buy booze a little easier, or have a last call later than midnight.
I definitely enjoy the amenities and the lifestyle offered in large cities but so far its gradually costing me more money. I can't see things being viable in the long-term that I want to move somewhere else, but I wonder about the quality of a network I can make.
Somewhat tangential, but I know you work in development. How easy is it doing new developments or business for the matter in smaller/submarkets markets? More profitable all around?
The reality is that the greater the city, the greater the opportunity. There are simply more jobs and more work in NYC vs. Columbus, Ohio. Now does that mean that Charlotte, Atlanta, and Dallas are poor spots or you should get into weird mental debates about San Francisco vs. Los Angeles? Nah.
Find a job in the biggest city you can that matches the life you're looking for (with the odd exception that if your network in a smaller city is legendary, leave for a bit but then definitely come back)
This is what i'm thinking about, the ability to build a good network in a smaller city that allows me to make greater accomplishments or bigger strides in my career. I often feel the large metro I'm in is competitive. So many people with strong backgrounds/experience but not enough opportunities to place all of those people.
your large metro also has suburbs
People have different opinions on this, but I would argue against it. If you don't have a network, why not try to build one in the largest city possible that fits your lifestyle?
When I think about opportunity I think about the money I can make in a big city but also about things like cost of living, commute time, family life, community, being outdoors, personal autonomy, stress, pollution, crime, child's education, the benefits of living within your means, not being overwhelmed by a keeping up with the Joneses mentality, socialism, homelessness, and higher taxes, to name a few.
Isn't Dallas huge for CRE?
Very.
Word.
Just my 2 cents: NYC in terms of the amount of high-paying opportunities. SF in terms of high-paying opportunities with better work/life balance. LA mid-paying opportunities with better work/life balance + better weather. Seattle/Austin/Dallas/Phoenix... city growth potentials + housing market potentials.
Where do you feel Chicago falls in this general heirarchy? Boston? Not looking for stats or anything just find it to be an interesting conversation.
imo think there's a chance Dallas/Seattle graduate to a tier between the NYC/LA/SF and Phoenix/Austin/Atlanta's
Stop ranking cities into tiers. They are not MBA programs.
Wish I could speak for Chicago or Boston but don't know much about those two so keeping my mouth shut, but if you are also considering north of the border, Toronto is a place with great potential too (+ insane housing prices given what ppl generally make there)
Interested to see how you separate the pay in SF and LA. Imo the net isn't much different given how expensive the COL is. But really open to hear info you have, haven't really gone deep in SF. Only have a few contacts up there.
Good point. If considering net then hard to say. Was talking general gross pay, and guess also depends on what specific field. Also, LA is a much cleaner nicer city. SF is incredibly dirty above and beyond.
Growing major non-Gateway cities with low COL, politics that encourage entrepreneurship and capital inflow, and a strong primary employment base. These are IMO Dallas, Houston, Charlotte, Phoenix, Nashville, and Atlanta.
Denver is a fantastic place to work in real estate. Rapidly growing city/economy with oodles of opportunity. Work/life balance is fantastic as well. The whole Front Range will be built up for the foreseeable future.
The metro area has so much going for it from an economic standpoint with startup activity, industrial expansion, population growth, small business creation, international business expansions/investments, government/military development, research and education center development all on the uptick. Great place to establish a career in real estate, and an even better place to live
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