Paul Bubny | Globe Street
With the Urban Land Institute’s Fall Meeting in full swing here, a pair of surveys cosponsored by ULI predicts the industry’s current momentum will carry over into 2015. The 2015 edition of ULI’s annual Emerging Trends in Real Estate report, co-published by PwC US and issued Wednesday at the conference, cites the rise of markets outside the coastal gateway cities, with Houston leading the way. Similarly, the semi-annual ULI/EY Real Estate Consensus Forecast issued last week predicts continued strengthening in the capital markets and in commercial real estate fundamentals.
Commenting on the PwC/ULI report, ULI global CEO Patrick L. Phillips notes that investors are “looking closely at opportunities beyond the core markets. These cities are positioning themselves as highly competitive, in terms of livability, employment offerings and recreational and cultural amenities.”
While it may be difficult to think of the nation’s largest commercial property market as old news, New York City is not in the top five among markets ranked by survey respondents in the PwC/ULI study. Nor is it in the top 10; Manhattan ranks number 14 and Brooklyn number 22. With the energy sector continuing to drive market growth, Houston was ranked number one for development and investment expectations, and number two for its housing market expectations. Read more