The recent release of the 2018 “Emerging Trends in Real Estate” Report favors the Emerald City, as Seattle was ranked the number one market to watch in the coming year. Inman Connect summed up the report in a recent feature, which correlates a pattern between top secondary cities and their ties to the technology industry. Seattle, up from a number four position last year, boasts “a young, educated workforce and an overabundance of capital,” which elevated it to the top position as “survey participants noted a positive outlook for all property types in the city, with the strongest outlook for investment and development in industrial and single-family housing.”
Other tech-driven cities that rose to higher spots were San Jose, Raleigh and Boston. As Inman notes, San Jose was ranked first on Indeed.com’s annual list of tech cities earlier this year, and it “rose from 17 to 8 on the ‘Emerging Trends’ list, in part thanks to growth in the multi-family industrial and hotel real estate segments.” San Jose is also connected to tech as it is home to offices of Adobe, ebay and PayPal, and is in close proximity to Cupertino, Apple’s hometown.
While secondary markets blossomed, “the five largest U.S. cities fell in favor among investors,” as limited supply with growing prices continue. Affordability is a key factor helping those secondary markets, which may draw millennial homebuyers as they look to purchase homes.
For more insights on the “Emerging Trends in Real Estate” report, read the full article here.