Austin No. 2 market in the nation for overall real estate prospects — No. 1 for development
Austin ranked second in the nation for overall real estate prospects. That is the consensus of Emerging Trends in Real Estate 2016, the annual report published by the Urban Land Institute and PwC LLP.
Released during ULI’s national fall meetings, the report is considered a credible barometer for real estate development and investment across all product types.
“One of the inaugural 18-hour cities, the Texas state capital has become a perennial favorite among survey respondents,” the report states. “The 2016 outlook for all property types in Austin is well above average, but survey respondents were particularly favorable toward single-family and retail.”
Austin is ranked No. 1 for development across all 75 markets surveyed. It ranks No. 2 for homebuilding and No. 4 for investment.
Data in the report indicates that Austin has the highest percentage of millennials, those with ages between 16 and 35. With 32 percent of the population falling in that range, Austin surpasses Los Angeles and Madison, Wisconsin, for appealing to young adults. The cost of doing business in Austin is 102 percent of the national average, fall less than New York City, which is 160 percent or San Jose, California, which is 129 percent.