Austin, San Francisco, Dallas, Houston and Orlando Top 5 Fastest Office Growth Markets in U.S.
According to new market research by CBRE, tech hubs, business-friendly Texas cities and high-growth Florida metro areas top the ranks of U.S. markets set to expand their base of office-using jobs the fastest in the coming years.
CBRE analyzed the forecasts of its CBRE Econometric Advisors unit to identify which markets are expected to generate the largest percentage growth in office-using services jobs - such as tech, professional and business services, legal, and others -this year. It found that job growth in tech markets continues to defy high costs and tight labor supplies. Meanwhile, the relatively lower cost of living and strong growth of Texas and various southeastern cities continue to stoke job gains.
"U.S. consumer confidence and spending remain healthy - supported by a strong stock market and high home values -- which underpins most U.S. economic expansion and job growth," said Ian Anderson, CBRE Americas Head of Office Research. "Due at least partly to that, we should see another year of strong office demand and growing rents in many U.S. markets."
Based on a new market report by RedFin, U.S. new-home sales rose 8.8% year over year in the fourth quarter of 2019, the biggest gain in more than two years and the third-consecutive quarter of increases, driving continued depletion of inventory in the market.
According to new research from CBRE, U.S. retailers and shippers this 2019 holiday season will handle more returns than ever of goods bought online, illustrating a costly drawback to e-commerce's growth that the industry is working hard to contain.
According to the National Association of Realtors, existing-home sales fell in November 2019, taking a small step back after October's gains. The Northeast and Midwest both reported growth last month, while the South and West saw sales decline.
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