While “location, location, location" is key to all things real estate, the real secret sauce is jobs, jobs, jobs. Real estate investors follow the people.
Nearly a decade ago, as the U.S. economy slowly began to recover from the Great Recession, Austin, the Texas capital, made it into our annual real estate survey’s top 10 ranking. The “weird” city was experiencing an influx of people seeking and finding work.
Fast forward to our outlook for 2020 and Austin is in the top spot, and it clearly isn’t weird to real estate investors -- or American companies.
It’s not just Austin. A few years ago, as the labor market began to tighten, we saw a trend emerging. The big cities -- 24-hour gateway hubs like New York, Washington, D.C. and San Francisco -- began falling out of favor as smaller ones were attracting outsized capital investment.
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