According to a recent report by PwC and the Urban Land Institute, Charlotte is now the ninth-most attractive real estate market in America.
Charlotte’s rapidly growing population, strong construction presence, and booming economy are the main factors that led to the ranking.
The report notes that, “The largest city in North Carolina has been one of the top 18-hour cities in the Emerging Trends survey over the past two years, with survey respondents attracted to employment growth that has been distributed over multiple industries. Charlotte has been growing as the financial market hub for the Southeast and is benefiting from a growing airport activity. The market has also been a leader in infill development, with the downtown area seeing an increase in residential options and more development in a number of inner-ring suburban sites.”
We now have some truly impressive developments in the works, including a new 5 million square foot building on the old Charlotte Observer site (which will become the largest building in uptown), the $350 million film studio in York County, our new 1,400 acre ‘River District’, a brand new 180 acre village in North Charlotte, and dozens of other high-rises, mid-rises, and mixed-use developments all across our region.
In the survey, ULI advised real estate investors to seek out thriving secondary markets, such as Charlotte, instead of the biggest markets (NYC, LA, Chicago, etc) in order to find more value in investments: “These secondary markets boast lower costs of living—particularly in housing—and strong growth potential.”
The Queen City’s #9 ranking easily beat out several of its rival cities; including Denver (#11), Atlanta (#15), Tampa (#20), and Charleston (#31). Austin came in at #1 and Dallas was ranked #2 on ULI’s 2017 ranking.
What do you think about Charlotte’s growth potential?