All markets across the United States have their pros and cons to look out for when it comes to investing in commercial real estate. While some can be hotter than others, some are slow and many others are ready to become the go to location in a very short time. To help you get an idea of how real this is, we discuss the top 3 cities for commercial real estate investing right now.
In this article, we get into more detail on each city so you can get an idea into where to put your money next.
The top cities to invest in CRE are…
- Nashville, TN
- Dallas, TX
- Tampa, FL
Nashville has been a commercial real estate hot spot for sometime now and it continues to hold the top position even today. With consistent year over year and quarter over quarter growth, high per square foot rates, low vacancy and a positive outlook, Nashville can only be at the top of the list for the best cities for your next commercial real estate investment. It has a very strong job market and the career opportunities are many in the construction, manufacturing, health, education and professional services. It also has a commercial property vacancy rate as low as 3.3% and enjoys a high development opportunity score.
Although we pick out Dallas, it is actually both Dallas and Austin that have made the cut here. Both the cities are growing at a rapid pace and the commercial real estate side is also helping with the growth. Dallas is selected here for its high rate of population growth and the quick developments happening there. It is also the top choice for those leaving the high tax states. Dallas is the top choice for professionals and retirees while Austin is becoming the Silicon Valley of the Midwest since the unemployment here is really low as compared to the rest of the country.
Florida is one of the most preferred places for retirees and it has been the top choice for a very long time. However, some cities are experiencing more growth and have better opportunities for commercial real estate and one of those is Tampa. There is massive interest from the outside investors and the scale of their investments is huge which has also led to a boom in growth. It has reported a 2.39% growth in employment opportunities in 2022 and has an overall vacancy rate of 4.3%. That said, the rates across the board are desirable which makes Tampa a top investment destination today.
Do you know of other cities that should have been in the top 3? We would love to hear why you think so and why they are your top choice for commercial property investment.
However, every investor has different goals so one of the best cities for you might not be the same for someone else. Understand your investing goals and then make the right investment decisions.
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