Powered by diversified markets that include technology, shipping, and agriculture, the Golden State’s real estate industry appears to be on the upswing.
What do the high-tech industry’s “Silicon Hills” have in common with Massachusetts’s largest metropolis, the nation’s energy hub, the financial capital of the world, and the City by the Bay? The answer: job growth, and it is fueling real estate development.
The desire of today’s creative class for connectivity, walkability and non-traditional live and work spaces is reshaping how designers, architects, and developers design homes and offices, says Christopher B. Leinberger, president of LOCUS, a real estate policy advocate for walkable and transit-oriented development.
The Mid-Atlantic region and the Carolinas are reporting steady real estate activity across real estate markets including hospitality, multi-family, mixed-use, health care, industrial, commercial and infrastructure. While the activity is at a slower rate than in the past, it is beyond what many other areas of the country are experiencing. Experts see developers aligning themselves for new projects in the not-too-distant future.
Canada—with a real estate market that is the envy of countries around the globe—is experiencing strong demand for product. Its neighbors to the south, Washington and Oregon, are sharing in the growth.
According to one member of ULI Mexico’s executive council, there are currently more than 1,000 real estate projects active in Mexico City—a city that continues to be underserved in most categories.
Once the butt of jokes by late-night comedians, Newark now has building cranes dotting its skyline—proof that the Garden State’s largest city is experiencing something of a renaissance.
Medical clusters—health and life sciences clusters that include hospitals, universities, research institutions, and life science companies—can be a boon for communities, such as Lake Nona in Florida.
Green is becoming only more entrenched in building, development, and retrofitting as a new generation has grown up with a greater awareness of sustainability and the fragility of the planet.
