Pittsburgh, Pennsylvania—a city that was once the butt of jokes—now offers numerous opportunities for developers. Spurred by growth in the medical, education, financial services, and computer software industries, downtown office rents are expected to rise 7.5 percent this year—more than triple the national average. Read what advice ULI insiders have for those who want to enter this market.
Only a few years ago, Cincinnati, Ohio’s Over-the-Rhine neighborhood was known for having one of the highest crime rates in the city. Today, the area—believed to be the largest, most intact urban historic district in the United States—has been transformed into one of Cincinnati’s most vibrant sectors. Read more to learn how a private, nonprofit corporation called 3CDC made this happen and the advice and lessons that the people behind it share.
From skyscrapers to landscapers, from multifamily developments to retail emporiums, increased awareness of lower operating costs, added health benefits, and the competitive value of sustainability is driving increased demand for sustainable design in California. Read about some of the projects emphasizing sustainable design, and what professionals see as the future of the practice in the state.
With multifamily yields on both coasts stagnant, some of the smart money is going inland—and more investors are expected to follow. For example, says one insider, a lot of institutional capital is looking at Texas and the middle of the country because it is getting priced out of coastal markets. Read more to learn what insiders have to say about the dramatic difference in cap rates they’re seeing.
Nashville, the capital of Tennessee, now has one of the nation’s most successful home retrofitting campaigns—Go Green Nashville. It started two years ago as a small pilot initiative by the ULI Nashville Sustainability Committee, targeting an urban neighborhood within the city, and has now taken off. Read more to discover what has made this community-based initiative so successful and what lessons can be applied in your area.
Ten years after the terrorist attacks of 9/11, lower Manhattan has become one of the fastest-growing residential neighborhoods in New York City with a population that has more than doubled—to 56,000—over the last decade, reports the Alliance for Downtown New York, Inc. Read more to learn about the new residential and office projects that stand as a testament to this neighborhood’s comeback.
Over the past decade, the Army, Navy, Air Force, and Marines have all embarked on major housing upgrade programs, creating a military housing construction boom. As such, those in the industry say assignments for the military are one of the hot sectors in the real estate market. Read why companies involved in military construction expect even more contract opportunities during the years ahead.
By tracking jobs, creating a compelling product, and seeking transit access, one can spot the “next neighborhoods” targeted for real estate development, says developer Rick Holliday. He says developers who are monitoring a market should be tracking company expansion news, hiring announcements, office leasing, and other news. Read what other tips he has for pinpointing the next areas for development.
Around the country, some midsize cities are now shrinking—but green space is replacing boarded-up homes; single-family houses are rising where crowded cinder-block apartment complexes once stood; and individuals and couples are moving into rehabilitated homes that once housed families of eight. Learn how municipalities like Youngstown, Ohio, are trying to make shrinking work to their advantage.
At a time when the real estate market is anemic, student housing development is relatively robust. Long considered a laggard in the multifamily sector, student housing is becoming a standout as more developers are taking a harder look at the field, in light of rising rents and increasing enrollments. Learn what any entrepreneur should do before delving into this potentially lucrative housing sector.
