Frank X Acocella, CounselPro Lending, on Best Cities for CRE

The commercial real estate industry varies from one city to the next. Certain cities within the United States are regarded, according to experts, as more favorable than others. These cities are considered safe and always among the top cities in real estate transactions every year. The following are some of the best cities to invest in commercial real estate within the US.

New York City, New York

New York City is a highly competitive city that is defined by high-profile tenants and high cost per square foot of real estate properties. The commercial real estate industry in New York is well advanced with demand for properties being high. Return on real estate investment is sustainably higher for both residential and commercial properties. Currently, there is an excess of multi-family homes available and an increase in commercial real estate activity in the Bronx.

Jacksonville, Florida

Florida made a major comeback in real estate development after the 2008 recession. The city of Jacksonville has emerged as a midsized metropolis and has seen a surge in the shopping district. The explosive growth in property development within the city is steadily rising with the increasing employment rates. The locals’ purchasing power and ability to uptake real estate developments are therefore high.

Phoenix, Arizona

Phoenix is an up and coming commercial real estate hub and continues to grow since rebounding from the recession. Demand for real estate properties in the area has significantly risen, accompanied by an increased average rent per square foot. In 2016, real estate prices increased by 5.1% from the previous year to $23.50 per square foot.

Houston, Texas

Houston, with a population of about 2.3 million, is a major hub for workers in the energy, health care, and banking sectors. Demand for real estate properties for residential and commercial purposes is, therefore, steadily rising. The rising number of working-class individuals is a major factor that drives demand in the area.

Atlanta, Georgia

Home of the world’s busiest airport, Atlanta is becoming a technology hub and bioscience center. The low cost of living and eccentric cultural life is driving buyers to the area. Whether it’s through commercial spaces or homes in the suburbs, real estate investment is growing.

Orlando, Florida

Orlando has become a major hub for large aerospace and defense contractors like Lockheed Martin and a host of large universities. The economic expansion of the region is proving a major driving factor for demand for commercial and residential real estate properties that are quickly appreciating. Tourism is also contributing to the commercial boom.

Minneapolis, Minnesota

Minneapolis has a large percentage of well-educated professionals buying property and putting down roots in the city. The city relies heavily on individuals with technical backgrounds. Properties in Minneapolis and its surrounding areas have experienced increased demand in available properties.