Young or seasoned, the Queen City is attracting various ages, industries, and talent while bringing exciting expectations and opportunities to Charlotte.
According to an annual report published by PriceWaterHouseCoopers (PWC) and Urban Land Institute (ULI), 2019 Emerging Trends in Real Estate, Charlotte ranked No. 9 U.S. city to watch for real estate investors in 2019, rising three spots higher than last year.
Charlotte also nabbed a top 10 spot in Home Building Prospects and was ranked No. 5 on the local Market Perspective: Development/Redevelopment Opportunities alongside major cities such as Dallas, New York- Brooklyn and Boston.
The annual Emerging Trends in Real Estate report provides an outlook on real estate investment and development trends, real estate finance and capital markets, property sectors, metropolitan areas, and other real estate issues throughout the U.S. and Canada. The report reflects the views and responses of more than 2,300 individuals in various sectors of real estate.
The Queen City ranked No. 4 in the overall South Region, tailing Nashville and Raleigh/Durham. The South Atlantic region is booming with opportunities, with all 11 markets ranked in the good potential for investment and development. According to the report, the ability to attract qualified workers will be a key contributor to the South Atlantic markets. Charlotte is among several South Atlantic cities expected to be well above the national growth rate with a higher percentage of the population under the age of 44, giving the city a major advantage.
In an article by the Charlotte Business Journal, Mitch Roschelle, co-publisher of the Emerging Trends report, stated “Charlotte is enjoying a virtuous cycle, in that the area is both affordable to live and to do business. The combination of both, increases its attractiveness to workers and employers alike… and where you have growth in the employment base and the population, you have demand for real estate. And where you have demand for real estate, no surprise, real estate investors want to be.”
One of the major contributors to Charlotte’s anticipated success, is the projected growth and stability for 2019. “No one will argue that urban revitalization received a tremendous boost from the influx of millennials into urban cores around the United States. In fact, survey respondents felt that the urbanization trend is one of the most significant real estate developments of the last 30 years” states the 2019 report. With millennials beginning to build their families, they’re seeking the traditional attractions of suburbs such as larger homes, good school districts, and space.
What has changed is the demand for amenities including access to mass transit and walk-able neighborhoods. Many of Charlotte’s historic neighborhoods offer these key features, so it’s no surprise that the Queen City continues to top the list.
Charlotte’s labor force participation rate is well above the comparable U.S. rate, making it especially important for Charlotte to attract new residents in coming years. All of these factors contribute to the continued success of Charlotte’s infrastructure and real estate prospects. Now is the time for investors to make the move to Charlotte before real estate opportunities become more competitive.