The US Most Booming Cities In Commercial Real Estate Sector
The United States of America is a federal republic consisting of 50 states, a federal district, 16 territories, and various overseas extraterritorial jurisdictions. At 9.83 million kilometer square (3.79 million square miles) inn total and with around 316 million people, the USA is the third largest country by population and the fourth largest country by total area. The United States is one of the worldâ€™s most multicultural and ethnically diverse nations, the product of large scale immigration from various countries. The climate and geography of the United States is also very diverse, and its home to a wide variety of wildlife.
In 2012, US commercial real estate industry grew by 12 percent with ripe prospects of the growth increasing to 15 percent in 2013, in a new construction boom that has attracted many investors. Several factors have been identified as leading to increased commercial real estate activities across various cities, which include:
- Changes economic lifeline of some cities
- Commercial activities boom in some cities
- Multifamily housing projects
US Most Booming Cities in Commercial Real Estate
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Dallas is ranked as the second most populated city in the state of Texas, which is the second largest state, by area, in the US. Dallas has a lot of fascinating real estate options to offer, ranging from gated communities to ranches communities.
Dallas has been one of the best growing cities with more than 5.2 billion dollars startups having sprouted by May 2013, representing an increase of 21 percent compared to May last year (2012). The Dallas data center, an upcoming high school complex in Flower Mound and presence of companies such as Nebraska Furniture Mart are responsible for this tremendous growth.
Dallas TX is located in Dallas. Nearby towns and cities include Farmers Branch, University Park, Garland, Cockrell Hill, and Highland Park. Dallas is an urban city with a population of 1,199,739. Dallas median household income is 41,669 dollars. 50 percent of inhabitants are married, and families with children live in 33 percent of Dallas household. 50 percent of Dallas population commutes 23 minutes or more to work, with 22 percent of population holding blue collar jobs and 78 percent of population holding white collar jobs.
The average age of homes in Dallas, Texas is 29 years, with 48 percent of those homes rented, 11 percent not occupied and 40 percent owned. In the preceding year, 4082 Dallas commercial properties were sold. The average sale price of a commercial property in Dallas in the previous year was 175,000 dollars.
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Houston is another city with a construction boom in the commercial real estate industry. Houston has always been known as the energy center over the past years. However, in the current past, Houston city has expanded to other areas with bio-technology being the new lifeline of the city. Houstonâ€™s biotechnology has induced sprouting of companies in the city, which has led to a remarkable commercial real estate boom.
Houston is the largest city in the state of Texas and fourth largest city in the United States of America. According to the 2010 United States Census, Houston city had a population of over 2.1 million people within a land area of 1,553 square kilometer (599.6 square miles). Houston is the economic center of Houston the Woodlands Sugar Land, the fifth largest metropolitan area in the United States with over 6 million people.
Houston economy has a broad industrial base in manufacturing, energy, transportation and aeronautics. Itâ€™s also leading in building oilfield equipment and in health care sectors. Houston city has a population from various religious and ethnic backgrounds and a large and growing international community. Houston is home to many cultural institutions, which attract more than 7 million visitors every year to the Museum District.
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Los Angeles city has everything starting up with a finance to healthcare and home to the increasingly growing entertainment sector. This city has continuous commercial real estate possibilities, and a steady stream of residents. This means that Los Angeles city is growing and expanding, therefore new buildings are being constructed. Los Angeles is an extremely regenerating city, which is one of the most important key factors for the investors.
LA is the most populous city in the United States, state of California and the second most populous in the U.S. after New York, with a population of 3,792,621 as per the 2010 United States Census. Los Angeles has a population of 1,215 square kilometer (469 square miles) and is located in Southern California.
LA is the center of the larger Los Angeles Long Beach Santa Ana and the Greatest Los Angeles Area metropolitan statistical area region, which contains nearly 12,828,837 and 15 million people respectively according to the 2010 US Census, making it one of the most populated regions in the world and the second-largest in the United States. Los Angeles is also the focal point of LA County, one of the most populated counties in the United States and the most ethnically diverse. In general, the whole Los Angeles area itself has been acknowledged as the most diverse city.
The city of Los Angeles is an international city with economic strengths in business, international trade, culture, fashion, entertainment, sports, media, technology and medicine. LA has been ranked 6th in the international cities index and 9th in the international economic power index. LA is also home to renowned institutions covering a wide range of professional and cultural fields and is also one of the prime economic engines within the United States.
LA combined statistical area (CSA) has a gross metropolitan product (GMP) of 831 billion dollars as of 200, making it the 3rd largest in the world, after the Greater Tokyo and New York metropolitan areas.LA leads the planet in television productions, recorded music, and the creation of video games, since it includes Hollywood.
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San Jose is another booming city in commercial real estate with an impressive growth in commercial property mainly driven by the technology hubs in San Francisco Bay. San Jose city has led other metropolitan areas due to a highly enriched population leading to an increase in individual income levels and a high growth in productivity. The ever growing economic status of this city has resulted to an increase in the commercial real estate industry since more people are now able to obtain rights to start technological establishments.
San Jose is the 10th largest city in the United States and the 3rd largest in California. Boasting of an excellent school system and a lower than average crime rate, San Jose is situated in the center of Santa Clara County and is considered to be the hub of Silicon Valley. Purchasing a home here has been a dream for many Californians.
San Jose has a population of about 950,000 people. While San Jose experienced one of the highest commercial real estate growths in the United States during the housing boom, commercial property shoppers may be asking themselves just how the real estate market in and near this part of Silicon Valley is doing. The answer is, amazingly, not bad at all. Actually, when itâ€™s compared to other parts of the country and even the state, the San Jose commercial real estate market is doing great.
Presently, there are about 2000 new and re-sale homes listed for sale. In addition, around 5000 home in various stages of foreclosure including the bank owned the auction, or pre-foreclosure phases. Median home prices have increased over the previous year, by an average of about $3000. $475000 to $ 500000 is the average cost of buying a property in San Jose.
Some of the most popular areas for commercial real estate purchase in San Jose are the communities of Willow Glen and Evergreen, with average listing prices of homes around $700,000. Berryessa, Alum Rock, and Edenvale are also among the most popular areas in San Jose, and feature homes in the $ 400,000 to $500,000 range.
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Washington City has also not been left behind in commercial real estate developments. Washington City has the best talents across the United States, boasting of a large population with a beyond average level of education and the highest number of graduate degrees in the country. The US government has been the biggest motivating factor in the Washington commercial real estate boom. The government has acted as a â€śmagnetâ€ť that has attracted several technology and service related companies. The cityâ€™s high rate of talent has also attracted many investors.
Washington is full of great places to live. The city is divided into 4 quadrants: Southeast and Southwest, Northwest and Northeast. The quadrants sprawl out from the Capital building. The commercial real estate market is a boom in Washington City. An average property in the city begins from 319 dollars and even ranges to prices like 9,500,000 dollars.
Washington City has varied ranges of commercial real estate property. On present survey there are more than 1219 properties available in commercial real estate including 92 new homes ranging from 317,621 dollars to 3,800,000 dollars.
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Boston offers the most favorable business atmosphere compared to other large cities across the United States. The favorable business terms in Boston attracts more investors in real estate investments, leading to an increase in commercial real estate sector. In addition, Boston City has the best talent pool as the host to the best United States universities such as MIT and Harvard University, all which increase investments in the commercial real estate industry.
Boston is the largest city and the capital city of the United States of Massachusetts. Boston also serves as the county seat of the stateâ€™s Suffolk County. Boston covers 124 square kilometer (48 square miles), with a population of 636,000 in 2012.
The Boston commercial real estate market is booming, and there are no signs it will slow down anytime soon. It seems like everywhere you look in Boston, there are constructions and cranes sites with new luxury condo developments underway.
Currently, there are dozens of new constructions projects underway in Boston City, including 45 province, a thirty two 145 unit luxury high rise steps from the Boston common plus 104 unit battery wharf on the North end waterfront, with units starting as 1.15 million dollars. Both of these constructions are anticipated to sell out quickly. There have been a lot of changes in the Boston commercial real estate market in the previous few years.
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New York is the third most populous, the 27th most extensive, and the 7th most densely populated of the fifty Unites States. New York is located in the Northeastern region of the United States. Itâ€™s bordered by Pennsylvania and New Jersey to the south and by Vermont, Massachusetts, and Connecticut to the east.
New York City is the most populous city in the United States with an estimated population of over 8.3 million people as per the 2012 Census. New York City alone makes up to 40% of the population of the New York state. This city is known for its status as the center for culture and finance and for its status as the largest gateway for immigration to the US. New York City attracts more foreign visitors than any other United States city.
New York is one of the fastest growing cities having recorded more than 20.5 billion dollars worth new project startups last year (2012). This was mainly improved by the new office tower at Hudson Yard that is estimated to cost 15 billion dollars. There is also an increasing demand in commercial housing with more commercial buildings propping up to meet this continuous thirst. Manhattan and the Apple have attracted booming construction projects.
In January this year (2013), the median price per square foot in New York City was 1,339 dollars. The average listing cost for homes was 2,316,317 dollars. There has been an upward increase in prices of some 10.6 percent from the same period last year (2012). The increase in the number of sales from December 2011 to December 2012 was 40.3 percent.
Commercial real estate in New York is one of the most wanted after avenues for investment. New York commercial real estate investors are not exclusively residents of New York. Prosperous investors from all over the world consider investing in New York as one of the most profitable investment options for earning maximum profits on capital.
The United States commercial real estate development has been on the rise and is expected to grow by more than 12 percent this year (2013). The growth is credited to rising industrial activities, favorable business operating environment in some cities as well as a rich talent pool in other cities. In general, most cities have indications of growing by more than 10 percent based 2012 levels, since demand for commercial real estate space increases across these cities.
I live in Houston and the skilled labor market is booming, in particular in the oil and gas industry. So many people are moving to Houston because of work and, as consequence, this creates a high housing demand