Phoenix slips past Dallas-Fort Worth while Nashville hangs onto the top spot in the annual real estate forecast.Phoenix’s baseball team might have lost the World Series to the Texas Rangers, but its real estate market is scoring a win over Dallas-Fort Worth.
report. The 45th-year forecast produced by PriceWaterhouse Coopers and the Urban Land Institute scores U.S. metro areas as the best places to buy, build and finance property in the year ahead.Along with D-FW, Austin and San Antonio also made the top 10 list. Houston ranked 11th. After high interest rates, the more than 1,200 real estate professionals surveyed listed availability of labor and job growth as their top concerns. Inflation got only a fifth-place ranking among the industry’s top economic issues.Housing costs, immigration policies and political extremism were the top sociopolitical concerns for next year.
Demand for office buildings has plunged following the pandemic. Most real estate professionals polled described next year’s office prospects as “abysmal” to poor.“The office Armageddon has come,” said Sara Queen, head of equity strategies for MetLife Investment Management. “There are some buildings doing fantastic. And then you have the have-nots. Most of the vacancy is in the have-nots.