Real estate in the Tampa-St Petersburg metro area ranks as the best for development opportunities in 2002 and one of the top picks for overall prospects. This Florida metro also features as one of the most sought-after by investors for next year. Other areas in the Sunshine State such as Orange County and Orlando are favourites for 2022 as well.
Emerging trends in US real estate
The latest report from PWC in conjunction with the Urban Land Institute looks at the appetite for US property markets in 2022. According to the findings, “both domestic and offshore investors remain exceptionally interested in US property markets”.
Emerging Trends in Real Estate 2022 looks at the US economy generally and predicts tendencies for the next year in all property sectors. The report then pinpoints the best locations in the country for real estate investment and Tampa in Florida ranks among them.
Tampa real estate magnet market
In the table of overall prospects, Tampa ranks in fifth position. It joins four other metro areas in Sunbelt areas, with Nashville and Raleigh at the top of the listings.
PWC describes the top investment locations as “magnet markets”, preferred destinations for individuals and companies as well as investors. According to the report, magnet markets have higher than national growth in both population and job creation. In addition, they appeal to younger demographics such as millennials and generation X, with a smaller proportion of retirees.
As a result of these population and employment dynamics, PWC reports that these metro areas “are also the preferred markets for investors and builders”. Their advantage over other markets within the US is “wide and growing”.
High investor demand for Tampa property
In the metrics for overall investor demand, Tampa ranks among the best in the country. The metro area achieves a score of 4.42. Nashville and Austin tie for first place with 4.73.
When it comes to development opportunities, Tampa tops the table. It achieves the highest score of 4.35, slightly ahead of Nashville with 4.27.
Good results for Tampa economy
One of the reasons for Tampa’s investment appeal lies in the metro area’s buoyant economy. In the PWC table, Tampa stands in 7th place with 4.48 points. Heading the table is Austin with 4.76 points.
Emerging Trends in Real Estate 2022 paints a largely optimistic picture for the US economy on the back of one of the shortest recessions ever (just two months) and pent-up demand among consumers. PWC reveals that property has seen one of the fastest and most consolidated recoveries within the economic spectrum.
Multi-family investment recommendations
The report also gauges investor sentiment in each metro area and ranks their recommendations to buy, sell or hold condo properties. Again, Florida real estate comes with the overwhelming recommendation to buy. For example, in Orange County, 71% of investors advocate buying apartments while in Orlando, the percentage is similar (69%).
Orlando top for visitor and convention centres
As well as looking at the major property sectors, Emerging Trends also examines niche markets across the country. For example, in the visitor and convention centre category, Orlando real estate stands out as an exceptional market in the US. Cape Coral, in Southwest Florida, also ranks as one of the best.
(Source: PWC, Urban Land Institute)
