December 12, 2023
The Urban Land Institute (ULI) and PwC recently released the 2024 Emerging Trends In Real Estate Report. Each year this report provides an exciting look ahead to the future of U.S. cities.
Fort Lauderdale was ranked as a leading “Magnet: 18-Hour City” for the third year in a row alongside Charlotte, Denver, Minneapolis, Portland, Salt Lake City, and San Diego. According to the report, “the dynamic economies of these markets continue to make them popular with developers and investors alike… with features common to all being active downtowns.”
By The Numbers:
Fort Lauderdale ranked 21st overall on overall real estate prospects, continuing the city’s upward climb since being ranked 33rd in 2021.
Fort Lauderdale was the only Florida city in the top 30 that performed better in this year’s rankings.
“Six of the 10 Florida markets covered dropped in the rankings,” except Fort Lauderdale.
Four Florida cities are ranked closely together between 14th and 21st (Miami, Tampa/St. Petersburg, Orlando, Fort Lauderdale).
National Takeaways:
“Rent growth nationally is flat or minimal, depending on the source, after peaking at over 15 percent year-over-year in early 2022. The difference? Healthy additions to supply. Apartment construction is on pace to add over 460,000 units in the United States this year, on top of over 700,000 units added in the past two years for a total of 1.2 million since the pandemic began."
“Luxury retail tenant demand has skyrocketed over the past 18 months.”
Signaling the importance of investing in parks and public spaces, the report states that within downtowns, “real estate is a platform to provide opportunities…for people to come together with their community.”