November 22, 2022
The Urban Land Institute (ULI) and PwC recently released the 2023 Emerging Trends In Real Estate Report. Each year this report provides an exciting look ahead to the future of U.S. cities.
The Big Idea:
For the second year in a row Fort Lauderdale placed in the “Magnets: 18-Hour City Category” alongside Charlotte, Denver, Minneapolis, Portland, Salt Lake City, and San Diego. These medium-sized cities "faired relatively well during the pandemic recession, a testament to their enduring appeal" and "continue to attract in-migration due to lifestyle, workforce quality, and development opportunities."
Impact on Sun Belt Cities:
"The pandemic seems to have reinforced some trends, notably the dominance of...warmer Sun Belt region, forcing structural shifts in how and where we live, work, and recreate in ways that seem destined to endure at least at some level." Going forward, "these markets will remain popular for both business and residential in-migration but could see the pace of both occur at more moderate levels."
Fort Lauderdale By The Numbers:
Fort Lauderdale was named as the 8th best local economy for 2023, a 12 place improvement from 2022. The 2023 ranking placed Fort Lauderdale ahead of West Palm Beach (9), Miami (10), Atlanta (13), Denver (16), and San Diego (19).
Fort Lauderdale is ranked as the 22nd top U.S. Market to Watch, placing ahead of Washington DC (23), New York-Manhattan (27), Philadelphia (28), West Palm Beach (34), and Pittsburgh (41).
For the first time on record, Fort Lauderdale was ranked for Office Buy/Hold/Sell Recommendation, placing 6th. This ranking put the Fort Lauderdale office market ahead of Austin (7), Nashville (9), and Charlotte (12).
Fort Lauderdale ranks 11th for development/redevelopment opportunities.
Fort Lauderdale’s standing for investor demand improved from 27th in 2022 to 12th for 2023.