{"id":9656,"date":"2014-02-13T05:00:39","date_gmt":"2014-02-13T13:00:39","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=9656"},"modified":"2020-12-28T11:32:45","modified_gmt":"2020-12-28T19:32:45","slug":"market-report","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/market-report\/","title":{"rendered":"Market Report"},"content":{"rendered":"

The following article is excerpted from an article by Keith Loria in the January issue of Multi-Housing New\"RonBrock\"s.<\/em> Find the the full story at Market Report: Ones to Watch<\/a><\/em>. Pierce-Eislen is a subsidiary of Yardi Systems.<\/em><\/p>\n

Ron Brock, vice president and general manager of Pierce-Eislen<\/a>, located in Scottsdale, Ariz., says that his Top 10 list of markets to watch in the upcoming year is projected to have a combined 6 percent rent growth in the next 12 months.<\/p>\n

He also believes his list is going to surprise some people, because some markets that were doing well this year are not going do very well next year.<\/p>\n

\u201cIf you look at the Bay area of Northern California, it\u2019s all very good. You have the East Bay market, the San Francisco Peninsula and the South Bay\/Silicon Valley market,\u201d he says. \u201cThere are good jobs there. Like everything else, a composition of jobs brings some good income.\u201d<\/p>\n

Austin, Texas is also on his list, and while Brock admits that it does seem to be overbuilding right now, the jobs being created are very attractive and pay handsomely, boding well for its future.<\/p>\n

\u201cOther markets to say \u201cyes\u201d to in 2014 are West Palm Beach, Boca Raton, suburban Atlanta, which is a surprise, Miami, Denver, Orange County and the Southwest Florida Coast,\u201d Brock says. \u201cWest Palm Beach is interesting because job growth isn\u2019t so much a factor, but it\u2019s the empty nester crowd. Retirees go there and are willing to pay. Same thing with the Southwest Florida Coast\u00ad\u2014people are showing up with money.\u201d<\/p>\n

The Miami office space<\/a> market meanwhile is being driven by money from outside the country, most notably South America. Suburban Atlanta is seeing an increase in job creation, which is the complete opposite of what\u2019s happening in urban Atlanta. Denver also keeps rolling with new jobs being added.<\/p>\n

\u201cMost of these markets are lifestyle markets. People don\u2019t leave even if they lose their jobs: They move there because they like the environment,\u201d Brock says. \u201cMiami, Austin, all the Bay areas and the three Florida areas are included in that.\u201d<\/p>\n

On the cusp of cracking his Top 10 is Fort Worth, Texas, and he sees most of Texas doing well in 2014.<\/p>\n

Brock had a lot to say about the markets that need to be watched with a careful eye and aren\u2019t expected to do much in 2014.<\/p>\n

New developments are on the rise, Brock says, due to the top end of the market, which is comprised of people with money, retirees and empty nesters who have income and wealth but just don\u2019t want to own anymore, as well as young professionals, double income\/no-kids households.<\/p>\n

\u201cOn the other side of it\u2014for renters by necessity\u2014the jobs aren\u2019t there,\u201d he says. \u201cThere\u2019s too much supply coming on and not enough demand. You can\u2019t do much if you don\u2019t have the jobs. Job creation is a tough one. If you believe what\u2019s going on with Obamacare, it\u2019s going to lead to job loss. These are going to be hit the hardest and already getting hit.\u201d<\/p>\n

Markets that he deems \u201cin trouble\u201d are Washington D.C.\/suburban Maryland, urban Chicago, urban Philadelphia, the Carolina Triangle, Tucson, Ariz., Baltimore, Northern Virginia, the Richmond\/Tidewater Region, Albuquerque, N.M., and both urban and suburban Boston.<\/p>\n

\u201cThe sequestration has clearly had a serious impact on some of these markets, and we can expect with Obamacare, there\u2019s not going to be a huge increase in jobs in these markets,\u201d he says. \u201cIt\u2019s unpopular to talk about, but if you think of it as a bell-shaped curve, with really good and really bad, that group is on the wrong end of the curve.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The following article is excerpted from an article by Keith Loria in the January issue of Multi-Housing News. Find the the full story at Market Report: Ones to Watch. Pierce-Eislen is a subsidiary of Yardi Systems. Ron Brock, vice president and general manager of Pierce-Eislen, located in Scottsdale, Ariz., says that his Top 10 list […]<\/p>\n","protected":false},"author":451,"featured_media":9188,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[746,589,134,747],"class_list":["post-9656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-markets","tag-multi-family","tag-real-estate","tag-regions"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"The following article is excerpted from an article by Keith Loria in the January issue of Multi-Housing News. Find the the full story at Market Report:\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardi.com\/blog\/market-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Report\" \/>\n<meta property=\"og:description\" content=\"The following article is excerpted from an article by Keith Loria in the January issue of Multi-Housing News. 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