The annual Emerging Trends in Real Estate report, compiled by the Urban Land Institute and PricewaterhouseCoopers, has some good news for Columbus. The city was ranked in the report as having the number one local outlook for the Midwest Region. That score is decided by local experts that rank and score cities based on overall trends in development and the real estate marketplace.
“Columbus continues to benefit from good job growth that is driving real estate rent growth,” states the report. “Being the capital of Ohio as well as the home of the state’s largest university has helped maintain a stable economic base, and the city’s geographic location continues to enhance its position as a distribution hub. Investors have been drawn to the Columbus market and have been rewarded with attractive yields, helping raise the positive perception of the city among national investors.”
In August, Columbus was ranked the #7 Hottest Housing Market in the US by Realtor.com, while home prices have climbed by over seven percent between 2015 and 2016, and over a half billion in new construction is under way in Downtown Columbus alone. The report also credits Columbus as a place attracting residents due to The Ohio State University and new development that is geared more toward Millennial and Baby Boomer trends.
“This desirable factor is also benefiting from a rise in the number of developments that are geared toward walkability,” states the report. “These developments are not concentrated in a single area, but are located in different locations within the metro area. If Columbus can continue to exhibit similar levels of activity and returns, the market will improve its perception among national real estate players. Columbus could well be considered an 18-hour Midwest city.”
Overall, Columbus scored much more modestly in the report when compared to the entire batch of 78 metro areas studied, landing centrally in 42nd place in the “Overall Real Estate Prospects” list. Cincinnati scored 41st place, while Cleveland landed in spot number 55. The list was topped by Austin, Dallas, Portland, Seattle and Los Angeles.
To view the full report, visit www.uli.org. [PDF]
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