4 of the Fastest Growing Cities for Commercial Real Estate in the United States

November 8, 2023

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The United States’ commercial real estate market is witnessing a dynamic and transformative period, driven by economic growth, innovation, and demographic shifts. As businesses continue to expand and adapt to evolving consumer demands, certain cities stand out as hotspots for commercial real estate investment. Below are a few of the fastest-growing cities for commercial real estate, where opportunities abound for investors, developers, and businesses alike.

Austin, TX's fast growth rate attracts businesses in need of commercial real estate.


Austin, Texas

Austin’s meteoric rise as a technology and innovation hub has propelled its commercial real estate market to new heights. With an annual population growth rate of around 3% over the past decade, the city’s vibrant community attracts both startups and established corporations. The demand for office space in Austin increased significantly, with absorption rates of over 2 million square feet in 2020 alone. The city’s tech job market remains robust, contributing to its reputation as a tech mecca. These trends signal Austin as a burgeoning destination for businesses seeking expansion and investors looking to capitalize on the city’s booming commercial real estate sector.

Nashville, TN is a commercial real estate powerhouse.


Nashville, Tennessee

Nashville has recently emerged as a major commercial real estate powerhouse. The city’s population has grown by an average of 2% per year over the last decade, reflecting its appeal as a destination for both businesses and residents. With over 15 million visitors expected to visit the city in 2023, Nashville’s hospitality industry has experienced remarkable growth, driving the demand for hotels and retail spaces. The job market has expanded across various sectors, including healthcare, entertainment, and finance. These impressive statistics showcase Nashville’s allure as a commercial real estate hotspot and underscore the city’s significance in the U.S. real estate market.

Charlotte, NC's financial sector drives commercial real estate growth.


Charlotte, North Carolina

As the second-largest banking center in the U.S., Charlotte’s financial sector has been a major driver of the demand for office spaces in the city. Moreover, the investment in infrastructure projects to support its growing economy has enhanced its appeal to investors. Consequently, the city’s population grew at an average rate of 2.5% per year over the last decade, reflecting its attractiveness to professionals and businesses alike. The city’s position as a top destination for commercial real estate opportunities is undeniable.

Phoenix, AZ has a booming commercial real estate market.


Phoenix, Arizona

With a population growth rate of around 2.5% annually over the last decade, Phoenix attracts businesses seeking affordable office spaces and a growing workforce. The city’s industrial market boom, driven by its advantageous location for distribution and logistics, has been a significant contributor to its commercial real estate growth. With an expanding job market across various industries, including healthcare, manufacturing, and technology, Phoenix offers promising opportunities for commercial real estate investors.

In the up-and-coming commercial real estate markets of Austin, Nashville, Charlotte, and Phoenix, opportunities are abundant, but so are the risks. As investors, developers, and businesses flock to these dynamic cities, the importance of mitigating construction risk becomes paramount. That’s where Moran Consultants steps in as your trusted partner.

How Moran Consultants Can Save You Time and Money with Your Next Investment

Navigating the complexities and unique risks of commercial real estate development and investment demands the utmost expertise and experience. Moran Consultants offers comprehensive services tailored to the unique challenges of each of these booming markets. With the help of our large database of past projects and years of local knowledge, we can complete accurate comparisons regarding project cost, time, and project team experience based on geographic region and specific project type. With Moran Consultants as part of your team, our consultants can offer the insights you need to make informed choices and the peace of mind that your investments are secure. Give us a call at (866)-545-3350 or contact us online to learn how we can help you with your next deal!

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