Yardi Matrix Chief Economist Jack Kern recently presented at the Institute of Real Estate Management (IREM) Global Summit, sharing insight on transportation issues in five key markets: Atlanta, Denver, Los Angeles, Miami and San Francisco.
“The overall fundamentals of demand look strong in many markets across the country, but as new construction continues to concentrate near urban and urbanized suburban areas, asset managers must focus on key employment and lifestyle locations within a given market in order to optimize performance,” said Kern.
Kern’s research shows:
- San Francisco and the Silicon Valley offer some of the most alluring tech jobs in the world, but also face elevated rent levels and congestion on local freeways.
- Denver and Atlanta are two of the fastest-growing metros in the country, but employment and population growth has outpaced road and transit improvements, straining highways and transportation networks.
- Los Angeles and Miami provide diverse economies with large ports, as well as significant office employment; however, their geographies and overtaxed infrastructure systems create unique mobility and transportation challenges.
In each of these markets, emerging suburban work, residential and entertainment centers offer an attractive and livable urban landscape, Kern said. While urban cores continue to attract residents and employers, so do suburban locations with strong demographics and well-developed transportation infrastructures.
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