COVID-19 could boost interest in smaller cities’ real estate

  • Smaller U.S. cities could see heightened interest in their residential and commercial real estate coming out of the coronavirus pandemic (COVID-19), according to a report from the Urban Land Institute (ULI) and PricewaterhouseCoopers (PwC). Raleigh/Durham, NC; Austin, TX; Nashville, TN; Dallas and Charlotte, NC are among the quickest-growing real estate markets, according to the report. 
  • More than 1,600 people including real estate investors, developers and property company officials responded to the report’s survey, of which 94% said they believe companies will allow at least partial remote work moving forward and may shrink their office space to save costs. More than half of respondents said businesses will seek new ways to encourage collaboration in-person while upholding compliance with social distancing guidelines, helping to ensure offices will not become obsolete.
  • Businesses and policymakers are also looking at ways to undo a legacy of inequity in the real estate sector, the report said. Seventy percent of survey respondents said the industry can address and help end systemic racism. But the report also warned the lack of affordable housing in the United States is exacerbated by the economic fallout and steep job losses caused by COVID-19. Read more via SmartCitiesDive