Real Estate - JANUARY 25, 2023

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People going to tertiary markets instead of primary and secondary cities

by Andrea Zander

Employees lead the shift from primary and secondary cities to more affordable and livable areas with the rise of hybrid work environment, according to Graceada Partners in its The Emergent Value of Third City Markets report, which ranks tertiary markets that represent strong potential for real estate investment.

Third City Markets (TCMs) are defined as a tertiary market with between 100,000 to 200,000 residents within several hours drive or a short plane ride from a major hub. To find these undervalued TCMs, Graceada Partners analyzed U.S. Census data, AARP livability statistics, and metrics through CoStar to refine their list. The top 20 TCM cities were chosen and ranked based on aggregating these benchmarks.

“Through flexible work agreements from hybrid to remote, businesses have continued to expand into secondary and tertiary markets — which includes hiring workers specifically in secondary and ter

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