Seattle-Tacoma market maintains No. 1 spot for office investments
Seattle-Tacoma maintains its number one position it captured last year as the top U.S. market for office investments, according to Institutional Property Investor’s (IPA) First Quarter 2019 Office Investment Forecast Report.
Other strong tech hubs follow, with San Francisco (#2) rising one place and San Jose (#3) moving up two spaces. The only newcomer to the Index’s top five is Raleigh, N.C. (#5), propelled by robust leasing that has produced single-digit vacancy.
Sunbelt metros made the most significant changes in the 2019 NOI as well. Charlotte (#8) and Phoenix (#17) each vaulted eight places, while Orlando (#20) jumped seven slots. The largest declines in this year’s Index were registered by Miami-Dade (#22) and San Antonio (#32), moving down eight places, followed closely by Tampa-St. Petersburg (#16) and Portland, Ore., (#11), which each slipped seven spots.
As the current cycle continues to mature, office growth is spreading beyond primary