Gateway real estate markets such as New York City and San Francisco are losing investor interest in favor of smaller, growing cities such as Atlanta, Nashville, and Charlotte, N.C., according to the Emerging Trends in Real Estate 2016 report by PricewaterhouseCoopers and the Urban Land Institute.

The top 10 markets for 2016 have a 12 percent lower cost of doing business than the top 10 from five years ago. And stalwarts such as Manhattan and Washington, D.C., have dropped to No. 15 and No. 24, respectively. The collapse in oil prices has had an impact on Houston, the No. 1 city in the previous year’s report. Houston ranked 30th overall, but 50th for investment and 59th for development.

Other Texas markets remain attractive, however. Dallas/Fort Worth was identified as the best market overall and the top market for home building, while Austin ranked No. 2 overall, with the best prospects for development. Los Angeles, while No. 10 overall, was named No. 1 for