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U.S. News & World Report magazine published a list of the top 10 cities they believe will transition into a real estate recovery in the near future, and Portland made the cut. It is important to note that the study was based on commercial real estate and not housing, but a boom is a boom, right? The research used centered around retail and office vacancy rates in the 79 largest US metro areas with a focus on the change in vacancy rates between 2008 future year projections.
Portland came in 8th on the list and the magazine points to the idea that unemployment rates may be artificially high because of the amount of people moving into the area, unlike other cities where people are leaving en mass. They also note Portland’s role sexy industries like clean tech and other green initiatives.
Topping the list was Tulsa, followed by Pittsburgh, Long Island, D.C., Philadelphia, Birmingham and Louisville. Rounding out the top 10 after Portland are Fairfield County, Connecticut and Raleigh-Durham.
It is also important to note that the magazine also published a so-to-speak bottom 10 list and no cities in Oregon were included…not even Bend.
