The Triangle continues its meteoric rise as one of the best markets for real estate prospects in the nation. A new study by the Urban Land Institute and PricewaterhouseCoopers ranked the Triangle No. 2 on its list of markets with the best real estate prospects for 2020. The report ranks top cities across the United States based on factors such as size and growth, along with more complex indicators like economic stability. Another North Carolina city—Charlotte, North Carolina—came in at No. 4 on this list, just behind Nashville, Tennessee. What exactly sets the Triangle apart from nearly 80 other major cities in the country? Let’s take a look.
World-Class Technology Center
The Triangle area’s concentration of world-class, premier educational institutions—the University of North Carolina, Duke University, North Carolina State University and several smaller colleges—coupled with the dominant presence of the Research Triangle Park (RTP) has led to the area’s reputation as a technology powerhouse. With more than 89,000 technology jobs, the Triangle competes directly with Silicon Valley and San Francisco.
Healthy Development Base
The Triangle has also seen a sharp rise in the number of luxury mixed-use developments that have allowed the area’s communities to prioritize developing prime retail and office space. The demand for livable, walkable, mixed-use communities has increased, and developers have flocked to cities like Chapel Hill, Cary and Raleigh to meet the needs of these fast-growing areas. This trend isn’t exclusive to the Triangle: industry is flourishing across the state of North Carolina. Non-residential spending for 2018 totaled $9.3 billion according to figures from the Carolinas Associated General Contractors of America.
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