Hot Development Markets 2023 Blog

Hot Development Markets

Figure 1: Projected 5–year growth. Vertical height equals total number of jobs; horizontal measures job growth.

Real estate requirements span a wide variety of operational models and product types. This complex blend of functions and activities comes with widely varied location decision drivers. This report will examine the top growth industries, the top growth markets for those industries, correlate their location similarities, and highlight some metro markets that carry the same similarities and are ripe for new growth.  

This report is unique by looking at the demand for real estate as defined by workforce/jobs. It does not consider supply, ownership, financing, etc. We look at projected growth of the workforce. Specifically, we identify which industries are growing.  As we consider workforce as the real estate demand factor, we’ve narrowed the focus to industries that require people on-site and are geographically flexible.  The on-site requirement eliminates office-based industries as most companies are now utilizing a hire talent anywhere policy.  Geographic flexibility, the choice between states or larger geographic entities, eliminates hospitality and healthcare.   

This report examines talent/workforce as the demand side of real estate; the driving force behind future industrial development. We will address two questions:  What industries are growing jobs? Where is the workforce to support those industries (and will require new development)?

The analysis shows which metro markets are adding the most jobs and will require real estate expansion to accommodate those jobs. While there is a whole host of decision criteria (logistics, infrastructure, etc.) that affect a corporate location decision, this report has identified the industries and locations where demand for real estate is strongest.

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