Thursday, August 29, 2013

Active Portland Apartment Market Getting National Ink

The Big Six markets (New York; Washington, D.C.; Boston; Los Angeles; San Francisco; and Seattle) indicate that the economy is recovering.  The most telling sign of a revival are when the secondary markets heat up.  Turns out "under-the-radar" Portland is raising some eyebrows.

Ryan Severino, an economist for New York–based market research firm Reis, chose Portland, Ore., as his hottest secondary market. Based on Reis projections, Portland is expected to have the highest effective-revenue growth of any non-gateway market, Severino says.
“Moreover, not only are [Portland's] fundamentals projected to perform well, but the presence of the technology sector bodes well for the metro area," Severino says.
"Technology is clearly one of the drivers of the U.S. economy, and in October Intel announced that it was planning a $3 billion capital investment for a massive expansion of its facilities in the metro area.”
Additionally, local industries are expected to drive demand in the housing market as the largest companies grow. Global conglomerate Nike, which is based in Portland, is expected to expand, with a $125 million capital investment.
“Not to mention Portland’s position as the microbrew capital of the U.S., and it is good times ahead for Portland this year.”
Read about the other four metros here.