US - US real estate investment in major metropolitan areas is heading for a fall in 2002, according to the Emerging Trends in Real Estate 2002 report by PricewaterhouseCoopers, and pension fund advisors Lend Lease Real Estate Investments.
But despite a peak in ‘24-hour markets’, New York, Washington DC, Boston, Southern California and San Francisco still provide next year’s best opportunities, the report added.
But the report went on to say that factors including a souring economy; federal indifference; public school decline; housing shortages, and the fear factor that has reignited interest in suburban areas might diminish the positive outlook for these areas in the long term.
According to PWC and Lend Lease, New York still ranks as the country's number one market because of supply constraints despite September 11. But interest in San Francisco has waned since the tech bubble burst.
The report also sounded a cautious note for other markets: Seattle, Miami, Denver, Philadelphia and Minneapolis. Once ‘hot’ growth cities - Houston, Dallas, Atlanta and Phoenix - continue to fall out of favour in the annual forecast.
Now in its 23rd year, Emerging Trends in Real Estate is based on interviews of more than 150 leading real estate authorities.
By Madhu Kalia
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