With a rapidly growing population and strategic location as the gateway to Latin America and the Caribbean, the South Florida industrial market has emerged as a powerhouse fueled by a shift in consumer spending to online retailers and international trade, which has led to heavy investment in infrastructure improvements. These economic drivers, along with high barriers to entry and dwindling land supply, have kept the region’s industrial vacancy low and pushed asking rents to $9.40 per sq. ft., making it a popular market among institutional investors.
1. Austin, Texas
Towns in Texas top the list of places where developers are building new garden-style apartments. Relative to the size of the local population, developers are now building more garden-style apartments in Austin than any other metropolitan area in the U.S., according to CoStar.
“The four largest Texas markets—Houston, Dallas, Austin and San Antonio—have added more garden-style units than any other U.S. market since 2010,” according to RealPage. Austin is number three on the list of markets where developers have opened the largest number of new garden-style apartments since 2010, RealPage research shows.
Miami has 11,680 planned units and roughly the same amount—12,317—currently under construction.
7. Washington, D.C.
Bruce Bennett/Getty Images
Coming into the seventh position nationally and 19th globally, Washington offers tenants workstations at an average cost of $9,446.
6. Orange County, Calif.
Office space in Orange County costs on average $9,951 per workstation. The market is the 16th most expensive in the world, placing it ahead of the nation’s capital.
A workstation in Boston costs $10,995 per year, with the city coming in as the fifth most expensive in the U.S. and 15th most expensive globally.
4. San Jose
David McNew/Getty Images
San Jose and Silicon Valley didn’t even break the top three most expensive markets this year, with an average cost of $15,004 per workstation. Instead, the market ranked in the fourth place nationally and seventh globally.
3. New York
New York made it into the top three most expensive cities in the U.S., with an average cost per station of $15,931. It placed as the sixth most expensive city globally.
2. San Francisco
With the average cost per workstation of $16,205, San Francisco took the second spot nationally and fifth globally.
1. Fairfield County, Conn.
The most expensive market in U.S. based on cost per workstation turned out to be Fairfield County, Conn., with an average of $17,414. The market is the fourth most expensive globally, according to Cushman & Wakefield.