According to a recent article on CNN Money, Texas has 3 of the top 5 fastest growing cities in the USA according to U.S. Census Bureau data on population growth between 2013 and 2014. While New York City is number 1, Houston (#2) , Austin (#4) and San Antonio (#5) are in the top 5.
Austin had over 100,000 people move there since 2010, but only 25,600 in the 2013-2014 period while New York City had 52,700. Los Angeles was number 3 with 30,900.
Other cities in the top 10 include (in order), Phoenix, San Diego, Dallas, Fort Worth and Charlotte. So in the top 10, Texas has 5 spots, California has 2 spots – no other state has more than one city in the top 10.
Other interesting findings from the data: there are now 10 cities in the US with over 1 million people. New Orleans got back into the top 50 largest cities for the first time since Hurricane Katrina.
Texas has seen large layoffs in the energy sector, but remains hot in tech, education and health care. Unemployment is still quite low and is still quite affordable.
For the full article, click here.
This is why it’s getting difficult in some submarkets to find lots of options when companies are looking for office and warehouse space to lease or buy. Historically, we could find lots of options, but not so any more. In some submarkets, it’s easier to find 50,000 square feet (SF) than 5,000 SF.
Bob Gibbons is a Real Estate Advisor & Tenant Advocate with REATA Commercial Realty, Inc. which is a tenant advisory firm based in Plano, Texas. Bob serves companies in Plano, Frisco, McKinney, Allen, Richardson, Addison, Dallas and the surrounding areas and specializes in companies which lease or buy office and warehouse properties.