Hot Development Markets - 2023 Report

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.

The work experience has shifted since the onset of Covid-19. Work-from-home, work-from-anywhere, and hybrid schedules are driving high office vacancy. Most companies employing office workers have a hire talent anywhere policy with few geographic and infrastructure constraints. There is workforce growth in health care, hotels, etc., but the product mix is specialized and from a macro lens, less driven by where the talent is located. However, industrial operations, and specifically manufacturing and warehousing, only operate with workers on-site. Industrial operations have both geographic and infrastructure requirements that require careful consideration of where talent is located.

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)

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