Austin – Jan. 27, 2021 – Austin offers one of the most favorable development markets for commercial construction in the U.S. according to CBRE’s U.S. Development Opportunity Index. The region secured the ninth overall spot on the inaugural list with sector rankings of fifth for retail development opportunities, sixth for office, seventh for multifamily and 18th for industrial. The report, which analyzed the top 50 U.S. markets by population, scored markets based on four performance categories: construction costs, fundamental strength of existing supply, prior cycle performance and property forecast. “As the population of the greater Austin area is on pace to grow 25% or more in the next 10 years, construction in the area will need to keep up with the additional demand for commercial real estate,” Brian Jarrett, Senior Director with CBRE Project Management. “We expect construction pricing will remain highly competitive due to number and quality of construction firms in the area. There are fantastic general contractors that not only specialize in nearly every construction type, but also specialize in nearly every project size.” Jarrett added that Austin’s projected growth can be attributed to several factors. “In addition to Texas’ business-friendly environment, the greater Austin area has plenty of affordable land and a great labor market. Combine that with great schools, affordable housing options and a consistently strong job market, it’s no wonder that top companies continue to relocate to the region.” Click to read more at www.cbre.com.