Austin has lost a bit of its luster on an annual list of the country’s hottest commercial real estate markets.

The latest Emerging Trends in Real Estate report from professional services firm PwC and the nonprofit Urban Land Institute puts Austin at No. 4 among the U.S. commercial real estate markets to watch in 2022. Austin ranked second in last year’s report and first in the 2019 report. Since 2010, Austin has appeared at No. 7 or above in the closely watched Emerging Trends report.

The report, released October 14, bases its rankings on interviews with hundreds of commercial real estate professionals.

The report groups Austin with four other metro areas in a first-time category called “supernovas.” The four others are Nashville; Raleigh-Durham, North Carolina; Boise, Idaho; and Jacksonville, Florida.

“In astronomy, a supernova is the explosion of a star that creates unusual brilliance, but more generally the term refers to things that explode into prominence or popularity. So it is with the five metro areas in this new category,” according to the report.

“Austin has long been among the brightest stars in the constellation and a darling for investors and developers alike, first breaking into the [top 10] markets to watch in 2009,” the report adds. Click to read more at www.austin.culturemap.com.