The move signals a shift in international investment into smaller U.S. cities.
Austin is the U.S. city with the most interest from foreign real estate investors this year, a new survey found, signifying a shift in investment toward smaller metropolitan areas as the coronavirus pandemic and rise in remote working pushes people out of large cities.
It’s the first time a tertiary city, or a smaller metropolitan area, has ever ranked in the top three in three decades of AFIRE surveys, the investment association said, and marks a significant shift in investor interest. Investors indicated they are less interested in investing in large cities, like New York and Chicago, which were each ranked as one of the top three markets to lower real estate exposure by more than half of survey respondents, along with more than a third who ranked San Francisco in the top three.
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