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The Next Austin

Nov 16, 2023
It doesn’t seem too long ago that people were talking about Austin, TX as “the next Silicon Valley.” Now, it seems there is enough consensus that those “people” are now asking where is “the next Austin?”

It doesn’t seem too long ago that people were talking about Austin, TX as “the next Silicon Valley.” Now, it seems there is enough consensus that those “people” are now asking where is “the next Austin?”

A report on GlobeSt.com says that "From coast to coast – mostly in the Sunbelt, of course – markets strive to become “the next Austin,” namely markets that are prime to soar, according to a definition by CBRE in a recent report. Such a market would have professional services, which include technology and other high-value niches as well as the city’s increased relevance for advanced services nationwide.”

What are the candidates? The article lists Raleigh, N.C. as a prime candidate. 

"Colorado’s Front Range has also evolved significantly, but it’s tough to check so many boxes. CBRE points to Dallas, San Diego, and Boston as markets on the cusp, given their economic prowess…."Philadelphia is another city with world-class research institutions that is actively growing its innovation ecosystem to attract business, stimulate innovation, and drive the regional economy, according to Erik F. Williams, Partner and Chair of the Real Estate Practice at Saul Ewing.”

Leon Camarda, Executive Vice President and General Manager of Project Management Advisors, tells GlobeSt.com that Tampa has many of the same drivers for substantial growth that powered Austin to the country’s fastest-growing city, including a low cost of living and a favorable tax environment.

Economic Development
David Harrison