Okay, not actual physical medals. But commercial real estate titan Grubb & Ellis had a neat idea the other week. As part of their “Good News Friday” series, they decided to take a look at the Bureau of Labor Statistics data on job recovery and then award gold, silver and bronze medals to the top three metro areas in each of the nine census divisions. The results are heartening and a little surprising. On top and awarded with the gold, you’ll find Omaha, Pittsburgh, Austin and Boston with some eye-popping numbers — Austin especially. Cue the Olympic theme music!
Unlike a leading indicator such as residential RE, commercial real estate tends to trail mainline economic indicators. CRE tends to grow as a result of economic growth, not vice versa. With cautious optimism reappearing across the broader economy in recent months, what are the signs the CRE cart is following the general economy’s rejuvenated horse?