Real Estate

Real Estate Investors Prefer Hipster Brooklyn to Manhattan

Real Estate Investors Prefer Hipster Brooklyn to Manhattan

The Manhattan Bridge is seen from the DUMBO neighborhood in the Brooklyn, New York.

Photographer: Drew Angerer/Getty Images
Photographer: Drew Angerer/Getty Images

Brooklyn’s cachet as a hip office market helped New York nail a spot on Amazon’s shortlist of HQ2 candidates. Now the borough has another claim to real estate fame.

It’s No. 2 among desirable U.S. markets for property investment, according to an annual ranking by PwC and the Urban Land Institute. Brooklyn, which cracked the top 10 for the first time in the report’s 40-year history, was prized for its cool, industrial appeal and lower costs relative to Manhattan, which ranked 32nd.

The Dallas-Fort Worth market topped the list, thanks to its young workforce and friendly environment for startups. Nashville, Tennessee -- where asset manager AllianceBernstein Holding LP, now based in New York, plans to move its headquarters -- ranked fifth.

Almost 2,400 real estate experts were surveyed.

U.S. Markets to Watch

1. Dallas-Fort Worth
2. Brooklyn, New York
3. Raleigh-Durham, North Carolina
4. Orlando, Florida
5. Nashville, Tennessee
6. Austin, Texas
7. Boston
8. Denver
9. Charlotte, North Carolina
10. Tampa, Florida