The general consensus about Opportunity Zones has been thatwhile interest in these areas is intense, there has been littleactivity. Most of the capital poised to invest in OpportunityZones, so the theory goes, is waiting on the sidelines until theTreasury Department clarifies more regulations. A study by RealCapital Analytics disputes this notion, finding that bothinvestment and prices are rising in Opportunity Zones. Reportauthor Jim Costello found signs that the program is making adifference.

The study looked at the variation in sales activity between bothOpportunity Zones and areas that were not selected to be part ofthe program—tracts that Real Capital Analytics termed "Also Rans."Theoretically, both of these areas were ripe for redevelopment andboth should see more activity as cities grow and populationsexpand. To see if the program was making a difference Real CapitalAnalytics looked at the sale of sites and properties scheduled fordevelopment in the three Census tracts types. If sale activity grewin both the Opportunity Zones and the Also Rans, it would suggestthat the program was not needed, Costello writes. In fact, the teamfound that last year's sale activity for development-oriented typeprojects was falling in the Also Ran areas even as it grew in theOpportunity Zones.