The old television show might argue that it’s always sunny in Philadelphia, but the creators clearly hadn’t spent much time in commercial real estate around the Sun Belt.

There’s been self-reinforcing cycles driving success there, particularly in multifamily. Businesses are moving down, trying to find cheaper and less regulated places, following the money. People follow the jobs. The money.

All those people needed places to live, so the developers also headed south. And the money. It’s been there, but challenges are starting to surface. Is there a chance that further expansion could lead to oversaturation and spoil some of what people are looking for in the first place?

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Erik Sherman

 

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