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PHOENIX – The Valley’s booming growth pushed it into 14th place in the 2004 list of top US cities for commercial real estate despite high vacancy rates in both the office and apartment sectors.

The ranking, compiled by the Urban Land Institute and PricewaterhouseCoopers, moved the city four places higher on the list from last year in the “Emerging Trends” report but noted that the Valley remains “one of the Sun Belt’s high growth, high risk suburban markets.”

The report, which defined the area’s office market as “out of whack and shallow” and cited the Valley’s apartment sector as being overbuilt, still targeted the city as one of its “markets to watch.”

Only Washington, DC received unwavering support as a promising investment market from industry executives who compiled the listing. New York and Southern California from San Diego to Los Angeles ranked behind the nation’s capital.

Other cities cited because of either improving market conditions or because of their bargain properties included Chicago, San Francisco, Seattle, Philadelphia, Phoenix, Houston, Atlanta, Denver and Dallas.

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