Urban neighborhoods just outside city centers are becoming attractive investment destinations globally as companies and developers seek new and affordable opportunities. These previously overlooked areas are now experiencing significant rent increases, rivaling primary central business districts.
For example, Berlin's Prenzlauer Berg neighborhood, known for its vibrant culture, has seen a 50% surge in prime office rents over the past five years. Other thriving neighborhoods include Chicago's Fulton Market with a 43% rent increase since 2019, Seoul's Gangnam neighborhood with a 24% rise in rents over five years, and Charlotte's South End with 33% growth. Even smaller markets like Minneapolis' North Loop have witnessed rent increases exceeding 13% in the same period.
JLL's report, "The Future of the Central Business District," highlights these flourishing areas as evolving creative, tech, and R&D clusters that are capturing investor attention. The report reveals that rental growth of more than 20% in the past five years is common in these submarkets.
Phil Ryan, JLL City Futures Global Insight Director, notes the transformation of these neighborhoods into vibrant communities with creative offices, residential spaces, boutique hotels, and curated retail products. He emphasizes the importance of placemaking, citing examples from Europe such as Berlin's MediaSpree and Prenzlauer Berg, where livability improvements and architectural distinction have played a key role.
Investing in these urban fringe neighborhoods poses challenges due to their limited footprint and saturation point. Assessing the area's liquidity, scalability, and long-term potential is crucial for investors. The ability to develop vertically, like in Chicago's Fulton Market, contributes to the neighborhoods' attractiveness and growth prospects.
While investing in these markets carries risks, such as market volatility and sizing demand for higher-end amenities, Ryan remains optimistic about the trend. He believes that off-core urban neighborhoods will continue to attract residents, businesses, and visitors, ultimately informing the revitalization of traditional central business districts in response to evolving work and travel patterns.
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Lithuania
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Albania
Andorra
Angola
Armenia
Australia
Austria
Bahamas
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Bangladesh
Barbados
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Botswana
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Cambodia
Cameroon
Cape Verde
Chile
China
Colombia
Comoros
Costa Rica
Croatia
Cuba
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DR Congo
Denmark
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Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Gambia
Georgia
Germany
Ghana
Greece
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
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Iceland
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Iran
Ireland
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Ivory Coast
Jamaica
Jordan
Kazakhstan
Kenya
Kiribati
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Kyrgyzstan
Loas
Latvia
Lebanon
Lesotho
Liechtenstein
Lithuania
Luxembourg
Macao
Madagascar
* Visa on arrival countries
Country |
Minimum Investment |
Estimated Time of Passport Issuance |
Visa Free Travel |
---|---|---|---|
$235,000 |
6 - 8 Months |
145 countries
|
|
Austria |
€150,000 |
10 - 12 Months |
190 countries
|
Dominica |
€100,000 |
10 - 12 Months |
143 countries
|
Egypt |
$350,000 |
8 - 12 Months |
53 countries
|
Grenada |
$235,000 |
3 Months |
146 countries
|
Jordan |
$750.000 |
8 - 12 Months |
53 countries
|
Malta |
$235,000 |
3 - 4 Months |
190 countries
|
St. Kitts & Nevis |
$250,000 |
3 - 4 Months |
157 countries
|
St. Lucia |
$350,000 |
1 Months |
146 countries
|
Vanuatu |
$135,000 |
6 - 8 Months |
139 countries
|
Turkiye |
$400,000 |
6 - 8 Months |
110 countries
|
Country |
Minimum Investment |
Estimated Time |
---|---|---|
Austria |
$€100,000 - €400,000 |
3 - 6 Months |
Canada |
CAD 1.2 million |
12 - 24 Months |
Cyprus |
€300,000 |
2 Months |
Greece |
€250,000 |
6 - 8 Months |
Hong Kong |
HKD 10 million |
12 - 24 Months |
Hungary |
€250,000 - €2 million |
12 - 24 Months |
Italy |
€250,000 |
1 - 2 Months |
Latvia |
$250,000 |
2 - 4 Months |
Malaysia |
MYR 1 million |
3 - 6 Months |
Malta |
€300,000 |
3 - 7 Months |
Mauritius |
$375,000 |
2 - 6 Months |
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Bolivia
Bosnia and
Herzegovina
Botswana
Brazil
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Cape Verde
Chile
China
Colombia
Comoros
Costa Rica
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Cuba
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Czech Republic
DR Congo
Denmark
Djibouti
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Ecuador
Egypt
El Salvador
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Fiji
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Iceland
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Kyrgyzstan
Loas
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Luxembourg
Macao
Madagascar
Malawi
Malaysia
Maldives
Malta
Mauritania
Mauritius
Micronesia
Moldova
Monaco
Mongolia
Montenegro
Mozambique
Nepal
Netherlands
Nicaragua
Nigeria
North Macedonia
Norway
Oman
Pakistan
Palau
Palestine
Panama
Papua New Guinea
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russia
Rwanda
Saint Kitts and Nevis
Saint Lucia
Saint Vincent and
the Grenadines
Samoa
San Marino
Sao Tome and
Principe
Serbia
Seychelles
Sierra Leone
Singapore
Slovakia
Slovenia
Solomon Islands
Somalia
South Africa
South Korea
South Sudan
Spain
Sri Lanka
Suriname
Swaziland
Sweden
Switzerland
Tajikistan
Tanzania
Thailand
Timor-Leste
Togo
Trinidad and Tobago
Tunisia
Turkey
Tuvalu
Uganda
Ukraine
United Kingdom
Uzbekistan
Vanuatu
Vatican
Venezuela
Vietnam
Zambia
Zimbabwe
* Visa on arrival countries
Albania
Andorra
Angola
Armenia
Australia
Austria
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bhutan
Bolivia
Bosnia and
Herzegovina
Botswana
Brazil
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Cape Verde
Chile
China
Colombia
Comoros
Costa Rica
Croatia
Cuba
Cyprus
Czech Republic
DR Congo
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Gambia
Georgia
Germany
Ghana
Greece
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hong Kong
Hungary
Iceland
India
Iran
Ireland
Italy
Ivory Coast
Jamaica
Jordan
Kazakhstan
Kenya
Kiribati
Kosovo
Kyrgyzstan
Loas
Latvia
Lebanon
Lesotho
Liechtenstein
Lithuania
Luxembourg
Macao
Madagascar
Albania
Andorra
Angola
Armenia
Australia
Austria
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Benin
Bhutan
Bolivia
Bosnia and
Herzegovina
Botswana
Brazil
Bulgaria
Burkina Faso
Burundi
Cambodia
Cameroon
Cape Verde
Chile
China
Colombia
Comoros
Costa Rica
Croatia
Cuba
Cyprus
Czech Republic
DR Congo
Denmark
Djibouti
Dominica
Dominican Republic
Ecuador
Egypt
El Salvador
Equatorial Guinea
Estonia
Ethiopia
Fiji
Finland
France
Gabon
Gambia
Georgia
Germany
Ghana
Greece
Grenada
Guatemala
Guinea
Guinea-Bissau
Guyana
Haiti
Honduras
Hong Kong
Hungary
Iceland
India
Iran
Ireland
Italy
Ivory Coast
Jamaica
Jordan
Kazakhstan
Kenya
Kiribati
Kosovo
Kyrgyzstan
Loas
Latvia
Lebanon
Lesotho
Liechtenstein
Lithuania
Luxembourg
Macao
Madagascar
* Visa on arrival countries
Country |
Minimum Investment |
Estimated Time of Passport Issuance |
Visa Free Travel |
---|---|---|---|
$235,000 |
6 - 8 Months |
145 countries
|
|
Austria |
€150,000 |
10 - 12 Months |
190 countries
|
Dominica |
€100,000 |
10 - 12 Months |
143 countries
|
Egypt |
$350,000 |
8 - 12 Months |
53 countries
|
Grenada |
$235,000 |
3 Months |
146 countries
|
Jordan |
$750.000 |
8 - 12 Months |
53 countries
|
Malta |
$235,000 |
3 - 4 Months |
190 countries
|
St. Kitts & Nevis |
$250,000 |
3 - 4 Months |
157 countries
|
St. Lucia |
$350,000 |
1 Months |
146 countries
|
Vanuatu |
$135,000 |
6 - 8 Months |
139 countries
|
Turkiye |
$400,000 |
6 - 8 Months |
110 countries
|
Country |
Minimum Investment |
Estimated Time |
---|---|---|
Austria |
$€100,000 - €400,000 |
3 - 6 Months |
Canada |
CAD 1.2 million |
12 - 24 Months |
Cyprus |
€300,000 |
2 Months |
Greece |
€250,000 |
6 - 8 Months |
Hong Kong |
HKD 10 million |
12 - 24 Months |
Hungary |
€250,000 - €2 million |
12 - 24 Months |
Italy |
€250,000 |
1 - 2 Months |
Latvia |
$250,000 |
2 - 4 Months |
Malaysia |
MYR 1 million |
3 - 6 Months |
Malta |
€300,000 |
3 - 7 Months |
Mauritius |
$375,000 |
2 - 6 Months |
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