I've read that there has been. I think due to need for workforce housing in these areas and stability of rental base. I can't speak for national markets but there is demand in Tulsa and Oklahoma City. Each has very good Opportunity Zone areas.
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Has there been a shift of multifamily OZ projects moving to tertiary markets?
Why? What are some of the most active areas in tertiary markets?
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Anecdotally, I'd say yes, if only because valuations and competition in the primary and secondary markets are getting overheated. I've also heard construction costs are too nutty in these difficult jurisdictions like NYC and SF. In a tertiary market, the local governments typically welcome you with open arms and you don't get any NIMBY resistance, plus the land and labor are both significantly cheaper. As long as you either know the market well or you can align with a high-integrity local partner, you have a pretty good shot at success.
I am not able to answer this question. But I can say in Puerto Rico, we are just starting to see the first waves of investment.
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