Here are the top 20 markets for real estate investment in 2027, according to ULI's annual Emerging Trends Report just released this week. Quick thoughts on multifamily market in each: DFW stays No. 1, not a surprise. Been steadier than other Sun Belt markets. Still supply to work through, but still attractive and very liquid. San Francisco ranks No. 5, up 40 spots from last year, and would probably rank No. 1 if not for the fact that many survey respondents would probably never invest in San Francisco regardless how it is. Same for Manhattan, where policy risk questions dampen some enthusiasm and redirect capital elsewhere. Interesting to see DC's Northern Virginia suburbs rank high, yet its Maryland suburbs rank dead last and the District is in the bottom 5. But that's the reality of the DMV, and its just governance issues-- with the District and Montgomery County competing for the crown of most conspiratorial anti-business market while Northern Virginia gladly benefits from it. Austin and Boise both rank outside the top 20, but I'd be bet on both being in top 20 next year. ULI's list is supposed to be forward-looking, but this is example of how in reality it's still very much a present-day lens... just like San Francisco ranking No. 45 last year. Knoxville ranks as highest tertiary market, coming in at No. 20 overall. Good market but surprised it's so high. ULI's survey respondents put Norfolk and Milwaukee in the bottom 10, but I think they're just saying they don't know these markets. Both are very steady and interesting, low supply.