LoopNet released its 2026 list of the top U.S. cities for multifamily and office investment, with each ranked based on different criteria. For multifamily, the rankings focus on cap rates, property tax rates, inventory depth, and lifestyle factors. For office, they look at income-to-price ratios, inventory, job trends, and building quality. A few cities land in the top 10 of both rankings, which points to broad-based local demand. Others rank highly for office, where accelerating growth in office-using jobs can act as a forward signal for multifamily demand that has not yet shown up in the sale metrics. Both are worth watching: one for fundamentals already in place, the other for where demand is headed. 

Las Vegas: Demand Across Asset Classes

Las Vegas earned the second spot in the multifamily rankings and landed in the top 10 for office. The office analysis found it led all 50 markets for employment growth, with nearly 6% annual gains in both the information and professional and business services sectors. That workforce expansion has a direct downstream effect on housing demand; more workers relocating means more renters. On the multifamily side, the city posted a 7.07% cap rate and the fifth-lowest property tax rate in the study at 0.50%, and a 7% population increase over the past five years signals that demand isn't letting up. 

Richmond: Stability Over Flash

Richmond, Virginia ranked fifth in the multifamily study and made the top 10 for office. The city stands out for steady, reliable performance instead of dramatic numbers. Office-using employment grew year over year in Richmond, which is unusual compared to many markets where it declined. For multifamily, a 7.25% cap rate and the sixth-lowest property tax rate at 0.55% make Richmond a market where the numbers could add up without needing to factor in aggressive assumptions. 

Raleigh and Charlotte: Office Strength as a Signal for Multifamily Demand

Raleigh came in third in the office ranking, driven by the fifth-fastest rate of office-using employment growth among all 50 cities analyzed, particularly in financial and professional services. That momentum traces to the Research Triangle's continued pull on white-collar employers. Charlotte, meanwhile, rounded out the office top 10 with financial-sector employment gains that reflect its standing as a major banking center, even as broader office employment dipped slightly. 

Neither Raleigh nor Charlotte ranks in the multifamily top 10, where higher entry prices and lower yields place them well down that list. What makes them worth watching is the office side: sustained white-collar job growth is often a leading indicator of future multifamily demand, so the appeal is forward-looking rather than a current-yield story.

What the Overlap Actually Tells Investors

Cities that score well in both studies tend to share a few traits. They have diverse job growth, are more affordable than large coastal cities, and have enough inventory to give investors choices without the oversupply concerns that have pressured some fast-growing markets.

For multifamily investors specifically, the office employment data provides a useful signal. Markets where white-collar job growth is accelerating tend to attract higher-income renters, the kind of tenants who support stronger rent growth and lower vacancy risk over time. Secondary markets continue to screen well on yield and entry cost relative to the large coastal metros.

The longer-term case for multifamily remains intact even as near-term conditions grow more complicated, with elevated borrowing and ownership costs keeping many would-be buyers in the rental pool. In markets like Las Vegas and Richmond, where both employment and renter demand indicators are moving in the right direction, that structural tailwind is meeting local fundamentals that can actually support it.

Data sourced from LoopNet's 2026 rankings: Most Profitable Cities for Multifamily Investments in 2026 and Best Cities for Office Investing in 2026.