Portland is No. 3 nationwide on PricewaterhouseCoopers and ULI's 2017 Emerging Trends in Real Estate, a list that takes into account investment prospects as well as development potential. "Professional, technical, and business services have been the backbone of the Portland economic recovery since 2011, with growth in these sectors easily outpacing that seen at the national level," the report says.

These jobs not only have been important in attracting new residents to the market, but also have helped push up incomes locally due to the higher wages they pay, the report notes. The pace of tech growth may slow due to a tightening labor market, but the pace of growth is expected to remain above the national average.

New residents continue to be drawn to the market for the high quality of life, while employers enjoy tapping into comparatively lower business costs and a well-educated labor force. Austin topped the 2017 Emerging Trends in Real Estate, while Dallas-Fort Worth was second; Portland edged out Pacific NW rival Seattle, which was No. 4.