Overall, the LightBox report shows an bigger increase in environmental assessments in secondary markets compared to primary metros. In fact, Los Angeles and Orange County are the standout primary markets on the list. "Early in the market's recovery from the Great Financial Crisis, investors tended to focus on the largest markets like New York City, Los Angeles, San Francisco and others," says Crocker. "As this protracted recovery has played out and property prices rose higher and higher in the primary markets, investors increasingly turned their focus to smaller metros with less robust competition and more opportunity to realize a return on investment. That is not to say that primary metros like Los Angeles, Orange County and others in our analysis are not outperforming averages for other primary markets, but that investors were willing to go further out on the risk curve than previously to look at opportunities in smaller metros like Austin, Cincinnati and Providence."

In addition, Crocker adds that redevelopment and population growth are among the top characteristics continuing to drive capital to primary markets. "Factors that bode well for the primary metros in our analysis (Portland, LA, Baltimore, San Diego and Orange County) are a strong focus on the redevelopment of properties, higher than average population growth, a strong tech presence, and demand for industrial/warehouse space to support e-commerce trends," she says.