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Phoenix ranks sixth on a new national ranking of the best U.S. markets for real estate investments.

Houston-based commercial real estate firm Situs RERC ranked 48 U.S. metro areas on the attractiveness of their commercial real estate markets for future investments.

Phoenix came in sixth behind only Austin, San Antonio, Raleigh, Dallas and Orlando.

Brian Velky, managing director of fiduciary and valuation services for Situs, said Phoenix has better price values than more expensive “primary” U.S. markets such as Los Angeles, New York, San Francisco and Boston. Velky also said Phoenix has good growth projects for population and job gains.

“Phoenix has a strong outlook and relatively reasonable prices,” he said.

Three of the top five markets for real estate are in Texas, according Situs.

Velky said Austin with its growing technology sector was by far and away the top market for real estate growth and investment.

Situs reseachers said price increases in first rung U.S. markets like New York and L.A. are turning investors and developers to look at second-tier markets.

Toledo and Cleveland, Ohio ranked last in the survey. Las Vegas came in 11th and Los Angeles 43rd on the report.

Velky said some L.A. submarkets such as Santa Monica are strong but high prices and under-performing areas such as downtown bring down the market.