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Market Shift Not Likely to Drag Down Dallas

DALLAS-Seasoned vets say the capital markets' correction is an overdue about-face. And they add Dallas/Fort Worth has the right underpinnings to mitigate the risks.

By Connie Gore | Updated on November 13, 2007

(Read more on the debt and equity markets.)

Dallas

DALLAS-They’ve weathered the worst of times and the best. And in the eyes of many seasoned pros in Dallas/Fort Worth, the current shift in the capital markets is an overdue correction.

“The cheap CDO money is gone for the foreseeable future,” Jody Thornton, executive managing director in Dallas for Holliday Fenoglio Fowler LP, told the crowd at RealShare Dallas 2007. “And, I think that’s a good thing for our market.” Thornton’s keynote address drove home the point that capital is still available, its cost is about the same as last year and the changed lending environment is a welcome return to product, location and sponsorship being the real dealmakers.

“And, it’s about time,” Thornton said. “This problem is caused by the debt market and not the real estate market in general. I think this was a much needed economic correction.” Given the state of flux, he didn’t offer predictions, but did say that the first quarter “looks promising” because the issues will have had six to eight months to work through the system.

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