DALLAS--Corporate relocations and large industrial complexes will continue to spur the Dallas/Fort Worth area in 2015, say a swath of industry experts.
Far North Dallas, specifically Richardson, continues to steal the limelight in the massive market. The Toyota and State Farm campuses are the headliners, but just last week, plans were announced for a $500-million CityLine adjacent mixed-use center.
In the industrial sector, interest abounds for infill locations near D/FW International Airport, even if they prove ever elusive.
“One million square feet isn't even a big deal anymore,” Jeff D. Thornton, regional senior vice president-Texas at Duke Realty Corp., said in a panel discussion at RealShare Dallas in November.
Like many cities in growth mode, D/FW has a propensity for overbuilding.
Brett Owens, principal/managing director for brokerage services at Transwestern summed up the situation best at the event: “Dallas has a reputation for overbuilding but right now, we're in a healthy place.”
Other notable developments include Trademark Property Co.'s redevelopment of Victory Park, near downtown, and the firm's Waterside eco-friendly project in southwest Fort Worth. The latter development will bring to the city its first Whole Foods Market.
Elsewhere in Fort Worth, which has been named in the Top 10 of fastest-growing cities in the country, more than 28,000 jobs were added in 2014, according to a recently released report from CBRE. Wholesale trade led all other sectors in job growth rate, at 11.9 percent, while the professional and business-services industry contributed the highest number of jobs, with 8,800 jobs added.
As such, Fort Worth home sales in continued to rise in December 2014, outpacing the prior year by 15 percent, coupled with a 12.5 percent increase in the median sales price. Months of inventory, at 2.2, is now at the lowest point in recorded history based on data from The Real Estate Center at Texas A&M University.
According to a report just released from Dallas-based Axiometrics, Fort Worth ranked 12th in rent growth from January 2014 through last month.
-
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
