Mixed-Use Projects Transform the Suburbs

Burrow says DFW construction volume is projected to be healthy well into 2017.

DALLAS—With the pace of corporate relocations and job creation continuing in the Dallas/Fort Worth market, the pace of development activity in the area is on track for another record-breaking year in 2016. Given the number of projects currently on the drawing board, development activity and construction volume is projected to be healthy well into 2017, especially in the area of mixed-use projects, according to Chris Burrow, vice president, investments division, land advisory group, Henry S. Miller Company.  

Commercial real estate construction activity continues at a healthy pace in the Dallas/Fort Worth market area with commercial construction on track to reach $6 billion for 2016, a nearly 30%  increase from 2015. According to ULI, the market ranks high for overall real estate prospects, given that more than 100 companies have relocated to or expanded within Dallas/Fort Worth since 2010.

With the wave of corporate relocations, new office construction currently totals nearly 9.4 million square feet with another 26 million on the drawing board, according to Excelligent. The market also has 18.5 million square feet of industrial projects under construction with another 48.4 million proposed.   The market leads the country in new single family home starts and second in the country in multifamily construction this year. New retail construction totals 5.2 million square feet with current occupancy approaching 92%, according to Dallas-based Weitzman Group.