Dallas Is Seen To Continue Being A Commercial Real Estate Hub In The Many Years To Come

Category: Finance, Real Estate.

Dallas City in Texas continues to experience steady growth in its real estate industry notably on the commercial side.

But despite the growing economy, Dallas remains to be among the most affordable cities in the U. This is not really a wonder as Dallas is a large city which accommodates several huge industries consisting of the petroleum, banking, transportation, information technology and telecommunications sectors. S. , according to Forbes. The Dallas commercial real estate including the big buildings and skyscrapers was a major growth factor. The Dallas Texas real estate industry has also maintained its momentum since it began experiencing its booming days back in the 1980s. In addition, the Dallas metroplex accommodates numerous high- end shopping centers more than that of any other city or state in the U. Experts reveal that the commercial real estate market in Dallas is in great condition compared to the residential properties.

In terms of foreclosure, the percentage of Dallas office space, industrial and retail, apartment buildings is very small. Dallas is seen to continue being a commercial real estate hub in the many years to come. This is due to the fact that commercial companies almost always have the financial resources to carry out their expansion and construction projects. Currently, new construction projects of condos and townhouses are widespread around this booming city. The central business district of the city has reduced its office vacancy rate to 24 percent as of end of September 200 The year 2007 has proved to be favorable for the Dallas commercial real estate sector. The other good news is that many of the office spaces previously available in Dallas have already been occupied or pre- leased. Latest reports from Cushman& Wakefield say office tenants that have been expanding and relocating have leased 5 million square feet more of office space in the Dallas- Fort Worth area in the first half of the year.

Rents have also risen to seven percent from the 2006 rates. The third quarter net leasing has also soared nearly 90 percent from totals in mid- 200A recent report by Delta Associates showed that Dallas- Fort Worth is seen to accommodate an average of 8 million square feet of office space each year until 201 As for construction, an estimated 9 million square feet of office space is now being built in Dallas- Fort Worth as of the middle of 2007 and this is bigger than in 200Of the estimated office space being constructed, more than 40 percent is already pre- leased. Third quarter figures show that office rents averaged$ 142 per square foot while rents for medical office space rose 12 percent to$ 24 percent. Many real estate investment firms are seeing a low vacancy rate and substantial rent gains this 200Developers are also projected to provide 6 million square feet of office space by the end of the year while building owners are expected to ask for higher rents as a result of lower vacancy. With all these positive developments going on, the future of Dallas commercial real estate is indeed looking bright. The reduction in vacancies is being attributed to the surge in employment by 2 percent covering more than 900, 000 jobs by year end.

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