Business News
The D-FW area ranked first in the nation for small business job growth in October, regaining the top spot in a study conducted by payroll service provider Paychex and business research firm IHS. Positive small business job growth is expected to continue in the D-FW area going forward. Source: Dallas Business Journal, November 6, 2014.
Medical City Hospital in Dallas has begun an $85 million expansion and renovation project, including a seven story, 220,000 SF expansion, and more than 68,000 SF of renovations to the oncology, surgery, stem cell, and emergency departments. Source: Dallas Business Journal, November 3, 2014.
Real Estate News
Home prices in the Dallas-Fort Worth area were up 6.7 percent in the third quarter according to a new report, and the median sale price of a home reached an all-time high of $193,500. Meanwhile, the supply of homes in the D-FW area remains near an all-time low level, with the number of homes available to purchase down 10 percent from a year ago. Source: Dallas Morning News, November 6, 2014.
The first phase of Preston Hollow Village opens in February, with 75,000 SF of retail space, 60,000 SF of office space, and a 14,000 SF Trader Joe's. The $150 million second phase of Preston Hollow Village is scheduled to begin in December. Plans include three 7-story apartment buildings housing 513 rental units with retail space on the ground floor and an elaborate fountain at the center of the development. Source: Dallas Morning News, November 10, 2014.
A group of investors headed by Dallas real estate firm Dunhill Partners has acquired 33 acres and 700,000 SF of commercial space along Hi Line Drive, Oak Lawn Avenue, and Stemmons Freeway in the Dallas design district. Building on the success of recent developments, including new restaurants and residential towers, developers plan to market the area to high-end designers and redevelop some properties for high-rise construction. Source: Dallas Morning News, November 5, 2014.
Owners of the Crescent complex in Uptown Dallas are planning nearly $65 million in upgrades scheduled begin next year. Renovations will be designed to open the 11-acre office, hotel and retail development to the surrounding neighborhood by removing fences and creating pedestrian areas, including a 1-acre park at the corner of McKinney and Pearl. Source: Dallas Morning News, November 7, 2014.
City Center News
The new owners of the former Belo building are planning $10 million in renovations to the 17-story, 235,000 SF tower near Union Station in downtown Dallas. Upgrades will include a new conference center, a fitness center, and a restaurant on the first floor. Source: Dallas Morning News, November 4, 2014.
Cousins Properties Inc. and Houston-based developer Hines plan to break ground next year on a 23-story, 460,000 SF office tower on Victory Avenue southwest of the American Airlines Center. The project is expected to take 23-months and is planned to open in 2017. Source: Dallas Morning News, November 10, 2014.
Southern Dallas News
Construction has been completed on the new CitySquare Opportunity Center, a $15 million, 52,000-SF facility that offers job training, food distribution, and easy access to charitable organizations to the residents of Fair Park, South Dallas, and East Dallas. The center will include the offices of AmeriCorps, Workforce Solutions of Greater Dallas, a wellness center, and a cafe. Source: Dallas Morning News, November 10, 2014.
The Dallas City Council approved funding to assist the Commemorative Air Force in relocating its headquarters to Dallas Executive Airport. The Commemorative Air Force will hold up to three air shows each year featuring vintage military aircraft and plans to build a museum. Source: Dallas Morning News, November 12, 2014.
Economic Review
Source: CBRE Econometric Advisors, as presented in Emerging Trends in Real Estate® 2015
- Dallas ranks 6th in the nation in both total office space inventory and in the percentage of total office space inventory that is currently under construction.
- The average percentage of total office space inventory that is currently under construction nationwide is 2%.
- The Dallas-Fort Worth-Arlington MSA ranks first among MSAs with a population greater than 6.5 million in percentage of total office space inventory under construction.
- Real estate and economic analysts agree that economic growth in North Texas is leading to an increase in office space construction, both in downtown Dallas and in the surrounding city and suburbs.
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