The record year in D-FW real property
What a glorious year – now, once 2016 is finished, it’s possible to say that it was one of the most successful years in the area of real estate, area of Dallas, North Texas.
Record property sales and record house prices… Construction cranes, that are sprouting across our horizon.
The past year, with this boom at the area of building, was like 1980s but, in comparison with 1980, it wasn’t any loan and crooked savings money, and we don’t saw development of a empty and unnecessary buildings.
Thanks strong and rising interest to Dallas and its economy, during the past year have come here a very big quantity of people want to work – flood of people. Because of this, in all area of Dallas-Fort Worth, there was a strong, big demand for all type of products: from apartments to offices.
And now the biggest question is – does it mean than in the 2017 all will continue to be like during past year?
It’s possible that finally, thanks high rates, the process of house purchase will turn more tougher, the same with purchase of offices.
But, obviously, if the employment level gains in Dallas’ area will remain high, we can expect one other succesful year for the real estate sector.
Biggest sale of property: CityLine, campus of State Farm
Nowadays all is biggest in the area of Dallas (and in all North Texas), and commercial property sales too. And it will be too hard for you to find one other deal like $825 million sale of famous State Farm Insurance’s Richardson campus (newly builded).
The 4 high-rise constructions, with the area of 2 mm. square feet. All was purchased by the Mirae Asset Investments, investment fund of South Korea, and by the Houston’s Transwestern Investment Group too.
The famous office towers are nowadays the centerpiece of CityLine project, valued $1.5 billion, at Bush Turnpike.
Biggest development: Legacy West
With area of over 5 mm square feet, valued much more than $3 billion, this project of office space construction of Legacy West development, located in the area of West Plan, raises the commercial real property projects bar for all North Texas.
With the advent of new office campuses, constructed for Liberty Mutual Insurance, FedEx Office, JPMorgan Chase and Toyota, the development of 250 acre will start to work with more than 20,000 workers when this building will open its doors.
The first residents nowadays have already started to move into houses at Legacy West area. And restaurants and shops in the city will be opened in spring.
Brilliant addition to the Uptown skyline: newly opened McKinney & Olive
With a beautiful glass exterior and with big park at front door, the area of Dallas opens McKinney & Olive building, that sent one new and big standard for the local development.
The project of Crescent Real Estate, valued $225 mm., was designed by the architect Pelli Clarke P., and finally office space contain 21 floors, restaurant center of two levels and a plaza of 1-acre near Olive Street.
Biggest turnaround: reboot of a First National Bank building
The tower of First National Bank costs more than $ 250 mm., So the redevelopment of this 52-story tower is one of the biggest projects lived by Dallas’ city ever.
When in the process of this development appeared foreclosure, city officials and downtown supporters feared that the tower will never be finished.
But finally, thanks participation of a Maxwell D. (Californian investor), building was salved of a bankruptcy and construction continued.
According plans of Drever Capital Management, boutique hotel and apartments in the Elm Str. building will be included in retail.
Biggest worry: housing market of Dallas-Fort Worth
During the last two or three years, the white-hot real estate market of North Dallas was one of the most important things to worry.
Property prices in this area jumped 40% or more during this two of three years, so the cost of housing nowadays in the area of D-FW is at record high.
But if the general number of real estate price in the area of North Texas still be affordable (in comparison with other metro zones), the residential price continues to rise and continues to exceed gains in income and not only for little part of residents.
Biggest house price: Downtown tower sales
Is known that the biggest part of office buildings located in downtown, have very elevated rent, and all investors are working with large sums of money to buy properties in this area.
The 21-story McKinney office tower was sold for nearly $504 for square foot, to the investment fund of Germany, Union Investment Realty, Hamburg.
Little time later, 19-story tower of 17Seventeen McKinney was sold too – $509 for square foot to investor of Gaedeke Group. It’s record.
Biggest losses: Buddy Herring and John Eulich
John Eulich don’t wanted to sell dresses to merchants of West Texas, he prefered building big, one of the largest in all country’s office and industrial development firms.
Eulich, died last year at the age of 87, was the owner and creator of Vantage Cos., he also built a lot of project across the Big D area and also around the nation.
M.G. Herring, “Buddy”, was one of the most famous and important developers of shopping mall across the country in 1980. He moved to Dallas in the year of 1982 and it was he who built the famous Vista Ridge mall. He died at the age of 74 and aso built shopping centers in Cedar Hill and in Allen.
Biggest bet in Dallas city: AT&T headquarters
It was spent million dollars to project and to construct the AT&T (telecom giant) and all necessary headquarters. It’s a big vote of confidence and not only in Dallas’ business district.
AT&T, where are working about 5,700 employees, based in complex of four buildings in Akard and Commerce streets, moved the main offices to city of Dallas in the year of 2008.
Biggest success: The Frisco’s Star
The Dallas’ Cowboys brought the profit about $1.5 billion with their project in city of Frisco.
Since the opening of doors this summer on the area of Cowboys’ office and since practice facilities, appeared strong and big leasing, that has filled up the biggest part of the worker’s headquarters building of offices, at the west part of Dallas.
Business tenants in office building of The Star include Bank of PlainsCapital, international firm of insurance FM Globa, law firm named McCathern PLLC and Bank of America.
Omni Hotel with 300 rooms, restaurant and retail complex and medical center named Baylor Sc. & White are under construction.
Biggest building boom: About 55,000 apartments
From Frisco to Uptown Dallas and all zones in between, there are a lot of projects of building apartments of any type.
Dallas-Fort Worth helps the country with new type of apartment development, working with more than 55,000 houses in building pipeline. About ten high-rise office towers are under construction.