The best companies, investors and workers in the area of real estate business are continuing to getting together in North Texas.
Now starts the time of the big cycles for North Texas. But now the situation is different. Now tenants aren’t looking for extra and unnecessary space for building (space they probably not need), lenders aren’t casting money at the developers. Now it’s time of big expansions for markets, that come from the all type of existing tenants – and also from biggest corporate relocations.
So, according this data, what we can await from the market in the future? To find answers, we gathered several experts in the area of industry, and discussed questions in a roundtable discussion.
We talked with Sarah H., vice president at company of Peloton Commercial Property; Greg L., managing director at the Avison Young company; Kathy P., that works how a partner at Y. Partners; Craig W., executive director at Cassidy T., company, Phil P., vice president at the CBRE company, and finally with Mike A., principal director at PegasusAr company.
According the opinion of Sarah H., her firm now are working with 5 or more million square feet of space, and all this territory is destined to be in absorption. Even more, they have exceeded big part of that by the 3 quarter. So, this is important information for Dallas.
Greg L. has said for his part that firms like CityLine (that is an example for other companies like Raytheon) has done a great job in the area of real estate business during this year, so they haven’t been sitting idly all 12 months.
During this year, we also saw that the situation with landlord’s market has changed. According the opinion of Kathy P., all people that works in the real estate business, saw a bit of a market this year in the area of Dallas, and this is unusual.
Rates were rising, but vacancy went down, and the general development not necessary will continue to keeping up with the situation in markets, and, concretely, with the demand.
“Nowadays we see that demand is outpacing supply, and this is one of the most important themes we talk about,” said Craig W. “We have been seen this situation during this year, and it probably will continue to exist in the next year.”
After this conversation, thanks one other member of our discussion, we have obtained list of the most important cities in the area of the real estate market. This other member is Phil P., and he said that now Houston city ranks the first place in named list, then comes Austin – second place, San Francisco, later Denver, and finally Dallas.
“In this time we’re ranked ninth place in the world for the questions of investment side,” he added. – “In my opinion, this is very good result for our real estate market. According data of Pricewaterhouse, this situation at market is the best that Dallas area has seen in last 30 years. Our companies are rising, every day we obtain better and better results. And the same with the new companies, that are opening and are progressing.”
And finally we listened opinion of Mike A. He said us, where we can find the most important reason of all changes.
“During the last 40 years, a lot of workers and owners of business moved into Dallas, to can find job. So, now, how a result, we obtain a lot of job places, technology and creative teams, and more progressive and educated work force. This bodes well, and not only for Dallas.”