In North Texas, the property market thrived in 2021 despite the coronavirus pandemic.
Several real estate companies are investing in the Dallas-Fort Worth area, making it one of the most popular places in the United States for apartment developments, office buildings, and other infrastructures.
Here is a rundown of some of the successes in the DFW market:
- Fort Worth-based Crescent Real Estate purchased the historic Crescent office in Uptown Dallas. The property was acquired for $700 million and included three office towers, amounting to more than 1 million square feet of space. It is the most costly sale ever paid for a Dallas-area commercial property.
- Real estate companies are eager to build further projects. Dallas Cowboys owner Jerry Jones, Hall Group, Billingsley Co., Harwood International, and Granite Properties are among those interested. As previously reported by The Dallas Express, Jerry Jones has a 36-acre development in the works.
- The battle for homes in the Dallas suburbs continues. Supply and demand for the houses will keep the market on fire. Buyers on the West Coast are even willing to pay higher prices to purchase the communities.
- Because homes are more expensive, many potential homebuyers turn towards renting. Rent for single-family homes in North Texas was more than 15% higher year over year. Since there is a demand, developers constructed over 38,500 more units within complexes.
- Production is one of the fastest-growing industrial and distribution markets, and companies like Amazon and Zuri Furniture have profited from the pandemic. DFW has more than 30 million square feet of space constructed for additional warehouses.
- Individuals are moving to Texas at a higher rate. With the number of relocatees totaling over 170,000, North Texas gets most of its new residents from Los Angeles, Chicago, and Phoenix.
- Single-family homes were the most booming property type. According to Dallas-based housing analyst Residential Strategies, builders completed 2,786 rental homes within 12 months by September of last year.
- In North Texas, employment opportunities have surged. Various financial company developments such as JPMorgan Chase, Fidelity Investments, and Liberty Mutual have attracted more workers.
- Major redevelopments are underway in Dallas. A $1 billion renovation is happening for Plano’s former Collin Creek Mall. The new space will house retail stores, apartments, restaurants, and offices. In Southwest Dallas, a $200 million makeover is in progress for the Red Bird Mall. Hotels, office space, shops, and restaurants will be added. The site recently gained a 300-unit apartment complex in the RedBird project.
With the rise in population and more employment opportunities, there seem to be no signs of a decline for the market into 2022.
