Dallas Ft. Worth Still Creating Jobs & Attracting In-migration

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Commercial Real Estate Agent with REATA Commercial Realty, Inc. Texas 537349

I recently heard Steve Brown, real estate reporter for the Dallas Morning News, speak at Collin County Day. He had some interesting statistics that I thought I should share.

1. DFW created 63,700 jobs in the last 12 months. An additional 100,000 jobs are forecast for the next 12 months. These jobs are heavily concentrated in the major cities, of course.

2. Texas continues to be a favorite destination for people relocating within the United States. Here is the largest contributing states: California (68,909 people), Louisiana (31,149), Florida (26,608), Oklahoma and Illinois (no numbers for these last two). I believe these numbers are for the prior 12 months.

3. DFW has the second-highest amount of construction activity in the US behind New York.

4. Housing is actually in short supply in DFW with only 3-4 months' supply. 6 months is considered a balanced market.

5. Only 1.8% of homes in Texas are in foreclosure - one of the lowest in the country. Florida, on the other hand, has 14% in foreclosure. I'm not sure if these percentages are the current numbers or the total percentages since the economic crisis started in 2008. I suspect it's the latter.

So the bottom line is that DFW is still the place people want to be. We are seeing the impact of all this on the commercial real estate market. Rental rates are rising fast in the areas where people really want to have an office - Uptown and along the Tollway in Plano. For tenants, now is the time to renew your lease early and lock in for as long as your business plan allows. A building in which I placed a client only 18 months ago is now quoting $5.00 per square foot per year more than when we did the deal. That's fast.

Please let me know if I can help anyone you know who has an office lease in the DFW area. Thanks.

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_________________________________________________________________________

Bob Gibbons

REATA Commercial Realty, Inc. | 1211 E. 15th Street, Plano, TX  75074

972-468-1946 p | 866-439-8015 f | 972-984-8580 m

bob@texastenantrep.com | www.TexasTenantRep.com

 

 

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Rainer
67,490
Jeff Harris
Austin, TX
Selling Austin. Every Day

Bob, good info. Austin is seeing an influx as well with job creation running at one of the highest rates in the USA.  Our housing inventory is also in the 4-5 month range, low foreclosure rate, high residential rental occupancy, and a tightening office market where rental rates are increasing--especially downtown and SW Austin.

Apr 16, 2012 01:38 AM #1
Rainmaker
638,444
Maria Morton
Platinum Realty - Kansas City, MO
Kansas City Real Estate 816-560-3758

Bob, Texas is a hot place right now! It's always in the news. I've had a couple of clients who needed to sell their homes this last year due to a job relocation to Texas.

Apr 16, 2012 08:18 AM #2
Rainmaker
1,317,757
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

I'm hoping that the spring market is one that portends good things to come. Of course, having connections to OKlahome.. I think there is always a bit of competion.  I hope both TX and OK have great spring marketing seasons.

Apr 16, 2012 12:21 PM #3
Rainer
240,130
Carie Shapiro
North Shore Suburbs & Chicago Real Estate - Evanston, IL

Good news for Texas!  100,000 jobs 'heavily concentrated in the major cities' ... curious to know in what industries too?

Apr 16, 2012 03:35 PM #5
Rainmaker
4,798,687
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

That is a good reason why your market is better than ours.  My area continues to struggle with creating employment.

Apr 16, 2012 08:20 PM #6
Rainmaker
650,347
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Bob - Texas has been blessed, again!  :-)  Jobs and activity in our market has been so much better than most areas. 

Apr 17, 2012 05:40 AM #7
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Rainmaker
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Bob Gibbons

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