December 28, 2015
In case you aren’t a resident of Dallas or are a Dallas resident but live under a rock, Dallas is booming. About 12,000 units were delivered in 2014 and more than 16,000 just this year. With Dallas leading the nation in job growth and construction, new units are filling up faster than ever and rent growth has not slowed down.
What is it about Dallas that is attracting so much growth and construction opportunity? Let’s take a closer look…
Dallas’ job growth is stronger than in most metros, which has attracted commercial real estate activity in all property sectors. Toyota Motors is in progress with a successful move to DFW to become Dallas neighbors with other Fortune 500 companies such as Dr. Pepper Snapple, Exxon Mobil, AT&T, Southwest Airlines, J.C. Penney and many more. For other employers to see the success of Toyota’s relocation, we expect to see additional larger companies migrate to DFW.
A dreadful commute can deter potential talent and existing employees from working for a company. Setting up shop in Dallas means you will be close to a major highway whether it is the recently expanded 635 or one of the many tollways: Dallas North Tollway, President George Bush Turnpike, or Sam Rayburn Tollway. The City of Dallas has also improved its public transportation system adding the DART Rail Orange Line in Las Colinas, the D-Link that runs through Downtown Dallas for free, as well as expanding and adding express lanes to the extremely popular, but dreaded, 635.
In order for companies to attract new talent, a vibrant location is essential. They want to live, work, and play in their bubble without having to travel far. As said in Bisnow, “companies can’t risk being stuck in a loser location.” And in Dallas, the talent pool is located throughout Downtown Dallas, Addison, Las Colinas, Plano, and Frisco. These Dallas cities are also prime for dining, entertainment, and shopping catering to residents’ lifestyles.
BUILD-TO-SUIT COMMERCIAL REAL ESTATE
In the DFW area there is still enough land in these prime locations for companies to develop a build-to-suit building when relocating to Dallas. This allows the company to design a campus that fits their needs without owning the building.
Development isn’t slowing down in Dallas and demand for new product is strong. As more employers move towards the large talent pool of Dallas, more employees will continue to follow.