Dallas-Fort Worth Adds Over Half a Million New Jobs, Continues to Spur Real Estate Markets

 In BLOG

Dallas-Fort Worth has added approximately 600,000 jobs to the area since the Great Recession, according to The Dallas Business Journal. Individuals and companies alike continue to be attracted to the region due to its affordability and business-friendly environment. And with jobs, the commercial real estate markets continue to benefit.

DBJ’s Candace Carlisle summarizes how North Texas stacks up with other cities across the country in the office, retail, industrial and apartment sectors. Here’s a quick breakdown of her report:

  • Office: Office rents across DFW are increasing, but they are still reasonable compared to other major U.S. cities. For example, the average rent for office space in Dallas is $25.39 per square foot, compared to $51.74 per square foot in Washington, D.C., $69.39 per square foot in San Francisco and, $79.18 per square foot in New York’s Midtown area.
  • Apartments: Rates for apartment goers are also heading upwards, but with rent increases must come wage growth. Cushman & Wakefield’s Global Chief Economist Kevin Thorpe says he expects wages to rise 2.9 percent by the end of 2017 and grow again 3.2 percent in 2018.
  • Retail: DFW continues to thrive in retail, though it of course depends on the location and type of retail.
  • Industrial: Due to our central location, Dallas-Fort Worth ranks as the #3 distribution hub list in the U.S. Here, our industrial market is booming, with net absorption of 70.1 million square feet of industrial space in the last five years.

Leave a Comment