Dallas City in Texas continues to experience steady growth in its real estate industry notably on the commercial side. This is not really a wonder as Dallas is a large city which accommodates several huge industries consisting of the petroleum, transportation, banking, information technology and telecommunications sectors. But despite the growing economy, Dallas remains to be among the most affordable cities in the U.S., according to Forbes.
The Dallas Texas real estate industry has also maintained its momentum since it began experiencing its booming days back in the 1980s. The Dallas commercial real estate including the big buildings and skyscrapers was a major growth factor. In addition, the Dallas metroplex accommodates numerous high-end shopping centers more than that of any other city or state in the U.S.
Experts reveal that the commercial real estate market in Dallas is in great condition compared to the residential properties. In terms of foreclosure, the percentage of Dallas office space, apartment, industrial and retail buildings is very small. This is due to the fact that commercial companies almost always have the financial resources to carry out their expansion and construction projects.
Dallas is seen to continue being a commercial real estate hub in the many years to come. Currently, new construction projects of condos and townhouses are widespread around this booming city. The other good news is that many of the office spaces previously available in Dallas have already been occupied or pre-leased. The central business district of the city has reduced its office vacancy rate to 24 percent as of end of September 2007.
The year 2007 has proved to be favorable for the Dallas commercial real estate sector. Latest reports from Cushman and Wakefield say office tenants that have been expanding and relocating have leased 1.5 million square feet more of office space in the Dallas-Fort Worth area in the first half of the year. The third quarter net leasing has also soared nearly 90 percent from totals in mid-2007. A recent report by Delta Associates showed that Dallas-Fort Worth is seen to accommodate an average of 4.8 million square feet of office space each year until 2010.
As for construction, an estimated 6.9 million square feet of office space is now being built in Dallas-Fort Worth as of the middle of 2007 and this is bigger than in 2006. Of the estimated office space being constructed, more than 40 percent is already pre-leased. Rents have also risen to seven percent from the 2006 rates. Third quarter figures show that office rents averaged $19.42 per square foot while rents for medical office space rose 12 percent to $24.4 percent.
With all these positive developments going on, the future of Dallas commercial real estate is indeed looking bright. Many real estate investment firms are seeing a low vacancy rate and substantial rent gains this 2007. Developers are also projected to provide 2.6 million square feet of office space by the end of the year while building owners are expected to ask for higher rents as a result of lower vacancy. The reduction in vacancies is being attributed to the surge in employment by 3.2 percent covering more than 900,000 jobs by year end.
Listed below are more articles related to the above article from the "Commercial Real Estate" article category.
People interested in the above article "Dallas Commercial Real Estate Market Does A Rebound" are also interested in the related articles listed below:
Buildings, and especially old buildings, can present a surprising variety of defects. Some of those defects donè¢''t even have anything to do with the actual building itself. The preparation of a chartered building survey report should be considered whenever you are trying to purchase, renovate, or even sell a commercial building. You should be familiar with what some of the surveys cover when you order a chartered building survey. Let's look at some of the different information provided for you, the client.
Are you considering using the services of a chartered building surveyor? Do you know what the scope of a building surveyor entails? A building surveyor specializes in the maintenance and care of buildings. They offer solutions specifically tailored to individual client requirements. We are about to describe what some of those major requirements are, and what they entail.
Researching Houston office Data is simple and affordable with OfficeLink. OfficeLink provides data on thousands of office properties 10,000 sf and higher and is updated on a monthly basis. The free access allows users to search by dozens of fields.OfficeLink also provides subscribers the ability to generate detailed reports for Houston Office space properties selected from the search results. While the free subscription level offers a detailed property listing and a detailed leasing directory report, the paid subscription level offers many more in-depth Houston Office space reports.
Commercial real estate investment is rarely paid proper attention, but it is highly rewarding investment in case, all pro's and con's and risks are weighed. It requires minute handling of the property as well as the market. The reward in commercial real estate is many times higher than that of the common real estate.
Foreclosure could be the process of legally obtaining the collateral property of a loaner or mortgagee who failed to pay out their debt within the allotted time. The level of foreclosures has substantially increased as a result of international fiscal recession; a lot of individuals are experiencing difficulties holding on to their assets and properties. This content will help you find out the way to prevent foreclosure and retain your assets safe.
Real estate is often termed as the safest investment avenue. In fact, real estate investments done with proper evaluation of the property (and its true value), can lead to good profits. This is one reason why some people pursue real estate investment as their full time job. The talks of real estate are generally focussed towards residential real estate; commercial real estate seems to take a back seat. However, commercial real estate too is a good option for investing in real estate.
Real estate is often termed as the safest investment avenue. In fact, real estate investments done with proper evaluation of the property (and its true value), can lead to good profits. This is one reason why some people pursue real estate investment as their full time job. The talks of real estate are generally focussed towards residential real estate; commercial real estate seems to take a back seat. However, commercial real estate too is a good option for investing in real estate.
