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.
Dallas commercial real estate
The year 2007 has proved to be favorable for the Dallas commercial real estate sector. Latest reports from Cushman & 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.
Foundation Problems in Dallas, Texas
If you have experienced this problem yourself, our insurance adjuster experts can help you to create a claim that best suits your needs, so that you can receive the best possible compensation for your home disaster experience.
Thunderstorms in Dallas, Texas
Dangers that might also be associated with thunderstorms in Dallas, may include strong winds, hail, tornadoes, and flash flooding. If a storm causes damage to your property or leads to problems with commercial roofing, we can help. Our team of public adjuster experts have years of experience working with claims based on damage caused by thunderstorms.
Tornadoes in Dallas, Texas
Dallas is an extremely high-risk area for tornadoes. According to records, the largest tornado within the Dallas area to date was an F4 that took place in 1994, causing 48 injuries and approximately 3 deaths. Since 1950, Dallas Texas has been host to 232 tornadoes and experiences an average of four of these natural disasters per year.
Winter Storm Damage in Dallas, Texas
Since hail can frequently lead to commercial roofing damage and property damage, our insurance claims experts are well-equipped to help you navigate the concerns associated with applying for compensation following winter storm damage in Texas.
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