Economic Conditions Improve Along With Commercial Real Estate Sectors

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Prudential Texas Properties reports the second quarter of 2014 saw improving figures in commercial real estate as the job market is improving and the overall economy is well on its way to normalcy.

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Dallas home buyers are going to continue to flood into the market as developments like the 505 Riverfront begin to take shape and turn this great city into one that can easily compete on an international level.

The Metroplex’s sprawling landscape lends itself to numerous opportunities for development and expansion, and many people are taking advantage of the conditions. Prudential Texas Properties reports there are big projects in the works for the Trinity River Corridor as well as various other locations throughout the North Texas region.

On the national level, the National Association of REALTORS® reported August 26 that the second quarter saw improving numbers for all four major commercial real estate sectors. This news ties into the ongoing economic rebound and improvement in the job market, which, in turn, could affect the overall housing market.

Office vacancy rates are expected to remain fairly similar in the upcoming year, and one of the biggest factors behind this trend is that many major headquarters and large companies are opting to build their own large campuses. Another big trend is mixed-use developments where housing, retail, entertainment and office space will be bundled into one large space, somewhat like a mini city.

This is the proposed plan of the 505 Riverfront development, which is slated to take over the last significant chunk of undeveloped property in the center of Dallas. According to an August 28 report by The Dallas Morning News, this massive redevelopment plan would feature office space, parks, attractions, housing and much more. Developer Dale Foster recently purchased about 40 additional acres of space.

“Dallas home buyers are going to continue to flood into the market as developments like the 505 Riverfront begin to take shape and turn this great city into one that can easily compete on an international level,” says DD Flynn, VP of Marketing at Prudential Texas Properties. “North Texas is home to some of the most prosperous housing markets and my guess is they are going to continue to flourish for decades.”

NAR’s report on commercial real estate trends found that vacancy rates for retail markets and industrial markets are expected to decrease in the upcoming year. Both of these positive outlooks will likely be seen in the Dallas landscape, helping to even further propel the housing market.

Click here for a quick real estate market update for Dallas.

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Kim Manning
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