Dallas, TX (PRWEB) October 30, 2013
Prudential Texas Properties reports that the growth exhibited in Dallas home values during the real estate boom of 2013 is being hedged nicely by a surplus of new commercial developments in the area that have the potential to bolster an upwardly mobile economy. This news comes in light of a recent article from the Dallas Morning News that reported Dallas-area commercial construction at five times the level it was at before the start of October 2012. And the economic repercussions are as plain as day. As DD Flynn, VP of Marketing with Prudential Texas Properties explains: “Commercial construction of this magnitude in the DFW area is simply indicative of a need for more space to work, which means more jobs for Dallas home owners. Inherently, it would only be natural that this sort of trend would help stabilize—if not altogether grow—Dallas home values as more professionals look for living spaces in the area.”
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Some of the major projects reported include the 1,127,239 square feet of commercial space in Richardson’s Telecom Corridor, 965,354 square feet of space in development in the West Plano-Frisco area and 687,236 square feet of space underway in Las Colinas. All in all, The Dallas Morning News article cited 5.4 million square feet of office space being worked on in the DFW area.
This also comes at a time when the Dallas median home listing value is up more than $60,000 from the beginning of the year. As California-based real estate analytics tracker Altos Research noted in its Dallas home report for the week of October 21st, the $335,000 median value on Dallas homes is up from under $275,000 at the start of 2013. Similar massive value appreciation has occurred in Dallas suburbs like Frisco, where the median list price of $417,412 for the week of October 21st is up from $375,000 at the beginning of 2013 and additionally up a whopping six figures from this time two years ago.
And speaking of Frisco, if commercial development is being used as a barometer of residential home value growth, then the Dallas area has much to gain from the current growth in area office space. After all, it almost goes without saying that the ongoing record-breaking upward growth in the Frisco home market comes part-and-parcel with the news of the Dallas Cowboys relocating its headquarters to the area in the next few years and currently working on 91-acres of commercial development. As Flynn notes: “The adage of ‘If you build it, they will come’ is ringing especially true in the DFW-area real estate market. ‘It,’ of course, is commercial development, and ‘they’ would refer to Dallas-area home owners.” The bottom line: As Dallas-area business booms, the local economy is growing, and an expansion of lucrative career opportunities should serve as a major stimulus to the Dallas real estate market.
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