Fewer apartments may go up in ’16

A growing economy has kept Dallas-Fort Worth at the top of the nation’s apartment-building binge.

But a cooling down in local employment gains and several years of fast-paced construction mean fewer apartment groundbreakings next year, industry leaders say.

Labor constraints and fewer prime construction sites could also work to hold back apartment building in 2016.

Read more on the Dallas Morning News

DFW Millennials – Who are they and Where are they?

It is hard to see an article these days where “millennials” are not mentioned.  Be it their housing preferences, their impact on office space utilization and buildout, or retail spending – they are the hot topic.

Millennial ages extend a bit younger than the 25-34 years used, but this is the core of the working age group that is really impacting housing demand, shopping, and working environments.  By doing this, we were also then able to “map” this group throughout DFW (the map below is a close-up of our greater urban core).

What was interesting is that purely based on age, there are 36,000 millennials in our core.  Not a bad number, right?  Well, if you look at the variety of variables that comprise “lifestyle” that number increases to 67,000 – and 51% of our urban core’s population.  Intuitively, this kind of concentration makes sense given what we see in the housing and job picture that is heavily influenced by Uptown.  Also impactful is that the millennial’s average income is $79,000!  Even though that is below the region ($84,700), don’t be so quick to jump to conclusions – their income is 18% higher than their age-based regional counterpart – and this is an average income for mostly a smaller household.  So, there is some very solid spending potential here.

COW October 30

Luxe seniors housing communities are setting a new standard in Dallas

North Texas’ apartment-building boom is all about the millennials.

Young professionals taking jobs in the Dallas-Fort Worth area have created record demand for rental housing.

But their grandparents need some new digs, too. The number of high-end senior housing communities in the area is also increasing.

The quality of these facilities is being ramped up for a new generation of seniors used to finery and frills at home and when they travel.

“Some people still have the mind-set of the old nursing home and that stigma,” said Dallas developer Jonathan Perlman. “They lose that notion when they see one of our facilities.”

Perlman this week is opening his firm’s newest assisted-living apartments — Tradition-Prestonwood, in Far North Dallas.

Read more on the Dallas Morning News

Three Ways to Beat Rising Construction Costs

Gone (for the most part) are the days of designing a project, then finding a contractor and negotiating how to keep a project under budget. Today, the buzz phrase is integrated team approach. Callaway Architecture CEO Tony Callaway says it’s been the biggest change in the way construction is done. He’s a fan of design-build and getting contractors involved early in the design process. It minimizes change orders and helps keep those tight schedules (and budgets) on target. He says the best way to keep costs down is a three-fold approach by doing your homework early on the budget, scope, and quality of a project.

Read more on Bisnow.com

New report: D-FW one of top U.S. office and warehouse markets for 2015

North Texas is near the top of the list of U.S. cities with the most office and industrial building demand.

Through the first nine months of 2015, the D-FW area ranked second in the country in net office leasing, behind only San Jose, Calif., according to a new report by Cushman & Wakefield.

And D-FW was third nationally in net industrial building leased, the commercial real estate firm said.

Read more on the Dallas Morning News

$34M development reshaping Rowlett’s urban core to get underway

A $34 million mixed-use development meant to reshape Rowlett’s city center is expected to get underway Wednesday by a joint venture between The Integral Group of Atlanta and Catalyst Urban Development of Dallas.

The development, called the Village of Rowlett, will bring in a variety of building types and uses in a village-like environment to cater to local retailers, residents seeking modern housing and bringing in other commercial real estate options.

Read more on the Dallas Business Journal

Dallas-area home prices growing at one of the highest rates in the country

Dallas bumped up its home price gains in the latest nationwide comparison.

Home prices for the Dallas area were up 8.9 percent from a year ago in the just-released Standard & Poor’s/Case-Shiller Home Price Index.

The year-over-year increase in Dallas in August was the highest in almost six months. And it was up a bit from the 8.7 percent rise in July.

The Dallas area was among the five U.S. cities with the greatest home price appreciation in Case-Shiller’s monthly survey.

Nationwide prices were 4.7 percent higher than August 2014 levels.The largest annual increases were in San Francisco, Denver (both 10.7 percent) and Portland (9.4 percent).

Read more on the Dallas Morning News

Shops at Willow Bend set for $100M redo

The new owners of The Shops at Willow Blend are planning a $100M makeover to help the shopping center reach its potential.

Starwood Retail Partners purchased the shopping center from Taubman Centers Inc. last year. The company plans several major additions, including a Class-A office building, a hotel and an entertainment district with up to eight restaurants. Starwood is working through plans for another anchor fashion store and residences, the Dallas Morning News reports.

Texas economy grew at ‘moderate’ pace in early fall: 6 things to know

The Texas economy grew at “moderate” pace from mid-August through early October, according to an economic snapshot released today by the Federal Reserve.

1. Energy: Oil drilling declined and demand for oilfield services remained depressed. Firms were considering further but smaller cuts to 2016 capital spending plans. The financial positions of many firms continue to deteriorate amid current price and demand levels. Contacts are concerned that the last three months of the year will bring a “substantial increase” in defaults, bankruptcies, mergers, and acquisitions.

2. Manufacturing: Most manufacturers, including those in primary and fabricated metals, machinery and food products, reported increased demand. Some energy-related manufacturing and many chemicals products have been hurt by the high dollar and lower oil prices.

3. Transportation: There were steep declines in rail shipments of petroleum products and nonmetallic metals, including sand used in drilling. Steel shipments were down notably, mainly due to oil and gas projects being halted. Motor vehicle shipments was a bright spot, with volumes up markedly.

North Texas housing market is hot, but analysts say it’s no bubble

DFW continues to grow at record-setting rates!

Dallas-area home prices were up 8.7 percent in July from 2014 levels, according to a new Standard & Poor’s/Case Shiller Home Price Index.

Year-over-year home price gains in this area were third highest in the country, behind only San Francisco and Denver, according to the closely watched monthly home price report.

“Prices of existing homes and housing overall are seeing strong growth and contributing to recent solid growth for the economy,” S&P’s David M. Blitzer said in the report.

The booming economy in North Texas has put the pinch on homebuyers, analysts say.

“We have job growth of over 100,000 a year,” said David Brown with housing analyst Metrostudy Inc. “Traditionally, you build a new house for every two new jobs.

Read more on the Dallas Morning News