Dallas Real Estate News by Texas A&M Real Estate Center

DALLAS (Hammond Jones Development) – Two North Texas universities will receive new student housing by fall 2011, courtesy of Hammond Jones Development LLC.

The first project will serve students attending the University of North Texas in Denton and will consist of 76 units and 272 beds.

The second development will serve students of the University of Texas at Arlington and consists of 72 units and 232 beds with additional mixed-use retail areas.

Both projects will be fully furnished and contain a mixture of two-, three- and four-bedroom units.

DFW INDUSTRIAL MARKET’S UPHILL CLIMB

DALLAS-FORT WORTH (Grubb & Ellis) – Dallas-Fort Worth’s industrial market remained relatively flat during the first half of 2010, according to the latest findings from Grubb & Ellis.

The overall asking rental rate was unchanged at $4.14 triple net, the vacancy rate hovered at 11.9 percent and the year-to-date absorption tally slowly improved to more than 700,000 sf.

Construction activity was almost at a standstill, with 55,984sqf of new speculative product underway at the end of the second quarter.

According to Grubb & Ellis’ industrial market report, improvements in leasing demand and relatively flat vacancy and rental rates indicate the local market has bottomed out. The report showed that no new projects are set to break ground and tenant demand is starting to rise, so vacancy could moderate over the next few quarters.

Other findings from the report:

  • Competitive rental rates for modern big-box warehouse space in North Texas are anticipated to encourage companies to lock in favorable leasing packages.
  • Any long-term improvement of the local industrial leasing market will depend on a strengthening economy, including increased consumer spending.
  • The Perryman Group forecasts DFW’s population will expand 2.4 percent per year through 2014.
  • Total GDP for the DFW metro reached $321 billion in 2009. The Perryman Group projects the region’s GDP to grow 4.1 percent over the next five years, outpacing the United States and many metropolitan areas.

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