D-FW Building Boom Keeping Pace
New jobs are plentiful in the Dallas – Fort Worth area, and nearly 400 people a day are moving to North Texas to fill them. With the Metroplex at the top of the U.S. Construction charts, you might wonder if we’re overbuilding right now to accommodate our steadily increasing population.
“Not so”, says Robert Kramp, CBRE research director in a new report. “DFW has added more than 422,000 jobs since 2013, with more than 40,000 increased employment in the local office sector. The market is different now than past expansion cycles for several key reasons, and it impacts all major asset types across the Metroplex – mainly due to job growth and population gains.”
About 40% of the office buildings under construction in North Texas are already reserved by tenants; 50% of the warehouses being built are already leased.
Although employment growth in this area is forecast to be below 100,000 jobs this year, the economy is still expected to be one of the strongest in the nation. It should easily continue to support the current pace of building.
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Sources: Steve Brown, Real Estate Editor, Dallas Morning News; Robert Kramp, Research Director, CBRE.
