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DFW Economic Update

Wednesday, March 4th 2020
Population
Dallas/Fort Worth has an estimated population of 7.7 million residents as of year-end 2019. Much of this growth has occurred in Collin County with popular communities such as Plano, Frisco and McKinney pushing this area past 1 million residents. An estimated 9 million persons will reside in North Texas by 2030, an impressive increase of 1.4 million. The 2020 Census is currently being taken and new data will be available in the Spring of 2121 allowing for a fresh look at the population trends and demographic changes.

Job Growth
DFW once again led the nation in job gains during 2019 and will be a top generator in 2020 and beyond. The Metroplex recorded 127,000 new jobs last year, far more that the 90,000 gain for the New York Metro area. Total nonfarm employment locally stood at more that 3.9 million workers as of 1/2020 with an unemployment rate of 2.9%. Office jobs grew locally by an estimated 5.7% in 2019 due to Texas’ pro-business climate, exceptional quality of life, growing tech hubs and strong corporate relocations and expansions. Texas has three of the Top 5 fastest growing job markets in the country. With the recent rise of the Coronavirus pandemic we anticipate 2-3 quarters of rising unemployment nationally, as well as in Texas with stabilization late this year and a returning upward growth in 2021.

Recent Transactions

Thursday, February 6th 2020
• Represented Neighborhood Credit Union in the purchase of a new 10,000 sf headquarters building at 13647 Montfort Drive in Dallas. Also acquired pad sites for billion-dollar credit union in Anna and Prosper for new branch locations.

• Found Deep Sushi Restaurant a 4,252 sf free standing building on Elm Street in Deep Ellum.

• Sold 13.5 acres at Hampton and Wintergreen in Desoto to a multi-family developer.

• Purchased a 4,213 sf retail building on 3 acres at 908-910 Currie Street for Steel City Pops and a new restaurant concept.

• Sold a 5,000 sf Starbucks anchored retail strip center at 2600 Arapaho Road in Garland for Urgent Properties LLC.

Recent Transactions

Saturday, October 12th 2019
• Represented Oak’d Hand Craft BBQ in a 4,500 sf lease at Old Town Shopping Center on Greenville Avenue.

• Consummated a lease on behalf of Café 214 for 4,752 sf in Addison at 14885 Inwood Road.

• Sold the 34,210 sf Frankford Shopping Center for Retail Plazas Inc. at the intersection of Frankford and Midway in North Dallas.

• Leased 3,345 sf at 13180 Midway Road to Puff N Stuff Smoke Shop.

• Renewed existing brand office leases for Neighborhood Credit Union in Richardson, Waxahachie and Duncanville.

Recent Transactions:

Monday, May 6th 2019
• Represented Green Gator Cajun Sports Bar in a 4,500 sf lease at the Toyota Music Factory. Also negotiated a lease on behalf of Music Factory owner/developer ARK Group on a 7,500 sf space leased by Stumpy’s Hatchet House. Toyota Music Factory is a $200 million, 500,000 square foot mixed-use and entertainment complex in the Las Colinas Urban Center.

• Signed O’Rellly’s Auto Parts to a 15-year lease for a 7,040 sf freestanding building at Belt Line Square Shopping Center in Addison. Also inked Herrera’s Mexican restaurant to a 7,700 sf lease at the property.


• Leased 2,730 sf to Game Day Sports Bar and 3,343 sf to Tobacco and Wine, Inc at Frankford Shopping Center in Far North Dallas.

• Consummated leases for Star Learning Centers at Lakeside Village Shopping Center at SWC of Walnut Hill and I-75, as well as Purely CBD and Loc Star Natural Hair Salon and Spa at The Market at Cedar Hill.

DFW Economic Update

Thursday, April 25th 2019
Population
New population estimates show that Dallas/Fort Worth led all cities in the United States in 2018 population gains adding 131,700 new residents. U.S. Census Bureau numbers indicate Dallas, Arlington and Fort Worth have added more than one million residents since 2010. The Houston Metro area has also gained more than a million in population over the same period of time. The Dallas and Houston areas are ranked the fourth and fifth largest metros in the county trailing on New York Los Angeles and Chicago. Two West Texas cities were among the nation’s fasted growing with Midland and Odessa population swelling by 4.3% and 3.2% , respectively.


Jobs
Dallas/Fort Worth led the nation in job growth during 2018 with 116,400 new positions created, according to the U.S. Bureau of Labor Statistics. New York and Houston were close behind with 115,500 and 108,300, respectively. The trade, transportation and utilities sectors drove local gains. Corporate relocations also added to the local tally with companies such as Charles Schwab, Liberty Mutual, Cognizant and NTT Data moving into the metro area. Two Fortune 500 firms – McKesson and Core Mark have announced plans for relocation to the Metroplex in 2019.

Recent Transactions:

Sunday, October 28th 2018
• Purchased a 9,270 sf auto showroom building on 37,239 sf of land at 11450 Sprowles in Dallas on behalf of RPM Garage.

• Leased a 6,600 sf space at Northlake Shopping Center in East Dallas for Java Mama.

• Negotiated a 10,326 sf lease for Dog Stop at Frankford Shopping Center in Far North Dallas on behalf of landlord, Retail Plazas Inc.

• Represented Greater than Fitness in leasing a 7,300 sf studio at 7035 Greenville Avenue south of Park Lane.

Recent Transactions:

Tuesday, June 26th 2018
• Inked Alamo Draft House Cinema to a 55,975 sf lease at Creekside located at Skillman and Abrams. Also consummated leases with Bahama Bucks and Fuzzy’s Taco Shop at Creekside.

• Represented Top Round Roast Beef in a lease at the newly opened Toyota Music Factory in Las Colinas and also negotiated a lease space for Max Fruit.

• Sold a 90% occupied 60,144 sf warehouse property on 3.1 acres at 1603 Fuller in the Garland Industrial District on behalf of a family trust.

Recent Transactions:

Tuesday, May 1st 2018
• Represented Owens Ranches Inc. in the acquisition of an adjacent parcel of land for the 12- acre Owens Crossing development in Melissa.

• Leased Fast Test Labs and La Vie est Belle Med Spa suites at Belt Line Square Shopping Center in Addison.

• Negotiated leases with D&D Wash n Dry (4,462 sf) and Dallas Tattoo Studio (2,046 sf) at Frankford Shopping Center in Far North Dallas.

• Negotiated a lease for 3,000sf on behalf of Bliss Nails in Medallion Center.

DFW Economic Update:

Sunday, February 18th 2018
Population
DFW’s population reached 7.4 million as of year-end 2017 making it the largest metro in the state of Texas, as well as the Southern U.S. and 4th largest nationwide trailing only New York City, Chicago, and Los Angeles. According to the United States Census Bureau the Metroplex added 146,000 residents in 2017, the most in the entire country. Denton, Tarrant, Collin and Dallas Counties were all ranked among the 10 fastest growing in the U.S. from 2016-2017. Dallas/Fort Worth’s population is projected to hit 10 million persons by 2030 driven by robust job growth and domestic migration from California, New York, Illinois, and Florida.


Jobs
DFW generated 103,700 new jobs during 2017 following 113,500 in 2016. Last year’s 2.9% annual growth rate was more than two times the U.S. average. Job growth has been especially strong in the construction, trade, transportation and utilities sectors. Unemployment stood at 3.2% for December 2017 (a historical low) compared to 4.1% nationally. The forecast calls for 114,100 new jobs created for the Metroplex in 2018, a very strong 3.1% gain.

Recent Transactions

Friday, October 6th 2017
• Represented the Seller of 3306 Borich St. Dallas, TX a 25,700-sf warehouse on more than an acre across from Fair Park.

• Sold 517 N. Haskell in the Baylor Medical District, a historical 2,000 sf professional building built in 1895.

• Executed branch location sell assignments for Neighborhood Credit Union in Waxahachie and Midland, TX.

• Purchased a half-acre building site at 7305 Turtle Creek in University Park for local home builder Edinburgh Custom Homes.

DFW Economic Update:

Friday, July 21st 2017
According to the U.S. Census Bureau Metropolitan Statistical Area ranking, Dallas/Fort Worth is the largest metro in the state and is 4th in the country with over 7.2 million residents as of year-end 2016. The local population increased by an estimated 123,000 people last year or more than 10,000 persons per month. Residential construction continues its upward trend with low interest rates, friendly local business environment, massive transportation infrastructure growth and diversified fast growing industrial base. The North Texas Region’s population base has grown by 36% since 2000 with 24,400 single-family and 20,500 multi-family units delivered in 2016. Currently an estimated 50,000 apartment units and 30,000 single-family homes are in the construction pipeline.


Total non-farm employment in Texas topped 210,000 during 2016 with the DFW Metro accounting for more than 50% of this expansion generating 113,500 new jobs. This nation-leading job production is being fueled by new start-ups, the expansion of established local businesses and corporate relocations. There are currently 50 Texas-based Fortune 500 companies with 22 located in DFW including: Exxon Mobil, AT&T and American Airlines. Site Selection Magazine named Texas #1 for relocations with Toyota and Liberty Mutual Insurance currently generating thousands of new high-paying professional employment opportunities. Other major recent job announcements include JP Morgan Chase, Fed Ex, Fannie Mae, Boeing, Real Page, Amerisource, Atos, McKessson and Core Logistics, to name a few. The local unemployment rate was 3.8% as of April 2017, compared to 4.4% for the United States.

Recent Transactions

Thursday, June 22nd 2017
• In conjunction with KDC Data Center Group, sold 23 acres at Lookout Drive and Plano Road in Richardson, TX to State Farm Insurance for their state-of-the-art 130,000 sf corporate data center.

• Executed a North Texas site selection assignment for Oxford Senior Living based in Wichita , Ks. Memory care and assisted living locations were secured in Sachse, McKinney, Grand Prairie and Carrollton.

• Purchased a Golden Chick Restaurant building in Graham, Tx with a long term NNN lease for a 1031 exchange client out of California.

• Sold a fully occupied 40,000 sf industrial building at 2445 Santa Anna in Dallas, Tx.

• Consummated a 2,100 square foot lease for Mint Dentistry at Belt Line Square Shopping Center in Addison, Tx.

• Sold five acres for Owens Ranches Inc. at Pioneer and SH 160 in Irving, Tx to a single-family home developer for a new subdivision.

• Brought Lakeside Village Shopping Center at I-75 and Walnut Hill Lane in Dallas to 100% occupancy with the inking of Copper Lamp (4,000 sf), Tupinamba’s Mexican Café (6,000 sf), Little Greek (2,000 sf) Cedra Pharmacy (4,450 sf), Mattress Center (2,000 sf) and Just Kids Dental (3,400 sf).

• Sold the following excess commercial sites on behalf of Neighborhood Credit Union: 1.25 acres in Coppell, Tx at Belt Line and Van Bebber; 2.6 acres at Yorktown and Sylvan Avenue in West Dallas; and .82 acres in Waxahachie, Tx at Brown and Dean Box.

• Represented Mooyah Burgers and Fries on a 2,485 sf lease at Southlake Marketplace in Southlake, Tx.

• MS2 investments purchased a 18,223 sf food processing facility and refrigerated distribution center in Great Southwest Industrial Park in Grand Prairie, Tx.

• Sold a 25,160 sf commercial building in Dallas on 1.8 acres to a local furniture retailer on behalf of 3650 MDL, LP.

• Leased 13,000 sf at Rousseau Village in Plano, Tx a St. Vincent De Paul thrift store location for the Dallas Catholic Diocese.

DFW Economic Update

Tuesday, June 10th 2014
Total nonfarm employment in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area stood at 3,101,300 in January 2014, up 95,900 over the year. From January 2013 to January 2014, local nonfarm employment rose 3.2 percent, well above the national increase of 1.8 percent. Regional Commissioner Stanley W. Suchman noted that among the 12 largest metropolitan areas in the country, Dallas ranked second in the rate of job growth and third in the number of jobs added last year.

Dallas- Fort Worth is the largest metro area in the State of Texas and is ranked 4th Largest nationally with more than 6.8 million residents as of 2013. The local population increased by approximately 110,000 persons last year. The Dallas-Fort Worth-Arlington Metropolitan Statistical Area consists of two metropolitan divisions –separately identifiable employment centers within the larger metropolitan area. The Dallas-Plano-Irving Metropolitan Division, which accounted for 70 percent of the area's workforce, added 70,500 jobs during 2013, a gain of 3.3 percent. The Fort Worth-Arlington Metropolitan Division, which accounted for the remaining 30 percent of the area workforce, added 25,400 jobs during the 12-month period, a 2.8-percent increase.

Texas’ seasonally adjusted unemployment rate fell to 5.2 percent from 5.5 percent in March 2014, according to the Texas Workforce Commission. That was far less than the previous U.S. jobless rate of 6.3 percent. Texas led all states in job creation for the month of April and the last 12 months, according to BLS data. California was No. 2 for each period, with 56,100 new jobs last month and 340,200 over the last year. Florida was no. 3 with 34,000 jobs in April and 246,800 in the last year. For the last 12 months, Texas added 348,000 jobs, with gains in all 11 major industry groups gaining. The energy industry has seen the fastest growth in that time, with employment up 7.5 percent.

The DFW metroplex’s current unemployment rate, as of April 2014, is 4.7 percent, much lower than the current rate of 5.9 percent. An Estimated 1,000,000 new persons will be living in the DFW area in the next six years and annual job growth will be in the 3-4% range.