Hello World! Welcome Friends! The Texas property market is booming, with premiums increasing up to 60% over the past year. The Dallas-Fort Worth area alone has gained $151 billion in housing, making the metropolitan area the 11th most valuable of the nation’s largest metropolitan zones, according to the recently published Zillow report. The latter has also found that more homes were built in 2021 than in any other year since 2007, with constructors rushing to fulfill the rising demand. The reasons for the impressive development figures in The Lone Star State include Texas’ business-friendly climate (with no corporate or personal income tax). Currently, real estate developers in Texas are focusing on two main areas—residential and commercial real estate.
Big Companies Driving a Commercial Real Estate Development Boom
In cities like Austin, Houston, and Fort Worth, commercial real estate is in big demand. In Austin alone, the arrival of big companies like Tesla, Samsung, Facebook, Apple, and Oracle has heralded a period of explosive growth in commercial developments. Currently, there are office developments underway in various areas in Austin, including South 1st Street and Lamar Boulevard and there are further new proposals for Congress Avenue and Lamar Boulevard. As is logical when Fortune 500 companies land with such force in a new city, residential real estate follows suit during a period of commercial expansion, and multi-family homes are outpacing the developments of single-family homes, apartments, and townhouses.
Single-Home and Multi-Family Homes Reign Supreme in Dallas
In Dallas, several urban areas around the downtown zone are thriving. Although commercial demand is still showing the aftershocks of the pandemic, various office projects are currently underway. A big demand also exists for single and multi-family homes, owing to factors such as the above-average population of millennials, a healthy economy, and inbound population growth.
Commercial Revamps in Dallas
Dallas is also giving importance to commercial real estate developments. For instance, Downtown Dallas Inc is currently prioritizing a $2 billion plan to demolish and rebuild the vast majority of the Kay Bailey Hutchison Convention Center. The aim is to attract more corporate headquarters and to boost the beauty of downtown parks and green areas. In this and other popular areas like Grand Prairie demands for landscaping will also rise, owing to the importance of biophilic (or nature-centered) design in commercial real estate projects. With recent studies showing an important link between green zones (plants and trees) and productivity, commercial zones across Texas are adding a green touch to some of the state’s most important business-centered projects.
The Rise of Hospitality Projects
In cities like San Antonio, both commercial and housing sectors are looking extremely healthy. In the case of the commercial sector, some 900,000 square feet are expected to be completed by the summer of 2022, and there are almost 5 million square feet of industrial developments planned. The hospitality industry is posing a particularly strong demand. For instance, in April last year, the Dream Hotel Group announced that it would be building a 217-key hotel in San Antonio. The project, just one of many hotel-centered developments, will be completed by 2023.
The pandemic may have challenged the Texas property development sector but the latter has bounced back with zest. The Lone Star is now home to an array of important companies that have heralded a big demand for both commercial and housing real estate. The hospitality sector is also doing its share to bring jobs to a state that has always been known for its business-friendliness.
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[…] Real Estate Development Trends in Texas […]