20 October 2010

Dallas Area ranks 12th in Commercial Real Estate Forecast

Dallas Morning News

Dallas-Fort Worth gets middling marks in the latest commercial real estate market forecast.

The closely watched "Emerging Trends in Real Estate" report usually favors coastal and Northeastern markets, and this year is no exception.

Washington, D.C., New York, Boston , San Francisco and San Jose, Calif., were on the top 10 list of U.S. markets to watch for commercial property investment opportunities.

Some Texas cities also did well. Austin ranked fourth, and Houston was eighth in the annual list.

Although D-FW significantly outpaces other Texas cities and most U.S. markets in economic growth, the area was rated 12th out of more than 50 U.S. markets in the 2011 forecast

The D-FW area got an even lower rating for development prospects in the year ahead.

The survey showed that industry executives across the country are optimistic that 2011 with be a turnaround year.

"Investors with cash could have excellent opportunities to seize market bottom plays by recapitalizing cash-starved owners or buying foreclosed assets," said Stephen Blank, a senior fellow with the Urban Land Institute, which sponsored the study with accounting firm PricewaterhouseCoopers.

The report gives D-FW high marks for stable housing prices and low business costs.

But North Texas was slammed for its persistently high office vacancy rates and the ease of building new projects here.

The D-FW area was second only to Los Angeles as one of the best places to buy industrial properties.

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