DALLAS – Stream Realty Partners, a national real estate services, development and investment firm, hosted its third annual Dallas State of the Market. The event featured keynote speaker Danielle DiMartino Booth, senior financial analyst and advisor on monetary policy for the Federal Reserve Bank of Dallas.
The keynote address by Danielle DiMartino Booth focused on the strength of the Texas economy. DiMartino Booth said, “Texas is well positioned to outperform the rest of the country due to its business friendly environment, tax structure, affordable housing and relative cost of living.”
Stream Realty’s State of the Market event hosted more than 100 business leaders at The Crescent in Dallas to learn and discuss key market and economic trends Texas.
Key Insights on Dallas Office Market
Demand continues to accelerate across major submarkets led by Far North Dallas, Plano/Richardson
Ryan Evanich, vice president of Stream’s office division in Dallas, noted that local demand in the office market is up and confidence is high. Over 85 percent of the market is leased with rates approaching $22 a square foot, metrics not seen since the 1999 peak. Evanich highlighted the increasing demand for office space and noted that the number of large office transactions, those greater than 20,000 square feet, doubled in 2014 compared to the year prior.
“The influx of new construction demonstrates confidence in the market and expectations for continued growth,” said Evanich. The majority of new supply is coming online in suburban markets. Far North Dallas leads the metroplex with more than 2.3 million square feet being developed, followed by Richardson and Plano, which has just over 2.1 million square feet under construction.
Key Insights on Dallas Industrial Market
Seth Koschak, Managing Director of Stream’s Fort Worth office highlighted the success of the industrial market across Dallas – Fort Worth. Koschak stated, “Vacancy is still well below the historical average and land constraints will impact supply by limiting development within infill submarkets.”
The increase in corporate headquarters relocating to DFW will continue to have a positive impact on the industrial sector. There are more than 55 buildings totaling over 13.7 million square feet in construction. Already, 30 percent of under construction development is preleased.
Stream’s State of the Market event was sponsored by VTS, Alliance Tax Advisors, Benchmark Bank, Munsch, Hardt, Kopf & Harr, EMJ Construction and BOKA Powell.
About Stream Realty Partners
Stream Realty Partners, L.P. is a full-service real estate investment, development and services company. Since its formation in 1996, Stream Realty has grown from its two original partners to a staff of over 550 real estate professionals nationwide with office locations in Atlanta, Austin, Charlotte, Dallas, Denver, Ft. Worth, Houston, Southern California, San Antonio and Washington, D.C. Stream Realty leases and/or manages more than 120 million square feet of commercial buildings across the nation; completes over $1.6 billion in real estate transactions annually; and is considered one of the most active investors and developers in the Southwest.