New Developments Taking Off in Reborn Love Field Area

By Steve Brown, Dallas Morning News

 

West Love Project

The traffic on Dallas’ busy Mockingbird Lane is both on the ground and in the air.

Jets taking off a few blocks away at Love Field and cars lined up on the busy street are a testament to the surge in activity in the district.

“This whole area is undergoing a renaissance,” said developer Jorge Ramirez, who is turning two blocks of old industrial and commercial properties into a new mixed-use development.

His 35-acre, $200 million West Love development is the biggest new project in the Love Field area.

But it’s by far not the only thing happening around Dallas’ close-in airport.

With passenger traffic up more that 50 percent at Love Field and expansions at the nearby medical centers, the area south and west of the airport is attracting new development.

Apartment builder Fairfield Properties just cleared six acres south of Love Field at Denton Drive and Inwood Road where it is building a 347-unit complex.

“We like the changes we are seeing,” said Fairfield’s Zach Johnston. “The growth in the area and the proximity to the DART station across the street made the site attractive to us.”

The Inwood Station apartment project will open next summer.

Fairfield’s project is the latest in a series of apartment developments between Love Field and Parkland Hospital that have added thousands of rental units to the area.

More apartments are coming at the West Love project.

Link to the full article

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McKesson Brings 1,000 New Jobs to Irving 

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The former NEC America complex located at the northeast corner of State Highway 114 and 161 the Bush Turnpike in Irving, Texas. Shot Thursday, February 25, 2016. (David Woo/The Dallas Morning News)

 

http://bizbeatblog.dallasnews.com/2016/03/medical-giant-mckesson-bringing-almost-1000-new-jobs-to-irving-in-office-consolidation.html/

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Chase’s Planned Legacy West Campus is Growing

By Steve Brown, Dallas Morning News      

JPMorgan Chase’s new Plano office campus is getting bigger.

The financial services and banking giant is buying almost 50 acres in the Legacy West development near the southwest corner of State Highway 121.

chasecampus

Chase’s new regional business center will include more than 1.4 million square feet of office space in six buildings, according to plans filed with the City of Plano. The office buildings will be as tall as eight floors.

There are also three large parking garages to be built on the development site located between S.H. 121 and Headquarters Drive.

The buildings are connected by paved esplanades and landscaped areas.

And a large park area with an “amenity feature” planned for the north corner of the campus on Communications Parkway.

The campus is projected to cost almost $300 million and will open starting in 2018.

Link to Full Story

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Outlook for the Texas Economy

This recent publication from The Real Estate Center at Texas A&M University is a comprehensive review of current and past data that provides a detailed outlook for the Texas Economy.

oil-gas

Follow the link below to Vanguard Commercial Group’s CRE Data and Docs page to read or download the publication.

Link to Data and Docs page

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Why Millennials Are Getting Into Real Estate

By Christine Perez, D Magazine

power_broker_millennials

Dallas appraisal executive Chuck Dannis has taught the same real estate class at Southern Methodist University’s Cox School of Business since 1988. Over the years, enrollment has risen and fallen, in line with the cyclical nature of real estate. “I think my 2009 class had seven students,” Dannis says. “This year, I had 37—the biggest class ever.”

During the last couple of decades, many 20-somethings have been lured by the excitement of careers in technology and oil and gas. Now, though, as Dannis’ class size illustrates, commercial real estate is making a comeback. There’s a lot to love about the profession. For the most part, it’s out-of-the-office work. It’s intellectually stimulating, there’s a lot of creative problem-solving, and it has a strong entrepreneurial bent. “Real estate is mostly an ‘eat what you kill’ profession,” Dannis says. “It allows high achievers to make more money than those who just want to cruise along at their own pace.”

Link to Full Article

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California medical giant McKesson looking at a major office move to Irving

By Steve Brown, Dallas Morning News
A big U.S. medical company is in talks to buy two Las Colinas buildings for a major office move. 

  
San Francisco-based McKesson Corp. – which distributes pharmaceuticals and medical products – is looking at the former NEC Corp. of America office complex on State Highway 114 in Irving, real estate brokers say.

Read the full article 

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Chase Campus in Legacy West Grows

By Steve Brown, Dallas Morning News


JPMorgan Chase’s new Plano office campus is getting bigger.

  

Chase’s new regional business center will include more than 1.4 million square feet of office space in six buildings, according to plans filed with the City of Plano. The office buildings will be as tall as eight floors.

Read the Full Story

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Dallas, San Antonio and Austin keep Texas growing

by Mitchell Schnurman, Dallas Morning News

Call it the I-35 firewall, because it’s the best defense against a big downturn in the Texas economy.

Three major metros along the interstate corridor — Dallas, Austin and San Antonio — keep adding jobs even as oil prices plunge. And their gains may be enough to offset the energy shock.

Dallas Austin San Antonio jobs

At least they were last year, and that’s likely to continue, said Rob Kaplan, the new president of the Federal Reserve Bank of Dallas.

Houston and Fort Worth, a big manufacturing town, managed to grow just slightly in 2015, increasing jobs by less than 1 percent. Oil-dominated economies in Midland, Odessa and Longview had net declines in employment.

The bright spots were Dallas, Austin and San Antonio, which together created 168,000 jobs — the exact net gain for the entire state. While Dallas slipped in manufacturing, it grew strongly in professional services; trade, transportation and utilities; and leisure and hospitality.

Health care was also a strong contributor to job growth as more Texans got insurance through Obamacare and Medicaid.

Link to Full Article

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3 Houston Economists: WHY OIL WON’T BALANCE UNTIL 2017 AND WHY HOUSTON DOESN’T NEED IT TO

By Catie Dixon, Bisnow Texas

Bisnow gathered three of Houston’s leading energy economists and analysts at yesterday’s Impact of Oil and Gas on Real Estate event, and they’re all pretty much writing off 2016 for any improvement in the oil market. And yet all three ended on a really positive note about Houston. Here’s what they’re seeing.

Houston

Greater Houston Partnership regional economist Patrick Jankowski says the US is working to decrease production to correct the glut of oil on the market. But it’ll be offset by Iran, which aims to increase production by 1 million barrels by the end of the year. He doesn’t think supply and demand will balance for at least another 18 months. Institute for Regional Forecasting economist Adam Perdue thinks it’ll take us longer to decrease our production than people predict. We still don’t fully understand shale and where the sweet spots are, so supply can be unpredictable. He thinks it’ll probably balance in 2017. Pictured is our economist forecast panel: Energy Architecture managing principal Russell Kelly, Patrick, Adam, and UT Center for Energy Economics senior energy adviser Deniese Palmer-Huggins.

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DFW Shopping Center Vacancies at 3 Decade Low

By Steve Brown, Dallas Morning News

Despite challenges of storefront retailing in the e-commerce age, Dallas-Fort Worth shopping center vacancies are starting out 2016 with the lowest vacancy in 31 years.

Only about 8 percent of North Texas’ retail space is now empty, according to the latest shopping center industry survey by Weitzman Group.

The commercial real estate firm has been tracking the D-FW retail market for 25 years.

And 2015 had the lowest overall vacancy since 1984, company officials said Tuesday.

Shops at Park Lane

“Last year was only the second time in six years the vacancy has dipped under 10 percent,” Weitzman Group’s Bob Young, managing director of the commercial real estate firm, said Tuesday morning. “We saw the equivalent of two regional malls going from fully vacant fully leased over the year.

“This better occupancy is the result of strong leasing and limited construction,” Young said.

Link to Complete Article

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