What a year — 2016 saw a string of all-time highs in the North Texas real estate market.
Record commercial property sales. Record home prices.
Construction cranes sprouting across the horizon.
This year has been like a flashback to the 1980s boom, but without the crooked savings and loan money and development of mostly empty buildings.
Strong job growth and a flood of folks moving to Dallas-Fort Worth have fueled strong demand for everything from apartments to high-rise offices.
The big question for 2017: Will it last?
Higher interest rates will make it tougher to finance home purchases and office building buys, among other things.
But if employment gains in North Texas remain high, expect another big year for the property sector.
Biggest Dallas area Commercial Real Estate Sale in 2016 – $825 million sale of State Farm Insurance’s just-completed Richardson campus.
Largest North Texas Real Estate Development in 2016 – Legacy West with over 5 million square feet of office space.
Biggest Sales Prices for Office Buildings in Dallas – the 2000 McKinney office tower sold for an estimated $504 per square foot while Uptown’s 19-story 17Seventeen McKinney tower set a record of $509 per square foot in a sale to investor Gaedeke Group.
Biggest Building Boom in Dallas – Fort Worth – DFW leads the nation with more than 55,000 apartments in the pipeline but lending is tightening, so the peak may be near.