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2022 Commercial Construction Growth In DFW
It probably comes as no surprise that DFW is a top market for office construction. According to the Dallas Morning News, over 8 million square feet of office space is on the way in North Texas alone. In fact, “The D-FW area ranked fourth nationally for office building in April with almost 8 million square feet of buildings on the way, according to a new report by Yardi Systems.” More than $28 billion in residential and commercial building starts were recorded in the D-FW area in 2021.
This past December, the DFW region led the nation – representing 12% of all industrial construction in the United States. North Texas construction activity in the first three months of 2022 totaled more than $9.2 billion — up 19% from first-quarter 2021, according to the latest report from Dodge Data & Analytics. To date, more than $12 billion in local construction projects have begun so far this year. The Dallas Morning News reported, “Dallas-Fort Worth nonresidential building starts were up 15% in April from a year ago, according to the latest report from Dodge Data & Analytics.”
When it comes to offices, The Real Deal named DFW to be one of the biggest office investment markets with more than 5.7 million square feet changing hands in the first quarter of 2022. And, the future is continuing to look bright. According to the Colliers Global Capital Markets 2022 Investor Outlook, “Dallas will be the nation’s top market for commercial real estate investment in 2022. One-third of those surveyed by Colliers intend to invest in industrial and logistics assets in Dallas while one-quarter expect to invest in multifamily locally.”
And, why DFW? “Dallas-Fort Worth’s central location makes it ideal for companies that want to serve customers across the nation, said Becky Thompson, a principal at Lee & Associates. “Anyone who is growing is looking here,” she said.