Construction in the Dallas-Fort Worth area surged in April. A huge year-over-year increase in nonresidential building starts added to the annual building totals, according to a new report from Dodge Data and Analytics. Nonresidential building starts in the region totaled more than $1.2 billion in April — more than twice the activity of April 2018. But residential starts fell from a year ago and totaled about $1.1 billion. Through the first four months of the year, nonresidential building starts in North Texas are up 13% from the same period last year. And residential starts are down 11%, according to Dodge Data. The jump in commercial building activity in the area erased losses in the sector in the early months of 2019. Click to read more at www.dallasnews.com.
The dream team behind the new PGA headquarters resort gathered in Frisco last night to give an update on the 600-acre development. The invite-only event featured three discussions moderated by Dave Marr III of SirusXM’s PGA Tour Radio. Among the featured speakers: PGA of America CEO Seth Waugh, golf course architects Gil Hanse and Beau Welling, World Golf Hall of Famer Lee Trevino (who was uproariously funny) and his mentor Bill Eschenbrenner, and Bob Rowling, chairman and CEO of TRT Holdings, which owns Omni Hotels. Click to read more at www.dmagazine.com.
The 72-story Bank of America Plaza is the second-tallest building in Texas and one of the five skyscrapers with the most floors west of the Mississippi. The 1.85 million-square-foot Main Street office tower outlined with miles of green lights has been owned since 1998 by Metropolis Investment Holdings, a Chicago-based real estate firm that manages assets for a German family investment group. Click to read more at www.dallasnews.com.
A year ago, Uber announced that Dallas would be the test ground for a new ride-hailing service that could allow customers to travel through the skies to work, home or a night out, thousands of feet above congested highways.
The tech company and its local partners have pushed ahead since then to make air taxis a reality.
On Tuesday, the San Francisco-based company unveiled the latest prototype and design specifications for aircraft manufacturers that build the four-person flying taxis. The flying taxis — called electric vertical take-off and landing aircraft or eVTOLs — would be similar in size to helicopters, but quieter and more energy-efficient. They would be flown by a pilot, powered by an electric battery and available in dense urban areas.
Click to read more at www.dallasnews.com
FC Dallas is looking at developing land next to Toyota Stadium in Frisco. The Dallas suburb is seeing significant real estate growth, and FC Dallas President Dan Hunt said, “We own probably around 30 acres of land.” That is part of the 145-acre site where the stadium was developed. Hunt said an initial focus for the land would be establishing a residential academy for young soccer players.
Click to read more at www.sportsbusinessdaily.com
DALLAS (CBRE) – According to a CBRE report, the North Texas office market is cooling down.
The market saw negative absorption for the first time in 31 consecutive quarters for a rare loss of 470,212 sf. This kicked up the local vacancy rate to 20.5 percent.
Around 1.2 million sf of office space was delivered in first quarter 2018, and 4.9 million sf is still in the pipeline. The average asking rent fell to $24.25 per sf, a 1 percent drop since first quarter 2017.
Employment growth across the Metroplex remained at a steady 2.7 percent, stronger than the nation’s 1.6 percent growth. According to the Bureau of Labor Statistics, over 96,000 new jobs were created in DFW in the past 12 months.
Click to read more at www.recenter.tamu.edu