In this edition of the Champions DFW Commercial Realty Podcast, Rudy Janecka and Lon Lloyd focus on the DFW commercial real estate review and preview. Here is an excerpt of their conversation…
Rudy Janecka: What we’ve chosen for today’s topic is to do a market update wrapping up sort of the 2019 year in review for all the commercial development sectors and Trends and then we’ll touch on the forecast for what it looks like in 2020 the decade.
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Lon Lloyd: Well Rudy, you know looking back at 2019. It’s it, you know, if it was a banner year for for the economy in north Texas and certainly for commercial real estate. I attended a conference last week and a real estate Economist was there and he was kind of talking about where do you think we are on the cycle? You know, the people are always asking economists. Where are we right? And what can we expect he said last year. This cycle has run for so long. He really thought we were in the ninth inning of a nine-inning baseball game. And now this year he’s asked the same question and he’s having to revert back and say I believe we’re actually in the sixth inning now.
RJ: Oh, wow. So continued growth continued demand is just driving in all sectors really and that’s what we’re going to talk about today.
LL: What we’re seeing is we’re seeing a healthy National economy and we’re seeing a healthy local economy as well.
RJ: And of course, we know it’s an election year and that tends to drive on a macro scale. But now let’s leave the today. Let’s first break it down. Let’s look at the industrial sector first And tell our listeners what we’ve seen and what we expect there.
LL: Well, I think the I think the most positive thing and the biggest number that that we can talk about as it relates to the industrial Market is that the entire Dallas Fort Worth metropolitan area absorbed in excess of twenty two million square feet of industrial space last year.
RJ: That’s amazing.
LL: Twenty nineteen twenty two million 22 million square feet. So, you know essentially what’s driving this is there’s a lot of logistics involved in this and there’s a lot of growth that’s involved in this also, you know based off of what we’re seeing in the numbers. We added a hundred and thirty thousand people to the Dallas-Fort Worth Metroplex right last year. So kind of what we’re seeing when we do the math is in 10 years We’re going to have thirteen million more people than we’ve got right now.
Listen to the complete 2019 commercial real estate review conversation here on our website or find this podcast and others on iTunes where it is a free download.