Dallas Leads Nation in Potential for Business District Development
The true essence of the American economy lies in the value each one of the businesses its great cities provides. The diversity of businesses every region of the United States offers has enabled these cities to contribute to the economy in their own unique ways.
A recent study by CommercialCafe looked at 25 different metropolitan areas across the country and examined how much undeveloped land remains within their respective central business districts (CBD) and highlighted the economic and social impact properly developing this land to better fit the needs of the surrounding community can have.
Among the 25 surveyed cities, Dallas ranked as the metropolitan area with the largest amount of undeveloped land within their CBD, logging an incredible 86 cumulative acres. Investors and builders have taken advantage of favorable real estate markets Texas has to offer and have built more than 8 million square-feet of property in the past five years in Dallas alone—second only to New York City. Dallas ranked 4th on Business Insider’s list of cities with exceptional economic growth in 2018.
Another reason for Dallas’ economic success is its favorable real estate market. Part of the CommercialCafe study surveyed more than 1,500 individuals living and working in these districts, inquiring about what they want from building development in the future. The overwhelming majority of respondents chose housing. The homeless problem in America is getting worse—rising for the first time since 2010, and cities continue to struggle to find the right answer to fix it.
Dallas’ housing market ranked 2nd in Realtor.com’s annual National Housing Forecast, primarily due to the strong economy the city has built. There are astounding economic gains that cities provide to the greater economy that directly result from how cities and builders utilize their building space. Dallas/Fort Worth builders and investors will continue to lead as an example throughput the nation as more development continues to take place.