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Real Estate Market Overview: Dallas-Forth Worth

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Information about Real Estate Market Overview: Dallas-Forth Worth

Published on September 4, 2007

Author: DeeinAustin

Source: slideshare.net

Description

Texas real estate market overview provided by the Texas A&M Real Estate Research Center. For cities of Dallas-Fort Worth and Arlington. NOTE: Full-sized view or download is optimal.
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Real Estate Market Overview 2007 Dallas-Fort Worth-Arlington Dallas was settled in 1841 as a frontier trading post and today is the eighth largest city in the United States. The Dallas MSA is also the second largest in Texas, with more than three million people living in the area. High-tech companies, manufacturing and service industries have contributed to growth in Dallas, considered the financial hub of the Southwest. The Dallas-Fort Worth International Airport, which encompasses more than 18,000 acres, is the nation's third busiest and a major economic engine for the region. Fort Worth, known as the city quot;Where the West Begins,quot; still embraces its cowboy heritage. However, with successful downtown revitalization projects like Sundance Square, Fort Worth has transformed itself over the years into a cosmopolitan and cultural center. Bass Performance Hall, one of the area's major cultural attractions, was recently named quot;one of the top 10 opera houses in the worldquot; by Travel and Leisure magazine. Arlington, home to Six Flags Over Texas, Hurricane Harbor and The Ballpark at Arlington, is known as one of Texas' quot;most entertainingquot; cities. Quick Facts Dallas: 6,185.83 square miles Land Area Fort Worth-Arlington: 2,917.96 square miles Dallas: 649.8 people per square mile 2006 Population Density Fort Worth-Arlington: 680.1 people per square mile Collin, Dallas, Delta, Denton, Ellis, Counties Hunt, Kaufman, Rockwall, Johnson, Parker, Tarrant, Wise Area Cities and Towns Addison, Allen, Arlington, Balch Springs, Bedford, Benbrook, Burleson, Carrollton, Cedar Hill, Cleburne, Colleyville, Coppell, Dallas, Denton, DeSoto, Duncanville, Ennis, Euless, Farmers Branch, Flower Mound, Forest Hill, Fort Worth, Frisco, Garland, Grand Prairie, Grapevine, Greenville, Haltom City, Highland Village, Hurst, Irving, Keller, Lancaster, Lewisville, Mansfield, McKinney, Mesquite, North Richland Hills, Plano, Richardson, Rockwall, Rowlett, Saginaw, Southlake, Terrell, The Colony, Watauga, Waxahachie, White Settlement, Wylie *This report's MSA data reflects either 1999 or 2003 MSA definitions based on data availability. Use of 1999 definition is noted where applicable. Source: U.S. Census Bureau and Real Estate Center at Texas A&M University

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Metropolitan Statistical Areas (MSAs) DALLAM SHERMAN HANSFORD OCHILTREE LIPSCOMB HUTCHINSON HARTLEY MOORE ROBERTS HEMPHILL 2 CARSON POTTER WHEELER OLDHAM GRAY RANDALL ARMSTRONG DONLEY COLLINGSWORTH DEAF SMITH BRISCOE PARMER CASTRO SWISHER HALL CHILDRESS HARDEMAN WICHITA 25 BAILEY LAMB HALE FLOYD MOTLEY COTTLE WILBARGER FOARD 14 20 GRAYSON CLAY 21 LAMAR ARCHER MONTAGUE COOKE RED RIVER FANNIN COCHRAN HOCKLEY DICKENS KING KNOX BAYLOR LUBBOCK CROSBY BOWIE DELTA FRANKLIN WISE DENTON COLLIN HUNT JACK TITUS YOAKUM TERRY LYNN GARZA KENT STONEWALL HASKELL THROCKMORTON YOUNG HOPKINS 8 MORRIS CASS CAMP ROCKWALL RAINS PARKER WOOD UPSHUR MARION JONES SHACKLEFORD DALLAS TARRANT 1 GAINES DAWSON BORDEN SCURRY FISHER STEPHENS PALO PINTO KAUFMAN 22 13 GREGG SMITH HARRISON VAN ZANDT JOHNSON HOOD ELLIS CALLAHAN EASTLAND ANDREWS MARTIN HOWARD MITCHELL NOLAN TAYLOR ERATH SOMERVELL HENDERSON 17 16 PANOLA RUSK 9 NAVARRO HILL EL PASO 24 COMANCHE CHEROKEE BOSQUE STERLING COKE LOVING RUNNELS WINKLER ANDERSON ECTOR MIDLAND COLEMAN BROWN SHELBY FREESTONE 18 HAMILTON GLASSCOCK MCLENNAN CORYELL NACOGDOCHES MILLS LIMESTONE 11 SAN CULBERSON WARD HUDSPETH CRANE AUGUSTINE UPTON REAGAN HOUSTON SABINE CONCHO LEON TOM GREEN LAMPASAS IRION FALLS REEVES ANGELINA MCCULLOCH SAN SABA ROBERTSON 6 BELL TRINITY MADISON JASPER NEWTON MENARD SCHLEICHER POLK BURNET TYLER MILAM PECOS WALKER BRAZOS JEFF DAVIS CROCKETT MASON LLANO SAN WILLIAMSON JACINTO BURLESON KIMBLE 4 SUTTON HARDIN 3 GRIMES TRAVIS MONTGOMERY GILLESPIE LEE BLANCO ORANGE TERRELL WASHINGTON LIBERTY 10 BASTROP JEFFERSON KERR HAYS AUSTIN PRESIDIO WALLER EDWARDS VAL VERDE CHAMBERS REAL KENDALL FAYETTE BREWSTER CALDWELL HARRIS COMAL BANDERA FORT BEND COLORADO 19 GUADALUPE GALVESTON GONZALES KINNEY LAVACA UVALDE MEDINA BRAZORIA WHARTON BEXAR 23 WILSON DE WITT JACKSON FRIO MATAGORDA ZAVALA KARNES MAVERICK ATASCOSA VICTORIA GOLIAD CALHOUN DIMMIT BEE REFUGIO MCMULLEN LA SALLE ARANSAS LIVE OAK 7 12 SAN PATRICIO JIM WELLS NUECES 1. Abilene 14. Lubbock DUVAL WEBB KLEBERG 2. Amarillo 15. McAllen-Edinburg-Mission 3. Austin-Round Rock 16. Midland JIM HOGG ZAPATA BROOKS KENEDY 4. Beaumont-Port Arthur 17. Odessa 15 5. Brownsville-Harlingen 18. San Angelo STARR WILLACY 6. College Station-Bryan 19. San Antonio HIDALGO 5 CAMERON 7. Corpus Christi 20. Sherman-Denison 8. Dallas-Fort Worth-Arlington 21. Texarkana 9. El Paso 22. Tyler 10. Houston-Sugar Land-Baytown 23. Victoria 11. Killeen-Temple-Fort Hood 24. Waco 12. Laredo 25. Wichita Falls 13. Longview Prepared by the Labor Market and Career Information Department, TWC Edited by Real Estate Center at Texas A&M University

Table of Contents Demographics ..............................................................................................1 Education .....................................................................................................5 Employment .................................................................................................7 Economy ....................................................................................................15 Infrastructure ..............................................................................................16 Public Facilities ..........................................................................................17 Multifamily ..................................................................................................20 Housing ......................................................................................................24 Retail ..........................................................................................................37 Hotel...........................................................................................................43 Office..........................................................................................................45 Industrial ....................................................................................................58

Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX Dallas-Fort Worth-Arlington Market Overview 2007 Demographics Fort Worth-Arlington Dallas MD MD Population* Population* Percent Percent Change Change Year Population Year Population - 1996 3,076,605 - 1996 1,551,044 2.6 1997 3,178,447 3.2 1997 1,591,973 2.7 1998 3,283,020 3.2 1998 1,634,973 2.7 1999 3,381,283 2.9 1999 1,678,673 1.9 2000 3,451,226 2.0 2000 1,710,318 3.2 2001 3,585,379 3.7 2001 1,764,411 2.5 2002 3,664,340 2.2 2002 1,808,534 2.2 2003 3,737,262 2.0 2003 1,848,627 2.1 2004 3,812,875 2.0 2004 1,887,381 2.1 2005 3,893,123 2.1 2005 1,926,352 3.0 2006 4,019,499 3.1 2006 1,984,468 * July 1 population estimates * July 1 population estimates Source: U.S. Census Bureau Source: U.S. Census Bureau County Population Growth Growth 1996-2006 County 1996 2006 (in percent) 378,488 Collin 698,851 84.6 2,073,484 Dallas 2,345,815 13.1 5,085 Delta 5,561 9.4 354,915 Denton 584,238 64.6 97,597 Ellis 139,300 42.7 69,914 Hunt 83,338 19.2 110,751 Johnson 149,016 34.6 62,129 Kaufman 93,241 50.1 76,476 Parker 106,266 39.0 34,993 Rockwall 69,155 97.6 1,323,207 Tarrant 1,671,295 26.3 40,610 Wise 57,891 42.6 * July 1 population estimates Source: U.S. Census Bureau -1-

Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX Area Cities With 10,000 or More Residents Growth Growth 1990 2000 1990 2000 1990-2000 1990-2000 City City (cont'd) Population Population Population Population (percent) (percent) Addison 8,783 14,166 61.3 Grapevine 29,202 42,059 44.0 Allen 18,309 43,554 137.9 Greenville 23,071 23,960 3.9 Arlington 261,721 332,969 27.2 Haltom City 32,856 39,018 18.8 Athens 10,967 11,297 3.0 Highland Village 7,027 12,173 73.2 Balch Springs 17,406 19,375 11.3 Hurst 33,574 36,273 8.0 Bedford 43,762 47,152 7.7 Irving 155,037 191,615 23.6 Benbrook 19,564 20,208 3.3 Keller 13,683 27,345 99.8 Burleson 16,113 20,976 30.2 Lancaster 22,117 25,894 17.1 Carrollton 82,169 109,576 33.4 Lewisville 46,521 77,737 67.1 Cedar Hill 19,976 32,093 60.7 Mansfield 15,607 28,031 79.6 Cleburne 22,205 26,005 17.1 McKinney 21,283 54,369 155.5 Colleyville 12,724 19,636 54.3 Mesquite 101,484 124,523 22.7 Coppell 16,881 35,958 113.0 North Richland Hills 45,895 55,635 21.2 Corinth 3,944 11,325 187.1 Plano 128,713 222,030 72.5 Dallas 1,006,877 1,188,580 18.0 Richardson 74,840 91,802 22.7 Denton 66,270 80,537 21.5 Rockwall 10,486 17,976 71.4 DeSoto 30,544 37,646 23.3 Rowlett 23,260 44,503 91.3 Duncanville 35,748 36,081 0.9 Saginaw 8,551 12,374 44.7 Ennis 13,883 16,045 15.6 Seagoville 8,969 10,823 20.7 Euless 38,149 46,005 20.6 Southlake 7,065 21,519 204.6 Farmers Branch 24,250 27,508 13.4 Terrell 12,490 13,606 8.9 Flower Mound 15,527 50,702 226.5 The Colony 22,113 26,531 20.0 Forest Hill 11,482 12,949 12.8 University Park 22,259 23,324 4.8 Fort Worth 447,619 534,694 19.5 Watauga 20,009 21,908 9.5 Frisco 6,141 33,714 449.0 Waxahachie 18,168 21,426 17.9 Garland 180,650 215,768 19.4 Weatherford 14,804 19,000 28.3 Grand Prairie 99,616 127,427 27.9 White Settlement 15,472 14,831 -4.1 (in Dallas Co. only) 81,527 99,760 22.4 Wylie 8,716 15,132 73.6 Source: U.S. Census -2-

Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX Texas Metropolitan Area Population* Change Percent Metropolitan Area 1996 2006 Change Austin-Round Rock 1,073,037 1,513,565 41.1 McAllen-Edinburg-Mission 503,411 700,634 39.2 Laredo 171,583 231,470 34.9 Dallas-Fort Worth-Arlington 4,627,649 6,003,967 29.7 Houston-Sugar Land-Baytown 4,334,020 5,539,949 27.8 Brownsville-Harlingen 312,086 387,717 24.2 San Antonio 1,599,427 1,942,217 21.4 Texas 19,340,342 22,859,968 18.2 Tyler 166,087 194,635 17.2 Sherman-Denison 102,993 118,478 15.0 El Paso 656,482 736,310 12.2 College Station-Bryan 172,341 192,152 11.5 Amarillo 217,579 241,515 11.0 Killeen-Temple-Fort Hood 318,613 351,322 10.3 Waco 205,894 226,189 9.9 Midland 114,412 124,380 8.7 Longview 190,556 203,367 6.7 Lubbock 247,099 261,411 5.8 Texarkana 127,694 134,510 5.3 Victoria 108,636 114,088 5.0 Odessa 121,519 127,462 4.9 Corpus Christi 398,529 415,810 4.3 San Angelo 104,574 105,752 1.1 Abilene 156,351 158,063 1.1 Beaumont-Port Arthur 380,417 379,640 -0.2 Wichita Falls 151,170 145,528 -3.7 * July 1 population estimates Source: U.S. Census Bureau Dallas-Fort Worth-Arlington MSA Projected Population Texas State Data Center Texas Water Development Year (Scenario 0.5) Board 5,161,544 2000 5,161,518 5,667,966 2005 - 6,197,165 2010 6,506,854 6,753,598 2015 - 7,340,103 2020 7,830,371 7,973,634 2025 - 8,648,782 2030 8,947,262 9,360,952 2035 - 10,106,814 2040 10,103,144 Sources: Texas State Data Center (2006 projection) and Texas Water Development Board (2006 projection) -3-

Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX Texas Metropolitan Area Population Growth Forecast, 2000 - 2020 Texarkana Wichita Falls Beaumont-Port Arthur Abilene San Angelo Sherman-Denison Longview Lubbock Midland Tyler Waco Odessa Victoria College Station-Bryan Amarillo San Antonio Corpus Christi Texas Killeen-Temple-Fort Hood Houston-Sugar Land-Baytown El Paso Dallas-Fort Worth-Arlington Brownsville-Harlingen Austin-Round Rock McAllen-Edinburg-Mission Laredo 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Source: Texas State Data Center – Scenario 0.5 (2006 projection) Household Composition Dallas Fort Worth- Arlington PMSA PMSA Texas Average household size (2000) 2.7 2.68 2.74 Population younger than 18 (2000, in percent) 28.0 28.0 28.2 Population 65 and older (2000, in percent) 7.7 8.8 9.9 Source: U.S. Census Bureau (1999 definition) Distribution by Race and Hispanic or Latino Origin, 2000 (in percent) Dallas Fort Worth- PMSA Arlington PMSA Texas White 67.2 74.3 71.0 Black 25.1 11.2 11.5 Asian 4.0 3.2 2.7 American Indian 0.6 0.6 0.6 Other 10.7 8.3 11.7 Two or more races 2.4 2.4 2.5 Hispanic (of any race) 23.0 18.2 32.0 Source: U.S. Census Bureau (1999 definition) -4-

Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX Dallas-Fort Worth-Arlington Market Overview 2007 Education Educational Attainment, Persons Age 25 and Older (in percent) High school Some college, Associate's Bachelor's Master's Doctorate graduate no degree degree degree degree degree County 15.1 23.1 6.3 32.8 11.3 1.2 Collin 21.7 21.3 5.0 18.0 6.0 0.8 Dallas 36.1 21.5 4.0 8.5 4.8 0.5 Delta 19.9 26.1 6.7 26.6 7.4 1.2 Denton 30.8 24.6 5.3 12.4 3.2 0.4 Ellis 34.3 22.0 3.8 10.7 4.6 0.8 Hunt 33.2 25.0 5.5 9.7 2.8 0.4 Johnson 33.8 22.9 5.5 8.9 2.4 0.3 Kaufman 30.4 25.3 6.2 12.5 3.8 1.1 Parker 22.9 25.3 5.9 22.4 7.1 0.7 Rockwall 23.5 25.1 6.0 18.8 5.7 0.7 Tarrant 34.8 23.5 4.8 9.2 2.4 0.4 Wise 24.8 22.4 5.2 15.6 5.2 0.8 Texas Source: U.S. Census Bureau 2000 Educational Level, Persons Age 25 and Older, 2000 (in percent), PMSA Dallas Fort Worth- PMSA Arlington PMSA Level of Education High School Graduate or Higher 79.4 81 Bachelor's Degree or Higher 30 25.1 Source: U.S. Census Bureau 2000 (1999 definition) -5-

Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX Local College and University Enrollment, Fall Semester School 2002 2003 2004 2005 2006 Dallas Baptist University 4,417 4,538 4,714 4,988 5,146 DCCCD Brookhaven College 9,184 9,718 9,714 9,725 9,634 DCCCD Cedar Valley College 3,990 4,443 4,265 4,300 4,357 DCCCD Eastfield College 9,071 9,376

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