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Dallas Commercial Real Estate In-depth
Dallas is the third-largest (as estimated by the United States Census Bureau on 1 July 2006) city in the state of Texas and the ninth-largest in the United States. The city is the main economic center of the 12-county Dallas–Fort Worth metropolitan area—at 6 million people; it is the fourth-largest metropolitan area in the United State...
Dallas Commercial Real Estate In-depth
Dallas is the third-largest (as estimated by the United States Census Bureau on 1 July 2006) city in the state of Texas and the ninth-largest in the United States. The city is the main economic center of the 12-county Dallas–Fort Worth metropolitan area—at 6 million people; it is the fourth-largest metropolitan area in the United States. In 2006, Dallas-Fort Worth became the 4th most populous U.S. metro area with over 6 million inhabitants. The region supports over 2.8 million jobs and millions of square footage of Dallas commercial real estate for lease and Dallas commercial real estate for sale.
Dallas boasts a broadly diverse business climate, with technological industries in the lead. Major industries include defense, financial services, information technology and data, life sciences, semiconductors, telecommunications, transportation, and processing. Still, with increasing globalization, changes in business processes and technology, Dallas is preparing to support the next generation of industries that also build on its existing strengths with commercial real estate in Dallas.
Today Dallas has moved beyond Big D and has become a diverse, international center that has added a cultural refinement and worldly sensibility to its long-standing aspiration to be bigger and better. Dallas’ growth has never been automatic or guaranteed. From time to time, major initiatives set the stage for dramatic economic expansion.
Dubbed the "Silicon Prairie," Dallas is among the country's largest employment centers for high technology. In addition, Dallas is known as a center for telecommunications manufacturing employment in the United States. Dallas commercial real estate houses all of these companies in R&D buildings designed to meet the needs of high tech tenants.
Dallas commercial real estate provides homes to many companies including Texas Instruments Inc., United Parcel Service, Inc., Southwest Airlines Co., AT&T Corp., JP Morgan Chase & Co. and many more. Dallas’ historically important industries remain its largest employers. Being a city founded on services (insurance and banking) and trade ensured that professional services, finance and trade still dominates the economy. Dallas’ concentration of high-end services exceed the national average in professional services, finance and information jobs. Dallas exceeds the rest of DFW in these three as well as health care and education. Thriving professional services and exemplary transportation assets also made Dallas a head-quarters magnet. 21 Fortune 1000 firms call Dallas home (including 11 of Dallas-Fort Worth’s 24 Fortune 500). Another 100 headquarters that employs at least 1,000 each globally are based in the city limits.
Forward Dallas! is the City’s new comprehensive plan, is also one of Dallas’ most important economic development initiatives. Forward Dallas! calls for a dynamic urban economy, centered on Downtown, surrounded by mixed-use neighborhoods and a web of transit-oriented developments, as well as a revitalized suburban economy based on stable single family neighborhoods and industrial, office and retail centers along highway corridors. Some areas are envisioned to become more intensely developed. The plan encourages changes to provide the commercial, retail and industrial spaces for Dallas’ growing population and work force. The need for Dallas commercial real estate is growing along with Forward Dallas!
Dallas’ rapid growth means the city is constantly undergoing significant change and Dallas commercial real estate is a big part of this growth.