The real estate market is hot in North Texas.
But it’s not just housing – experts say the frenzy we’re seeing in homebuying is happening in commercial real estate, too.
The demand is driving up costs from rent to construction.
“Prices are now at all-time highs,” said Chris Dharod, president of Dallas-based SSCP Management. “There’s a lot of money from other cities coming here because they want to own DFW real estate. For a long time, people wanted to buy California real estate. It’s now Texas real estate that they want to own.”
His company owns several shopping centers, apartment buildings and other real estate holdings, so Dharod has been able to observe the ever-changing market as the pandemic has unfolded over the last 18 months.
He said before COVID-19 disrupted the economy, the market was much more predictable and stable.
“At the start of the pandemic, a lot of businesses sort of slowed down and completely froze any growth that they were going through. They stopped building restaurants, they stopped moving offices, and building offices,” he said. “Since then, companies in most industries have picked back up and prices are now at all-time highs.” Click to read more at www.nbcdfw.com.