Even when business stops, the rent goes on. But with the unprecedented restrictions caused by the coronavirus, building tenants and their landlords are scrambling to deal with the new reality. Retail and commercial building tenants who have been forced to shut down are seeking relief from rent payments that still come due even when their doors are shut. “It’s not just restaurants — there are a lot of businesses that aren’t prepared to go two months without income,” said Tom Lynn, chairman of Dallas commercial property firm NAI Robert Lynn Co. “The companies that haven’t been able to access their properties and run their businesses are calling us to see if they can get some relief.” Even a landlord willing to cut his tenants some slack faces obstacles, Lynn said. His loan agreements may preclude free rent. Plus, some leases in retail buildings can be voided if a large percentage of the tenants in the project close down or pull out. Click to read more at www.dallasnews.com.
When I talk to out-of-staters about Texas, they often think I mean “Dallas” when discussing the Metroplex as a whole. That’s when I explain how important the Fort Worth market is to our thriving and healthy Dallas-Fort Worth (DFW) retail scene. Weitzman, which operates offices in Texas’ major markets, has handled development, leasing and management in the Fort Worth market since our founding 30 years ago. Today, the Fort Worth area is home to some of the state’s most robust residential, commercial and cultural growth. In terms of retail, our most recent market survey shows that as of January 2020, Fort Worth’s retail market is about as healthy as it’s ever been. Marshall Mills, Weitzman: The Fort Worth-area market, which we’ll call Fort Worth for the sake of simplicity, largely encompasses Tarrant County. Today, Fort Worth reports a total multi-tenant retail inventory of 62.8 million square feet. As a reference, that figure accounts for about a third of the entire DFW retail market inventory, which clocks in at just over 200 million square feet. Click to read more at www.shoppingcenterbusiness.com.
Dallas fundamentals remain solid. While no longer performing at the breakneck pace of 2016 and 2017, the market as a whole is still witnessing near-record levels in regards to construction, absorption and sales. Underlying threats that will need to be addressed include flight-to-quality patterns that are putting large supplies of 1970s and 1980s product at risk of being obsolete if not renovated, along with notable cost-of-living increases
that threaten to make corporate relocations less appealing. In the near term, however, Dallas is likely to remain one of the strongest performing metros in the U.S. Click to read more at www.rednews.com.
Cowboys owner Jerry Jones is getting acquainted with the national real estate market, having quietly founded a commercial real estate brokerage company in June, according to real estate news website Bisnow. Jones’ new company predictably includes the ubiquitous “blue star” in its name – Blue Star Commercial Real Estate LLC. He has hired several former Swearingen Realty Group executives to lead the privately held brokerage firm, Bisnow reported. Former Swearingen Senior VP Rob Wolfle was brought on as president of Blue Star Commercial Real Estate, according to his LinkedIn profile. Wolfle was with Dallas-based Swearingen for nearly 16 years before joining Jones’ new firm. The Dallas Morning News has reached out to Wolfle for comment about the new role and company. The firm is focused on representing investors in capital markets deals “across the nation,” according to Bisnow, which cites conversations with Blue Star Commercial Real Estate Executive VP Tom Brosseau. Click to read more at www.dallasnews.com.
In the last decade, Dallas-Fort Worth has been transformed by big relocations, renovations, and new developments that span all sectors and submarkets. Standing out in a market this deep and wide—and active—isn’t easy. But in 2019, several deals and projects generated more headlines than others. We analyzed traffic on our D CEO Real Estate site and asked market experts to weigh in on the topic. Here are the stories we believe rank as the most noteworthy of the year.
Uber’s Deep Ellum Hub
A decision by Uber Technologies to house its sizeable Dallas base in The Epic II has put Deep Ellum on the map as a modern office submarket with an abundance of walkable amenities. The rideshare giant will occupy the entire 471,000-square-foot building, developed by Westdale Real Estate Investment and Management, when the tower opens in 2022. Westdale CEO Joe Beard says the mixed-use project and Uber’s arrival will help tranform Deep Ellum into a 24/7 neighborhood, versus a weekend and nightlife destination. Click to read more at www.dmagazine.com.
The North Central Texas land market has seen no significant influence modifying its prior three years of sales and absorption activity, with the exception of increasing values and scarcity of inventory in most developable submarkets. In reviewing last year’s North Texas Land Absorption report, only a few minor observations have changed. For many years, our Investments/Land Group, a division of Younger Partners, has produced a report designed to assist investors in deciding the viability of acquiring for investment undeveloped land for medium and long-term positive returns. Since our 2018 report was distributed, DFW has experienced continued active growth in virtually every commercial and residential product type. Transaction volume held steady for both user and investment product. Absorption of developed, undeveloped (land without access to infrastructure permitting immediate use), and underutilized land progressed at a comparable rate to 2018. Click to read more at www.dmagazine.com.