Dallas-Fort Worth ascends to 2nd hottest real estate market in ULI report
By Bill Hethcock – Senior Reporter, Dallas Business Journal
First, the good news. Dallas-Fort Worth is the second hottest market to watch for real estate and generally rosy economic conditions in 2023, according to a new report by the Urban Land Institute being released this morning at a global conference in Dallas.
The report highlights evolving trends shaping the real estate industry and lists markets to watch, and DFW and the Lone Star State shine brightly in that regard.
Dallas-Fort Worth ranks No. 2 in the U.S. and Canada in terms of overall real estate prospects for the year ahead, second only to Nashville. Austin ranks No. 4, San Antonio is No. 12, and Houston comes in at No. 14, according to ULI’s 2023 edition of Emerging Trends in Real Estate.
“Texas is very well represented in the the markets that have the most positive real estate prospects that we see across the country,” Ron Pressman, the freshly minted global CEO of ULI told me in an interview at the organization’s 2022 Fall Meeting taking place this week in the Kay Bailey Hutchison Convention Center and other DFW locales. Pressman took over ULI’s top position early this month.
I asked Pressman what makes a metro area's real estate prospects bright.
“At its baseline, it's employment growth, job creation, job availability,” he said. “In the markets that are most attractive to the real estate community, it's all about the markets that are magnets for population migration as well as corporate migration.”
That has a cascading effect, as good begets good.
“If you have people and jobs, you need to support that with life-cycle centers and retail centers and so forth,” Pressman said. “It becomes a catalyzing event to have population growth and job creation in a location anywhere in the country.”
Read the full article at Dallas Business Journal.