Commercial real estate lawyers point to strong housing and development demand in Austin, Houston, Dallas, Forth Worth and San Antonio.
With companies such as Facebook, Apple, Tesla, Samsung and Oracle either relocating to or expanding their operations in Austin, all sectors of residential real estate are in high demand.
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Multifamily demand is expected to outpace supply while builders of condos, townhouses, apartments and single-family homes try to keep up. Developers will continue acquiring more land to build more subdivisions of both rental and workforce/affordable housing.
On the commercial side, expectations are that mixed-use buildings will dominate and that more industrial warehouse development will populate highway corridors.
Multifamily housing will continue to dominate residential building in 2022 while occupancy rates in existing housing supply in Houston will remain high.
Houston’s central business district is another story, however. Office vacancies remain high though central district shops and restaurants appear to be in good shape.
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Both single-family and multifamily development and construction in Dallas had record-breaking years during 2021. Local experts expect 2022 to be a continuation of these trends.
Texas real estate attorneys voiced their anticipation that Dallas-Fort Worth urban centers outside of the downtown center will continue to thrive in 2022. They also predict that the industrial sector will be active across North Texas during 2022.
Fort Worth is now considered to be a landlord’s market. Leases are outpacing expectations in all types of commercial spaces while biotech, warehouse and e-commerce facilities dominate industrial space.
Class A office building sales prices are setting new records and corporate relocations are spurring new construction of office campuses just beyond Fort Worth’s downtown.
Seemingly, San Antonio has an endless supply of new residents moving into single-family and multifamily developments. Multifamily construction growth is expected to outpace the nation in 2022.
Commercial markets are expected to remain strong in the new year with both new commercial and industrial spaces on track to add space. Though 2021 saw slight rent decreases and office vacancy increases, industry experts are bullish abou San Antonio’s real estate industry.
Thanks to Texas Lawyer and TheRealDeal.