With 2013 well underway, we’re certainly seeing an upswing in industrial activity at AllianceTexas, highlighted by the recent Amazon announcement and our record year of leasing activity. As market occupancy continues to rise, I and others agree that it will support the development of spec industrial projects.
Real Points
Daily Reports on Commercial Real Estate
Articles by Mike Berry
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Earlier this week, the Hillwood team made its annual presentation to the Fort Worth City Council on the progress of the AllianceTexas project. This year was especially fulfilling as we were able to report that AllianceTexas has eclipsed the $1 billion mark in paid property taxes to the eight governing entities that cover the development.
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Although AllianceTexas is more than 20 years old, it wasn’t until 2001 that I began to fully realize how much a large real estate development could change the landscape of an area. That realization manifested itself one morning, when my typical 20-minute commute from downtown Fort Worth took nearly an hour.
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The recent announcement that the North Tarrant Express is in line to receive a $415 million TIFIA loan for the expansion of Interstate 35W represents a tremendous victory for our region. This news certainly ranks as one of the major milestones in the two-decade history of the 17,000-acre AllianceTexas development; it’s also a major achievement for North Texas.
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As 2012 kicks into gear, many have made all sorts of New Year’s resolutions of a personal nature. This year, I challenge you to make a New Year’s resolution of a professional nature. Many of our industry’s visionary leaders—people like Trammell Crow, Ben Carpenter, John Stemmons and Bob Folsom—understood the symbiotic relationship between the public and private sectors, and they played an important role in bridging the two for the betterment of our North Texas region. Today, we have an opportunity to carry their example forward.
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It’s not just farmers, residents, and manufacturers who need to be concerned about ongoing drought conditions in North Texas. Water is also a critical issue for the commercial real estate industry. If we hope to retain our existing businesses and attract new employers to the region, we have to be able to offer the right business conditions to those enterprises—and a reliable water supply is a crucial element.
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IndustrialAs we move solidly into the final quarter of 2011, the Hillwood team is seeing some promising activity, which I believe will bode well for the larger North Texas commercial real estate market. In particular, there has been renewed interest in the industrial and manufacturing sectors, which until recently had been in somewhat of a holding pattern.
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OfficeWith numerous natural gas and energy companies either based in or occupying sizable real estate interests in downtown Fort Worth, the city has benefited tremendously from the economic development generated by the Barnett Shale. I believe that there are opportunities for even more commercial growth ahead—for Fort Worth and beyond.
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In the past several weeks since Gov. Rick Perry announced his candidacy for the Republican presidential nomination, we’ve seen a razor-sharp national media focus on the “Texas Miracle.” For those of you not familiar with the term, it has become an all-encompassing media buzzword to describe Texas’ role in creating approximately 40 percent of the nation’s new jobs during the past several years.
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Law-GovernmentThere has been widespread speculation that the EPA will lower DFW’s ground-level ozone standards from the 2008 standard of 75 parts per billion (ppb) to a more stringent 60-70 ppb, when it issues new guidelines for the region in the coming months. Even our most optimistic regional leaders believe that a standard at this level is unattainable, and will deal the region a significant economic blow.
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