In every business, every friendship, every transaction, or lease negotiation, it is all about the relationship—the relationships that existed before the deal, the ones that are formed during the deal, and the ones that are there when the deal is completed. Sometimes relationships are solidified during the deal-making process; sometimes they can become strained or broken.
Real Points
Daily Reports on Commercial Real Estate
Articles by William R. Cawley
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OfficeNo longer is time on the tenant’s side. Quality available space is getting absorbed, with Uptown, Preston Center, Legacy Tollway, and Richardson submarkets seeing the most activity.
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OfficeEarly in my real estate career, as I was trying to build my brokerage business, I dreamed of someday becoming a developer. To me, the lure of development was driven by my desire to make a mark on the real estate marketplace.
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Commercial Property SalesAggressive lending is driving the market activity and creating an opportunity for buyers and sellers. Buyers are able to lock in great loan terms for up to 10 years. Sellers are bringing assets to market because the low rates and higher leverage is allowing buyers to pay more. All of this is combining to create the most activity we have seen in Dallas-Fort Worth in years.
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OfficeThe hottest office market in Dallas in the last six months has been the Legacy and Dallas North Tollway area. The only spec office building in the market of any significance is under construction there, and developers are fighting over the good remaining development sites.
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OfficeLow interest rates and aggressive lenders has created a great environment for buyers. As our economy continues to recover, inflation has to be right around the corner. Anyone who locks in interest rates within the next two years is going to create great long-term value for their asset. We’ll all wish we locked rates if we don’t.
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EconomyA number of factors will both drive and temper the North Texas commercial real estate market this year. From my vantage point, here’s what we should expect:
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OfficeIn an election year, real estate markets tend to be stagnant, but you add the uncertainty in the world, and 2012 will be a buyer’s market like we have not seen in a long time. I have been called several times in the last few weeks by selling brokers on assets we made offers on six months ago and been offered the asset at my price or under, but our equity partners now feel the value is even lower. This feels like we are at the bottom, and it is a great time to buy.
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EconomyWe can all thank our lucky stars we live in Dallas. The next 10 years are going to be a lot brighter for those who live in Texas than almost any other state in the country. Here’s why.
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I have always been against government intervention or stimulus to try to avoid recession. Markets can correct themselves quite efficiently without government interference. The latest government intervention has done nothing but spread the problem out and mortgage our future trying to do it. So if the economy worsens, how will it affect us in Dallas?
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