FIELD OF DREAMS MYTH
Sure, it would’ve ended Kevin Costner’s baseball flick 90 minutes sooner, but "If you build it, they won’t come (in this market)" is more applicable. Alas, that message was ignored by many poorly performing projects built the past four years, says the namesake of FW-based James R. Harris Partners, whom we recently visited.
First off, we admired that Phil Mickelson/Fred Couples picture on the wall. (Jim spent much of his youth on the greens of Colonial.) Then, the 31-year industry vet laid out some expectations: the term ‘commercial developer’ will be an oxymoron with little commercial activity except for governmental, school, and medical; cap rates will return to a historical norm of around 8%; and after a several year shakeout through next year, multifamily construction will accelerate and be one of the few prosperous development types.