The Industry's New Darling
Multifamily, we hardly knew ye. Industrial now makes Dallas commercial real estate's heart go pitter-pat, with 17.5M SF of construction in the works across the Metroplex—and 80% of it will likely be pre-leased before it’s completed. (It won't even have a chance to ripen.) We learned that and more yesterday during the Bisnow DFW Industrial Real Estate Summit at the Hotel Palomar.
Billingsley investments and build-to-suits SVP Marijke Lantz told the crowd of 275 that Billingsley’s 340k SF industrial spec project is already 50% pre-leased, before the slab's even been poured. Looking at projected population growth, Marijke says the industry should be building even more to meet the future needs. (Industrial and multifamily will overlap in the future when robots need places to live.)
Courtland Development CEO Jon Napper (left, with Marijke) says his recent acquisition of 560 acres in South Dallas makes Cortland one of the largest landowners there (even if he says only 20 acres of it is developable, we don’t believe him.) Of the 17.5M SF coming, Jon says probably one-third is build-to-suit, and the spec will be leased. In the last 20 years, the market has grown from 450M SF to 790k SF (66%) and he anticipates the same to come in the next 20 years.
Holt Lunsford Commercial principal John Gorman (whom we love for picking Baylor to win the NCAA championship, sic ‘em!) says the industrial market is the healthiest he’s ever seen here. HLC has 1.2M SF in projects, including two under construction at Coppell Trade Center and Crosby Trade Center. The third is a 690k SF project on I-20 that’s about to get started.
Holmes Firm principal Ron Holmes (center) moderated the expert panel. We won’t give him too much grief for wishing LSU were in the tournament. (But hooray to SMU for beating them in the NIT!) Ron’s firm reps developers, investors, buyers and sellers, lenders, landlords, and contractors in all facets of real estate activities nationally. (It's got to remember a lot of birthdays.) The firm also supports its clients in entity structuring and maintenance, general corporate, and employment matters.
Event sponsor Burleson economic development director Justin Bond (left, with Brinkmann Properties' Mollie Mossman) tells us there’s plenty of room at the City’s HighPoint Business Park, where Chicken E Food Services has a 100k SF location. Burleson has plenty of land available to accommodate industrial users of all sizes, he tells us.
Event sponsor Ridgemont Commercial Construction’s Tabette Stewart and Jeff Stucker. The industrial tilt-wall specialist delivers quality projects across the Southwest with projects ranging from healthcare, office, industrial, retail, and public/municipal sectors. Recent project: Toyota of Burleson.
Event sponsor Chicago Title’s Holden Heil with the Neal Richards Group’s Harry Lake. Chicago Title has been around since 1847, with a continuous focus on people and relationships, not just business, they say.
Here are Cadence McShane Construction’s Craig Morris, Will Hodges, Dave Tague, and Joel Wells. The event sponsor has an award-winning safety program and has completed 30M SF of distribution, manufacturing, and food processing facility construction. The firm recently finished the DFW Trade Center. (Watch for more event coverage in tomorrow's issue.)