Commercial Real Estate and Mortgage In Texas
Article Summary: This article will help anyone looking for information pertaining to a commercial real estate and commercial lending in the State of Texas.
The state of Texas has a population of 23,507,783 spread out across over 261,797
square miles. It is the second most populous state, and, by land mass, it is the
second largest state in the United States. And, as you would expect with such
large amounts of people and land, the Texas real estate market is hot. Out of
state investors are dumping money into the state because, with so much land, there
is bound to be a bargain somewhere. Texas is a fast-growing state, but investors
are looking at Texas commercial real estate and residential with equally keen interest.
Across the state, the multifamily housing market is strong, with the vacancy
rates in most residential cities below ten percent. Dallas is a notable exception;
it's vacancy rate is at about 23%. The same can be said for office vacancies,
where Dallas again lags the rest of the state. The number is somewhat misleading
though, because the demand for office space is so huge. For example, in Ft.
Worth, office vacancies hover at around six percent.
The Dallas area is just coming out of an industrial slump, but industrial
leases are still lagging behind other commercial sectors. Retail is
also down in the Dallas area; both new construction and demand are slackening.
With the housing market down, condo-conversions are slow in Dallas, and across
the state. Still, the local Dallas economy is in an upswing and it is experiencing
rapid growth, so experts forecast all sectors grow stronger in the very near
future.
Austin is a college town with a world-famous music scene. Previously, the commercial
market had been dedicated to residential and retail investment, but these days,
office and flex-use sectors are growing. High tech and defense
corporations are locating in Austin in high numbers, prompting many of the university
graduates stay in town. As the transient residents become permanent residents,
Austin's residential and retail sectors are growing. Further, with the influx
of light industry, the industrial and flex-use sectors are growing, too.
The Houston area boasts cheap, open land, not just on its outskirts, but also
within its city limits. Infill projects are mostly focused on mixed-use, luxury
development, while outlying vacant land is more diversified, including retail,
office and residential development
In East Texas, timber is big business and commercial real
estate is available for business ventures that cater to that industry. In the
Dallas/Fort Worth metropolitan area, aerospace and defense industries are prevalent,
and much of the commercial real estate is used for those businesses.
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