Mar 10, 2022 - News

Dallas is No. 1 for real estate development, report says

Top metro areas for real estate development
Data: StorageCafe; Chart: Jacque Schrag/Axios

Dallas-Fort Worth ranks first in the nation for real estate development over the past decade, according to data compiled by StorageCafe.

Details: The company analyzed residential and commercial developments in the largest 50 metropolitan areas over the past decade.

  • Residential building permits were tallied and commercial development was quantified by square footage added.

Zoom out: Houston ranked second in overall development but first in single-family development.

  • The Austin and San Antonio areas also cracked the top 20 in the country, ranking 11th and 20th respectively.

By the numbers: Single-family developments boomed during the pandemic, with the most building permits issued in 2020 and last year during the past decade.

  • Multifamily construction peaked in 2015 — with 28,000 building permits issued — and dropped during 2020 but rebounded with 27,000 permits issued last year.
  • About 4.1 million square feet of office space was built in 2021, nearly triple the space added in 2012.

Of note: Dallas also ranked first in industrial space added with 228 million square feet added in the past decade.

The big picture: The Dallas metro area is projected to surpass Chicago as the third largest metro region by the 2030s, ranking in size behind New York City and Los Angeles.

  • But housing inventories have dropped to record lows this year as real estate sales struggle to keep up with demand.

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