Melinda Young

As published in Scotsman Guide's Commercial Edition, March 2008.

"Live large. Think big" is Dallas' official motto. And if the extensive economic development under way in the city is any indication, Dallasites take their slogans seriously.

What the Locals Say _____________________________________ "I don't see Dallas going into a recession this year because there's such a diverse economy here. We're at the crossroads of major interstates and intermodal rail lines. We've got warm weather, a good business climate and a lot of opportunity for growth. If the rest of the country gets the flu, we'll probably just get a cold." -- Dave Richards, senior vice president, managing director, Grubb & Ellis Dallas

With funds from a 2006 $1.35 billion bond package, the largest in city history, the city is enhancing streets, improving flood control and adding new parks. The Dallas Area Rapid Transit system is seeing a massive expansion. And a comprehensive city plan seeks to add another 200,000 households to Dallas by 2030.

At present, it looks like the growth of the multifamily sector is helping make that goal a reality. Rents, absorption and construction are on the rise, and vacancies are decreasing. Although some other property types in Dallas may slow down a bit this year as the commercial market cools off nationwide, multifamily should nevertheless remain healthy, Grubb & Ellis' Dave Richards predicts.

Across the board, many property investors also continue to see the "Big D" as an attractive place to put their money. Unemployment is below the national average, household incomes are growing and people keep moving to the Dallas-Fort Worth metropolitan area.

Vitals

↑Population: 1,192,538

• Population in 2000: 1,188,580
• Rank (U.S.): 9th-largest
• Metropolitan-area population: 6 million
• Metropolitan-area rank (U.S.): 4th-largest

↓Average commute: 25.3 minutes

• Average commute in 2000: 26.9 minutes
• U.S: 25 minutes

↑Median household income: $38,276

• Median household income in 2000: $37,628
• U.S.: $48,451

↑Median age: 31.9 years

• Median age in 2000: 30.5 years
• U.S.: 36.4 years

↓Inflation (MSA Consumer Price Index, 1st half 2007): 0.7 percent

• Inflation (1st half 2006): 4.2 percent
• U.S. (June 2007): 0.2 percent

↓Unemployment: 4.4 percent

• Unemployment in November 2006: 4.7 percent
• U.S.: 4.8 percent

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