Dallas-Fort Worth (DFW) Real Estate Market Updates

A Strong Finish: November 2024 in the Dallas Market

As we head into the final stretch of 2024, the Dallas-Fort Worth (DFW) market continues to demonstrate robust economic performance and promising real estate trends. From a thriving business climate to exciting healthcare and aviation developments, November has been a significant month for growth in the region. Let’s dive into the key updates shaping the future of the Dallas metro area.

Texas Tops the Charts in Business Climate and Growth

The Lone Star State is leading the nation in business climate rankings yet again, according to Site Selection Magazine, per WFAA. This achievement highlights Texas’ consistent appeal to corporations, underscored by a low-tax environment, business-friendly policies, and access to a diverse, skilled workforce. This No. 1 ranking additionally incorporated a survey that asked what mattered most for selection: availability, cost, and reliability of utilities.

Dallas continues to be a key beneficiary of these factors, with its strategic location and infrastructure contributing to a thriving corporate ecosystem. Notably, AVX Aircraft and Embraer have expanded hiring efforts in the Alliance region, boosting the aviation and tech sectors. Currently, there are 40 engineers and professionals working at the AVX site, and the company anticipates doubling its workforce within the next year. Similarly, Embraer, the third-largest jet manufacturer in the world, has plans to bring around 250+ new aviation industry jobs to the area. (Community Impact).

Healthcare Expansion Drives Employment

Healthcare remains a cornerstone of Dallas’ economic growth. In November, significant developments were announced:

• Children’s Medical Center Plano broke ground on the new Torres Tower, aiming to meet the surging demand for pediatric care in North Texas. The hospital plans to hire 400+ employees, which would increase total staff amount to around 1,600. The new tower anticipates serving as a pediatric care “hub” for North Texas residents, providing “easier access to care” for residents in places such as Plano, Prosper, McKinney, Frisco and nearby communities. (Dallas Business Journal).

• Texas Health Presbyterian Hospital Plano is adding a new patient tower, further expanding healthcare services in the northern suburbs. It recently expanded its neonatal expansive care unit and construction is in progress for a new operating room in advanced neuroscience, heart, and vascular medical procedures. It’s expected to open in 2028. (Community Impact).

These projects are expected to bring hundreds of jobs to the area and solidify Dallas’ reputation as a healthcare hub.

Dallas: The Nation's No. 1 Commercial Real Estate Market

In November, D Magazine and the Urban Land Institute ranked Dallas as the top U.S. market for commercial real estate heading into 2025. This recognition stems from the region’s strong fundamentals, including population growth, job creation, and robust demand for office and industrial spaces. Since February 2020, employment in the DFW area increased by 11.2% with diverse industry growth across its economy.

According to projections per the Texas Standard, DFW is poised for continued success in multifamily and industrial real estate, with a spotlight on mixed-use developments. Nick Wooten, who works for the Dallas Morning News covering real estate said, “Several factors played into the DFW metro making it to the top of the list for 2025. Such as its post-pandemic recovery and strength, its size of 8 million+ people in the latest census, and continued demographic growth.” This outlook reinforces confidence in the market’s long-term growth potential.

Unicorn Island and Innovation Highlights

Innovation is at the heart of Dallas’ growth, highlighted by the announcement of Unicorn Island, a transformative $3 Billion mixed-use development. Designed to attract leading tech companies and foster a vibrant ecosystem for startups, this cutting-edge project will feature advanced office spaces, research facilities, and residential units. Unicorn Island aims to position Dallas as a premier tech hub, strengthening its competitive edge against other innovation-driven metros.

Adding to the city’s dynamic landscape, the Dallas 100 ranking, compiled by Dallas Business Journal, showcased the region’s fastest-growing private companies. This year’s list reflects the diversity and strength of Dallas’ economy, with standout performers in sectors like technology, logistics, and healthcare. Together, these developments highlight Dallas’ role as a magnet for innovation and economic expansion.

Jobs and Population Growth: A Dynamic Duo

The DFW area has seen sustained job growth across various sectors. The latest data indicates robust hiring in aviation, healthcare, and technology, complemented by ongoing population gains. The combined revenue of the top 10 companies added up to over $700 Million in 2023; the average growth rate was 254%. That said, this growth is linked to thousands of new jobs created. The Dallas 100 had 29,510 employees in 2023, which is equivalent to 22,746 more people in 2023 vs 2022. With more than 120,000 people moving to DFW annually, the metro area continues to rank among the top U.S. destinations for domestic migration.

These trends not only bolster housing demand but also enhance the region’s economic vitality, creating a ripple effect across sectors. (DBJ).

Banking on Growth: PNC Expands in Dallas-Fort Worth

PNC Bank is making significant moves in the Dallas-Fort Worth area, with plans to open 18 new branches as part of a broader $500 Million investment to expand its U.S. network. Over the next five years, PNC upped its investment earlier this month to double the amount of branches it anticipates adding, to 200. The financial giant, which acquired BBVA USA in 2021, has already established a strong presence in Texas. This latest initiative will see multiple new locations added across DFW, enhancing access to banking services for the region’s rapidly growing population.

PNC’s branch expansion aligns with the area’s booming economy and increasing demand for financial services. The move underscores the bank’s confidence in DFW’s market potential, further solidifying its footprint in one of the country’s fastest-growing metros. (Dallas Business Journal).

Last year, it also earned the distinction as the top metro area in the U.S. for overall job growth. In 2026, Dallas will welcome its first national stock exchange, which offers growth potential throughout the broader region. These factors make DFW a strategic location for companies looking to innovate and expand their global footprint. As tech giants and startups alike invest in the region, DFW’s role on the global stage continues to grow, signaling a bright future for its economy.

Conclusion: Looking Ahead

November’s updates paint a promising picture for Dallas as we look toward 2025. With its vibrant job market, top-tier real estate opportunities, and expanding industries, DFW remains a prime location for growth and investment.

Whether you’re tracking commercial developments or exploring multifamily opportunities, Dallas is a market to watch closely in the coming months.

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Rise48 Equity is a Multifamily Investment Group with local offices in Phoenix, AZ, Dallas, TX, and Charlotte, NC. “At Rise48 Equity, we provide opportunities for accredited and non-accredited investors to protect and grow their wealth and achieve passive cash flow. Our team brings expertise to acquire, reposition and return capital to investors upon reaching our business plan. Through our research and strategically formed partnerships, we acquire commercial multifamily apartment properties, strategically add value to the properties, and create passive income for our investors through cash flow and profits from sale.”

Since 2019, Rise48 Equity has completed over $2.34 Billion+ in total transactions, and currently has $1.9 Billion+ assets under management located in Phoenix, Dallas, and Charlotte. All of the company’s assets under management are managed by Rise48 Equity’s vertically integrated property management company, Rise48 Communities.

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