Tarrant Countys Crystal Ball
Businesses are looking to leave the costly and restrictive California, and Texas looks promising, saysIntegra Realty Resources exec director Ben Loughry. With 427,000 new folks moving here last year, it's the third quickest-growing state behind North Dakota and DC. (We're in good shape. One of those isn't even a state. And the other is Washington DC.)At the recent 2013 Tarrant County CRE forecast event, he offered up his predictions:increased multifamily construction, slightly higher sales transaction volumes, improvement in industrial/warehouse, and tech and energy will trigger growth.
Cypress Equities and SRS Real Estate Partners CEO Chris Maguire says '13 will meandownsizing and retail closings. Among the biggies: 500 closings for Blockbuster, 172 for Sears, 180 for Abercrombie & Fitch, 103 for Stride Rite/Payless, and 100 for The Gap (thats a lot of scarves and jeans going on sale.) There will be continued growth in grocery, tech, QSR, and specialty fashion with Whole Foods (which is still not in Tarrant County), Central Market, Sprouts Farmers Market, and The Fresh Market leading the charge.
Recent high-profile local sales: University Park Village for $105M and a portion of Montgomery Plaza at $44.4M. Retail construction highlights include the Renaissance Square Power Center, which is targeted for 14; the Sundance Square expansio n and its new gathering spot under way;West 7thphase III and its tenant finish-out;Museum Places latest phase under construction; and Edwards Ranch, still in infrastructure work. Theres also the race to create new concepts. (We propose an all-natural fiber woven store featuring husk dresses. We're calling it Corny Fashions.)
