A strong economy and high job growth will give Texas? commercial real estate market a big boost next year.
But first, businesses that are pondering an expansion of their real estate needs must get past tomorrow?s elections.
?We are waiting for them to start spending and leasing more space and hiring more people but they are not doing it,? Asieh Mansour, head of research for commercial property firm CBRE Group said Monday afternoon at a meeting in Dallas.
Asieh Mansour, CBRE Group's research director. (CBRE)
Mansour ? who spoke to local real estate and business execs at the Ritz-Carlton Dallas hotel ? said she?s hoping that after the election companies will get off the fence about growth.
?Once they at least have clarity, they are going to decide how they want to spend,? she said. ?Right now everyone is sitting on the sideline.?
While CBRE Group is predicting only modest nationwide economic growth in 2012, the big commercial real estate firm is still bullish on Texas.
?Texas is doing better compared to the rest of the states,? Mansour said.
CBRE Group is forecasting that Dallas and Houston will be at the top of the country?s employment growth market next year ? behind only New York City.
?Texas in general and Dallas has done a good job of recovering,? Mansour said.
Unlike in previous economic downturns, the commercial real estate sector is better positioned this time to take advantage of any rebound.
?The real estate markets have actually done really well,? Mansour said. ?Our real estate sector has started a gradual but sustained recovery.
?We haven?t seen excess construction ? supply has been pretty disciplined,? she said. ?Developers have been very careful.?
CBRE Group predicts that the Dallas area will be the second fastest growing job market in 2013. (CBRE Group )
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