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As young professionals continue a mass exodus from higher cost of living areas, employment opportunities coupled with the absence of state income tax make Texas and Austin the epicenter of this migration.
Tenants requiring 50,000 square feet and larger are looking for space further in advance of lease expiration dates due to constrained supply of class-A inventory within the submarket.
Preston Forest Shopping Center has solely belonged to the Mixon family since its inception in 1961 and after three generations, the family decided to sell the shopping center to Stockdale Investment Group.
Dallas has long been a business-friendly location and infrastructure hub in the center of the country, and Texas maintains strong data center incentives with sales tax exemptions available on large builds of more than $200 million.
Some $100 billion was poured into the asset class during the past decade, which has been matched by a technical shift and major influence by cloud platform providers–Amazon, Google and Microsoft.
The number of large-scale retail projects are few and far between, however supply is plentiful for value-added projects, strip center and single-tenant net lease developments with growing tenants.
JAH Realty LP recently acquired a Tom Thumb shadow-anchored community center and office project with plans for renovations and re-merchandising for the 50%-occupied retail building and vacant office portion.
Amid e-commerce impacts to malls and big-box retailers, Texas net-lease product continues to show impressive demand, says T. Reed Hudson of Stan Johnson Company in this EXCLUSIVE.
Plano added the most office space at slightly more than 10.5 million square feet, a 40% increase, while Irving came in second, adding 4.5 million square feet of class-A and B office space across 21 properties.