Dallas June 2021 – Key Take Aways
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- Sharon Friedberg with Fischer & Company has seen a good bit of momentum with the office market, but it also seeing downsizing by a number of people. She says that all of the pent-up demand is starting to show.
- Kimber Davison with Griffith Davison says that many law firms are not downsizing but in fact expanding because interns and associates cannot grow professionally working remotely.
- Paul Hendershot with CoStar Group believes that space demand is really driven by occupation as certain job functions are better served remotely than others.
- Jim Smith with Smith, Jackson, Boyer and Bovard says that 2 partners in his firm will share 1 office and work virtually 50% of the time. Most all audits were already being done remotely. One challenge to remotely working is reliability of internet connectivity.
- Nick Hasty with Spring Valley Construction Company says that ALL materials are expensive. Lumber in particular is up 300%. They have about 5 multi-family projects and 3 in the pipeline. The lag time for lumber is at least a few weeks.
- Blake Lugash with Realty Capital Partners says things are loosening up and more people are doing deals, but everything is overpriced from construction materials to investment properties.
- Laila Assanie with the Federal Reserve Bank shared an in-depth look at the economy, where we were, are and potentially going.
- Pandemic initially destroyed 1.4 million Texas jobs; almost 70 percent had been recovered by May 2021.
- 2020: 4.5 percent job loss for the year (Dec/Dec).
- Dallas Fed employment forecast for 2021 is 4.1 percent growth (Dec/Dec), implying that all lost jobs will not be recovered by year-end.
- Risks to the robust outlook are roughly symmetric
- Tailwinds –ongoing reopening and vaccinations.
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