Dallas Makes the List of Top Commercial Property Investment Cities
Sales of some high-dollar North Texas properties last year landed Dallas on the list of the top U.S. commercial real estate investment markets for 2019. Across the country, almost $317 billion poured into commercial real estate last year — up 10% from 2018, according to JLL.
“As the current real estate cycle enters its eleventh year, the outlook for the sector remains positive,” JLL analysts said in the new report. “Target allocations to the sector by institutional investors increased for the sixth straight year, with most groups expected to either maintain or increase their allocations in 2020.“
While the coastal U.S. markets usually dominate CRE investors’ shopping lists, Dallas made it onto the top 10 U.S. market list with $10.45 billion in sales. That was just ahead of San Francisco’s $9 billion in transactions and behind Chicago at $10.58 billion. New York, with $28.8 billion in deals, was the top U.S. investment market.
On the international scene, Paris topped the commercial property investment ranking for the first time with $30 billion in transactions last year.
North Texas’ largest commercial real estate buys in 2019 included the $584 million acquisition of Pioneer Natural Resources headquarters in Irving, the $240 million sale of KPMG Plaza tower in downtown Dallas’ Arts District, and the $200 million purchase of NTT Data’s Plano data center...