Plano’s booming Legacy business park during the next few years will grow to have almost as many workers as downtown Dallas.
That’s what a new forecast by commercial real estate firm JLL predicts for the business district that is now home to huge employers including Toyota, JPMorgan Chase, FedEx Office and Liberty Mutual Insurance.
"Overall, we estimate that greater Legacy’s job base has increased by 15,000 since 2015," JLL managing director Jack Crews says in a new report about the Legacy area. "This includes real move-ins to Toyota and JPMorgan, as well as companies taking smaller footprints like Fannie Mae, FedEx, Capital One and NTT Data.
"We estimate that the daytime workforce is up to around 100,000 today," he said. "Looking out over the next few years, Legacy will continue to intensify as a business hub."
JLL predicts that the Legacy area employment base will grow to nearly 135,000 by the end of 2019. Along with newcomers to the area, the job totals include workers for longtime West Plano employers including Frito-Lay, Bank of America, USAA and others.
While the largest office campuses in the $3 billion Legacy West development are finished, other speculative buildings are underway.
"As the big corporate move-ins finish and office projects now underway get leased, we will likely add another 31,000 jobs," Crews said. "That is transformative growth – bringing greater Legacy’s workforce up to nearly 135,000 – that’s a 50 percent increase in its job base from just a couple of years ago."
At the end of 2017, there was more than 23 million square feet of office space in the Legacy and Frisco markets – about a half million square feet less offices than in downtown Dallas.
Net office leasing in the area was almost 1.2 million square feet – the most of any North Texas business area.
About 720,000 square feet of office space was under construction in Legacy and Frisco at the start of 2018, according to data from Cushman & Wakefield Inc.
New office campuses by Toyota, shown above, FedEx Office, JPMorgan Chase, Liberty Mutual Insurance and others have brought thousands of jobs to the Legacy business park and surrounding areas.
The Multifamily Group has been launched in Dallas, TX by Jon Krebbs and Paul Yazbeck. The commercial real estate brokerage is leading the industry in opening doors and closing deals. More information can be found at https://multifamilygrp.com/
Dallas, United States – February 21, 2018 /PressCable/ —
Dallas, TX – Two top-ranked brokers, Paul Yazbeck and Jon Krebbs have left SVN and launched a new commercial real estate brokerage firm. The Multifamily Group (TMG) will focus exclusively on the sale of “B” and “C” class multifamily properties in Texas and surrounding states.
In the first three weeks of operations the pair, along with their five-person team of analysts, has secured exclusive listing assignments for 836 units in Texas, Arkansas, and New Mexico. TMG has been able to make such a strong impression on the market and gain reputation because of their national network of investment sales professionals who leverage capital market knowledge with market and submarket expertise.
Jon Krebbs, The Multifamily Group’s Managing Partner spoke about its recent recognition, expanding on some of the decisions and motivations that led the business to the level it’s currently reached.
“We have complementary skill sets,” Krebbs said. “Paul’s an incredible negotiator with well-established client relationships. My expertise is in marketing and underwriting. Together we plan on opening more doors and closing more deals for clients.”
Krebbs started his career with the Henry S. Miller company and met Yazbeck when they both joined SVN in 2015. In 2016 they each ranked in the top 25 of the 1073 SVN brokers nationwide. In 2017 their production was even higher.
“Our clients encouraged us to make the transition. Yazbeck said. We have leveraged my talents with Jon’s dynamic approach to the marketing process and created a highly responsive, client-focused brand. We couldn’t be more optimistic about the future.”
The Multifamily Group is a commercial real estate brokerage firm focused exclusively on clients and helping them market, sell and acquire multi-housing assets. Based in Dallas, Texas, investors look to The Multifamily Group for one thing – results. To learn more about TMG, visit their website at https://multifamilygrp.com/
Name: Jon Krebbs
Organization: The Multifamily Group
Address: 2608 Thomas Ave, Suite 6, Dallas, Texas 75204, United States
For more information, please visit https://multifamilygrp.com/
Release ID: 303191
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Dallas City Manager T.C. Broadnax cuts to the chase (and slashes red tape) – Dallas Business Journal
Dallas City Manager T.C. Broadnax made a huge leap when he left Tacoma, Washington, population 211,000, to come to Big D, population 1.3 million.
By most accounts, he has made the transition to the much higher profile position well.
As city manager, Broadnax is, in effect, the CEO of the nation’s ninth largest city and the biggest municipality in the country’s fourth largest metro area.
With just more than a year in Dallas under his belt, Broadnax said his top priority is to keep a more than $1 billion capital improvements bond program on track and on budget — something that hasn’t always happened in the Dallas of the past.
Add in an overhaul of how economic development is handled, and ultimately overseeing everything from transportation to public safety, housing, workforce and economic development, homelessness and animal control, and Broadnax has a full plate.
That’s just the way he likes it, he said in an interview in his office in City Hall. “Getting things done,” Broadnax said, is his favorite part of his job.
Adjusting to the scale of Dallas and the scope of its issues has been his biggest challenge since taking the position on February 1, 2017.
“The size and scope of the challenges has surprised me,” Broadnax said as classical music played in his office overlooking the city. “The desire for people to want to connect with City Hall has surprised me. I think people — whether it’s the business community or other people I’ve met with — don’t feel like City Hall has always been open to outside dialogue and discussion.”
In his first few months on the job, Broadnax replaced four of the five top assistant city managers who occupied the office under his predecessor, A.C. Gonzalez.
Broadnax, the first city manager the City Council has hired from the outside in decades, also hired a new police chief and took the lead in organizing a series of public meetings to get input directly from Dallas residents instead of relying heavily on past policies crafted mostly by municipal bureaucrats.
In those and other sessions, “I’ve talked to many residents who’ve spent 20 or 30 years here and not gotten a lot from the city,” Broadnax said.
“My leadership and my thoughts on how we’re going to approach righting the wrongs, so to speak, is putting investment in those communities,” he said. “That’s not just dollars and bricks-and-mortar, but also spending the time with residents who haven’t seen the street paved that they’ve lived on for 60 years.”
Broadnax has also increased transparency with steps such as ordering the creation of a website that allows anyone interested to track the progress of each of the many voter-approved projects in the $1.05 billion 2017 bond package. The website is a way for residents and people who do business in or with the city to hold city employees accountable, Broadnax said.
The bond package includes $534 million for streets and transportation, $261 million for parks and recreation, $50 million for Fair Park, $50 million for flood control and drainage and $16 million for libraries. It also includes $14 million for cultural and performing arts, $32 million for public safety facilities, $18 million for city facilities, $55 million for economic development and $20 million for homeless assistance facilities.
The program had widespread support in the business community, with organizations including the powerful Dallas Regional Chamber urging its members to vote for it. The chamber described the improvements as “sorely needed for the continued growth and success of our region.”
Broadnax’s approach to the bond program earned him praise from Dallas Mayor Mike Rawlings.
“It was a big first step to get a bond package to the City Council as quickly as he did and get it to the voters,” Rawlings said in an interview. “While he isn’t the only person who made all that happen, it would not have happened without his leadership.”
Now Broadnax has shifted from the “get it passed” phase of the bond program to the “get it done” stage. In addition to the bond project tracking website, Broadnax has made other changes.
Moving forward, the city will have a single entity — a bond program office — that will manage implementation. Internal and external project managers will serve as coordinators in their respective areas.
“It’s different from in the past,” Broadnax said. “We’re going to have a centralized management structure over it, whereas it used to be decentralized. Each respective area managed and coordinated their own projects. Therefore, it was unwieldy.”
Some projects in past bond programs simply haven’t gotten done. In 2006, for instance, voters approved a $1.3 billion bond program. More than $100 million worth of projects never got wrapped up, and many of those were never awarded.
Rawlings said he likes Broadnax’s approach to the bond projects.
“He wants to make people accountable and wants to minimize bureaucracy,” Rawlings said. “We’ve got some ways to go there yet, but on the bond election it’s very clear how it’s going to happen and who’s in charge and when it’s going to be done. That’s a tremendous element that he’s put in process.”
In another significant move, Broadnax merged the economic development department with neighborhood services because he believes that the two must function as one for the overall good of the city.
He ordered up a citywide Market Value Analysis designed to help Dallas better identify areas to incentivize. That plan, he said, will help the city more wisely spend the $55 million voters approved for economic development as part of the bond package.
The MVA will focus not just on property values and land uses, but on the impacts of city policies and economic incentives on people, he said.
“The market value analysis will provide a tool for us to gauge where we invest, how much we invest, and when we’re not investing, what we are doing to set that neighborhood up for success and a steady diet of attention from the city,” Broadnax said. “It will help us judge the different standards that we’re putting in place as to how to value the economic development projects that come through our doors and be able to say that not every deal was good for everybody.”
Speaking March 9 to young professionals at the Mayor’s Star Council’s “Engage Dallas” leadership conference, Broadnax said the MVA will also be a tool to attack societal ills such as poverty, food deserts and racism in the way Dallas developed over the decades
“If you’ve got to drive five miles to get a loaf of bread, or you can get gas and liquor whenever you just go out your door — and you don’t see that in other communities — that is institutional and systematic racism,” he said.
When it comes to redevelopment and incentivizing development, Broadnax advocates for mixed-income neighborhoods to “decentralize poverty.”
“Driving around the community when I first got here, my first statement was, ‘Why in the world are there so many low-income housing tax credit projects all on the same street? You would never see that in any other community,” he said. “Under my administration’s approach, and using the MVA as a tool, those things won’t happen.”
Broadnax also has charged the city’s transportation department with creating an overall transportation plan that will analyze how everything from highways and byways to buses and bike trails work together to impact transit, housing, zoning and economic development. That will give the city ammunition to drive transportation conversations and decisions instead of allowing outside agencies including the Texas Department of Transportation, the North Central Texas Council of Governments and Dallas Area Rapid Transit to direct the agenda, he said.
NORTH TEXAS (CBS 11 NEWS) – With home prices nearing all-time highs, and rent rates setting records across the Dallas-Fort Worth area, it is not an easy time to be in the buying market.
“I’ve seen a few places, and know that they’re few and far between,” said Brooke Beavers.
Beavers is looking for a condo in the Oak Lawn/Uptown area of Dallas. She recently sold her current home to a developer who was interested in buying the entire block.
Now a buyer again, she knows the inventory is slim.
Her agent, Joe Atkins of Joe Atkins Realty, said he’s very clear with his clients. “I tell everybody, ‘you’ve got to be able to jump when I say jump,’ because coming in a day late, you could miss out on a home. Homes are selling, in some neighborhoods, in a matter of hours.”
Currently there are an estimated 10,000–plus people, per month, moving to the Dallas, Tarrant, Collin and Denton County regions.
The Dallas Builders Association (DBA) says inventory of homes on the market is low. One measuring stick for supply and demand is the number of single-family home building permits issued for new construction.
To keep up with the projected population demand, the DBA estimates, 32,000 to 33,000 new permits is a healthy number to be issued per year. According to the DBA, just 24,646 permits were issued in 2013.
But the numbers are moving in the right direction. Builders estimate by the end of this year, 27,000 to 28,000 permits will be issued — with the vast majority for the first-time construction of single-family homes.
Realtors hope the market will ease up in the next few years, as construction catches up.
“That could take two to three years, seeing as there was a period where there weren’t a lot of houses or condos built, when we were in the recession,” said Atkins.
Master-planned developments also play a key role. Multiple homes built at once in a community are helping fill the gap, according to the DBA.
Having found a condo in her same neighborhood, Beavers does not plan to wait on the market. She plans to make an offer now, and hope the investment pays off in the long run.
“Never stop looking. If there’s something out there you would want – get it,” she said.
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As Amazon ponders possible locations for its new second headquarters, analysts are looking at costs in potential locations.
Half of the metro areas on Amazon’s “short list” for its new HQ2 have overvalued housing — including the Dallas area, according to a new report by economists at CoreLogic.
“CoreLogic has reviewed home price trends in the cities that are being considered for the second headquarters for online retail giant Amazon,” chief economist Frank Nothaft says in a new report. “All the cities on the shortlist are experiencing home price increases. Read more