Dallas-Fort Worth continues to reign supreme in the commercial real estate market, holding its top position in real estate investments for 2024. According to the latest U.S. Investor Intentions Survey by CBRE Research, this thriving metropolitan area has topped investors’ lists for three consecutive years. Following closely are Miami, Raleigh, North Carolina, and Nashville, Tennessee, as the most preferred investment markets.

The Challenges and Optimism in Real Estate Investment

Despite several challenges, investor sentiment has significantly improved. The survey highlights that interest rates, tight credit conditions, and differing buyer and seller expectations are the main obstacles to commercial real estate investment this year. However, the optimism is palpable, with over 60% of respondents planning to purchase more real estate in 2024 than in 2023, a stark contrast to the mere 16% in 2023 compared to 2022.

Multifamily, Industrial, and Retail Properties in Demand

Investors are showing a strong preference for multifamily real estate, particularly Class A properties. Industrial and logistics properties are also high on their list. Retail investors are most interested in grocery-anchored centers, aligning perfectly with the upcoming H-E-B openings in the area. Meanwhile, nearly 60% of office investors are leaning towards prime/trophy office properties, which aligns with the new developments in the Cultural District and along West Seventh Street.

Pickleball Takes Over West Fort Worth

In a fun twist, West Fort Worth is about to get a new hotspot for pickleball enthusiasts. The Picklr is set to open on May 24 at 1705 S. Cherry Lane, taking over a former Dirt Cheap location. This 34,000-square-foot facility boasts 11 indoor courts with high-quality, outdoor-style surfacing, a full pro shop, private event space, unlimited league play, tournaments, and open play.

Expansion Plans for The Picklr

The franchise owner of The Picklr’s West Fort Worth and Hurst locations, Zion Meer, is thrilled about the new addition. “Bringing The Picklr to West Fort Worth, Texas, means our community will benefit from the best-in-class in indoor pickleball,” he said. The North Texas locations are part of a larger national expansion, with 262 new locations planned across 36 states, featuring more than 2,000 courts over the next few years.

Major Real Estate Deals in Fort Worth

The commercial real estate scene in Fort Worth is bustling with new deals. Kurita America has leased a massive 90,278 square feet at South Fort Worth Commerce Center. Andrew Johnson with Colliers represented the tenant, while Matt Carthey and Thomas Grafton with Holt Lunsford Commercial represented the landlord, IDI Logistics.

Another significant deal includes Air Relief Technologies Inc., which has leased 52,788 square feet at 5909 Eden Drive, Haltom City. Michael Newsome with NAI Robert Lynn represented the tenant, with Thomas Grafton and Trey Goodspeed from Holt Lunsford Commercial representing the landlord. Additionally, Courtside Couture has leased 316 square feet at Ridglea Village, Fort Worth, with Ross Moncrief from Holt Lunsford Commercial representing the landlord, Sherman Way Investors LP.

Summary

The Dallas-Fort Worth area continues to dominate the commercial real estate market in 2024, maintaining its position as the top choice for investors for the third consecutive year, according to CBRE Research’s U.S. Investor Intentions Survey. Despite challenges such as high interest rates and tight credit conditions, investor sentiment has improved, with over 60% planning to purchase more real estate this year. The most sought-after investments include multifamily properties, industrial and logistics spaces, and grocery-anchored retail centers. Meanwhile, West Fort Worth is set to become a hotspot for pickleball with the opening of The Picklr, a large indoor facility. The local real estate market also sees significant deals, such as Kurita America’s lease at South Fort Worth Commerce Center and Air Relief Technologies’ lease in Haltom City.