Dallas is No. 1 For Real Estate Development, According To Report

Dallas-Fort Worth ranks first in the nation for real estate development over the past decade, according to data compiled by StorageCafe. The data compiled analyzed residential and commercial developments in the largest 50 metropolitan areas over the past decade.

According to the study, residential building permits were tallied, and commercial development was quantified by square footage added.

Houston ranked second in overall development but first in single-family development. The Austin and San Antonio areas also cracked the top 20 in the country, ranking 11th, and 20th respectively. Overall, single-family developments boomed during the pandemic, with the most building permits issued in 2020 and last year during the past decade. Multifamily construction peaked in 2015 — with 28,000 building permits issued — and dropped during 2020 but rebounded with 27,000 permits issued last year.

About 4.1 million square feet of office space was built in 2021, nearly triple the space added in 2012. Dallas also ranked first in industrial space added with 228 million square feet added in the past decade. The Dallas metro area is projected to surpass Chicago as the third largest metro region by the 2030s, ranking in size behind New York City and Los Angeles. However, housing inventories have dropped to record lows this year as real estate sales struggle to keep up with demand, according to the report.