Fast-growing Dallas and Houston are sitting on the top of the nation’s list of most active real estate markets.
Over the past decade, Texas has been unstoppable in growth with Dallas and Houston among the top 10 most active metros for new construction from 2012 to 2021. Austin was also not far from the top at number 11, according to the same study from StorageCafe.
The Dallas metro area ranks first in the nation for the most activity in all sectors of real estate combined over the past decade. The city saw a combined 556,496 single family and multi-family permits between 2012 to 2021.
The industrial construction sector topped the rest of the country as well with the most new industrial space delivered – approximately 228 million – over the last decade. As with the rest of the country’s retail growth, national trends, the retail market experienced a decrease in new construction over the past decade. In 2021, Dallas had 718,000 square feet of new retail space added to its inventory.
Dallas also saw stand-out growth in the self-storage sector. The Dallas-Fort Worth metro area ranked first for self storage construction in the US, with no less than 23M square feet of space delivered over the past decade. Currently, rent for a 10’x10’ storage unit in Dallas is $116 per month, up 7.4 percent year-over-year.
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As for Houston, the Houston-The Woodlands-Sugar Land region came in second nationally for the overall volume of new construction during the past decade, certifying Texas’s title as one of the nation’s top economic hotspots.
Houston stood out as the most active single family market with 392,136 single family permits. The city has been a popular migration destination for newcomers moving to Texas, especially Californians looking for lower home prices, tax rates, and even cheaper land for new construction. For instance, the average home in Harris County ($365,990) goes for 57 percent less than one in Los Angeles County ($848,000).
The historically oil-driven hotspot is slowly evolving into a hub for digital technology and has driven over 44M square feet of office space being built over the past decade. Big names like Exxon, Skanska, Noodoe EV and many others have contributed to Houston’s remarkable corporate growth.