The Dallas area was the nation’s top market for commercial real estate investment in the first half of 2021.
Dallas has retained the top spot in real estate it earned last year at the start of the COVID-19 pandemic, according to a new report from Real Capital Analytics.
In the first six months of this year, Dallas recorded nearly $ 13.4 billion in commercial real estate transactions, up 43% from the same period a year ago. Last year, more than $ 19.7 billion in commercial real estate transactions were recorded in the local market.
“After winning the # 1 spot in 2020, Dallas was again the number one market for commercial investment activity in the United States for the first half of 2021,” Real Capital analysts say in their latest update. ‘industry. âUnlike 2020, Dallas didn’t make it to the top of the list due to increased portfolio activity.
“For the first time, Dallas’ unique asset transaction activity would also allow it to rank as the number one market for the first half of the year.”
Sales of dozens of local apartment and warehouse communities, as well as the $ 700 million purchase of the Uptown Dallas’ Crescent complex, all contributed to the huge volume of real estate investment in the area this year.
The Crescent was ranked as the second largest commercial real estate transaction in the country in the first six months of 2021.
Atlanta was second nationally with $ 11.1 billion in real estate transactions. Los Angeles was third with $ 10.7 billion.
Houston ranked sixth with nearly $ 7 billion in first-half transactions. Austin was seventh with more than $ 6 billion.
The Dallas area had nearly three times the dollar volume of commercial real estate investments than Manhattan, where transactions were down 39% year-over-year.
“A year ago, we noted that a storm had hit commercial real estate markets, but figures for the second quarter of 2021 suggest that storm is largely over,” analysts at Real Capital Analytics said. , based in New York, in their latest study. âThere are still pockets of problems and some minimal signs of reassessment, but the impact of the pandemic has not been as severe as many had feared.
“The market as a whole has not only rebounded, but may well be in further expansion.”
Nationally, the biggest totals of commercial property purchases so far this year have been industrial buildings and apartments. Retail and hotel sales recorded some of the lowest volumes.