Texas Market Reports

By Taylor Williams North Texas is attracting new and existing entertainment concepts at a frenetic pace as operators of these facilities seek to position themselves squarely in pathways of major growth and capitalize on any remaining pent-up demand from the pandemic. According to a 2022 report from the North Central Texas Council of Governments, the region’s population surpassed 8 million last year. In addition, more than 20 cities in North Texas — the area that includes and surrounds the Dallas-Fort Worth (DFW) metroplex — saw their populations swell by 10 percent or more on a year-over-year basis between mid-2021 and mid-2022. This growth inevitably encompasses key demographics that entertainment operators covet, including families with children and young working professionals. High-paying jobs continue to flow into DFW in the form of corporate relocations and consolidations. Developer KDC recently began construction on Wells Fargo’s 850,000-square-foot regional campus in Irving. New pieces of the PGA of America’s headquarters campus in Frisco are coming on line every quarter and sparking feverish development in surrounding neighborhoods. Global engineering consultant AECOM and construction machinery manufacturer Caterpillar are also in the process of relocating their headquarters from Los Angeles to Dallas, among others.  Checking the two boxes …

By Barry Hand, principal, Gensler In a recent tour of a name-brand corporate campus, the host carefully explained to our team that his company’s policy regarding working from home (WFH) and returning to the office (RTO) remained loose as they completed a “year of learning.”   This “learning” presumably involved listening to staff, observing who badges in when and where, experimenting with what works and what doesn’t and resolving the best way to get their arms around the most effective policies.  This explanation has surely been given repeatedly in recent years. It appears most companies prefer to bring their people back to the office, but they also want to adopt policies that will work best for employees and customers, as well as the future of their organizations.  While there are outliers that have instituted clear return-to-office directives, most firms are adopting change management strategies organized around attracting staff back to the office. They are doing this by leaning on experiences and amenities that demonstrate to employees the benefits of being present in the office. It seems the “experience” around which retail and food-and-beverage establishments are designed has now also reached into the corporate world. The Amenitized Workplace Increasing numbers of …

By Jason Baker, principal at Baker Katz When a national retail or restaurant brand acquires another prominent national name, the move might initially seem to make a great deal of sense — especially when there are clear similarities between the two brands. Ultimately, however, what makes these high-profile transactions successful may turn out to be less about brand synergy and more about market dynamics and commercial real estate leverage. Accepting that premise in turn raises some interesting questions about the role that these types of acquisitions and brand conversions might play in an increasing competitive commercial real estate landscape. Those questions are especially relevant in places like Texas, where retailers looking to expand or move into new markets may view the acquisition and conversion of struggling retail brands as a viable strategy. From fitness concepts to coffee chains, there may be opportunities retailers can leverage to find quality retail spaces in otherwise occupied marketplaces. Some of these acquisitions have already taken place. However, questions remain about how much of a role these conversions may play in Texas markets. The phenomenon is hardly a new one, but it does seem like a noteworthy trend for industry analysts, retailers and brokers alike …