24Jul
Aside from regurgitating old news on tenants in the West 7th development, the Business Press has a list of some locked down soon-to-comes. It reminds me of Dallas. Toni and Guy (gag), bar, bar, bar, and some decent restaurants.
I am glad that some new eateries are on the way. I often get tired of the same old places, and find myself wishing that Fort Worth had more to offer in the way of food. I think the list is growing, but it takes time. We just don’t have the selection like some other areas I can think of. But I probably eat out too much.
23Jul
Let me tell you what we don’t need around here. A ski slope. But that is exactly what is being planned.
It’s an indoor artificial snow skiing facility, which will also include a luge track an ice climbing wall, and a bunch of other huballahoo. A luge track? Lacrosse has barely even caught on in Fort Worth. All taking place around Grapevine Mills Mall.
I seem to recall some talk of this several years ago. I thought it was supposed to be going up somewhere around Texas Motor Speedway though. I will be interested to see if this fancy idea actually gets off the ground.
21Jul
I am going to have to stop writing about Dallas - Fort Worth area commercial foreclosures. The bottom line is that there is simply to much news and chatter going on about area defaults. Frankly, it is relatively depressing. Not only for the local and national economy, but also for aesthetic reasons. We could potentially have a very ugly problem on our hands if large numbers of commercial properties are suddenly rendered vacant. I suppose the golden lining to this would be outside capital ultimately swooping in to purchase all of these defunct properties. But a market which is top heavy in high end foreclosures rarely sees redevelopment in existing areas.
The most recent news comes from The Dallas Morning News (our friend Mr. Brown, who has made a living in redundancy). Their newest forecasts suggest that the local market could top out at a $1 Billion in foreclosures. Now we are already past the halfway mark in the year, and the market is currently bearing about half a billion in commercial defaults, so a rise to the one billion mark would suggest an impending upswing in foreclosure rates.
Mind you, the only people really making money off of this are the bankruptcy attorneys.
18Jul
Here’s an article from the Dallas Business Journal saying that DFW office properties will be hit harder than any other in Texas. It projects rent declines of 5.5 percent, and some 73,000 lost jobs.
I can’t say that I am surprised, but here is the real issue. Any development that has been built out on the last 8 years or so has been leased out at inflated prices. When those leases expire, renegotiation’s will have to take place at cheaper amounts. This is good for economic stability of the lessees, but it places a heavy burden on the lessors. The revenue generation from their properties will decline, and if it can’t service their own notes they will have a serious problem.
If a corporation, or an investor, is currently cash flush this is the time to think about buying. We are entering a period of commercial investments being better than we have since the 1980’s, and perhaps even better still than the 80’s.
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