Dallas: The Next Silicon Valley – Office Space Boom
It’s common knowledge that the tech industry is good news for cities and regions across the world. Growth in this sector raises the value of homes and enhances the real-estate environment in general. This tech industry growth is starting to spill into other areas of the country, as California is too expensive of a market for tech entrepreneurs and their teams to thrive in. What the tech industry is looking for now, are some of the characteristics of pre-tech boom Silicon Valley which include:
- Affordable housing
- Presence of other tech companies (the bigger, the better)
- Low unemployment
- Possibility of venture capital funding
We hope it doesn’t come as a surprise that Dallas is actually one of the emerging tech marketplaces in the country. After all, Dallas is the home of companies like Texas Instruments and a plethora of venture capital funded companies. But what makes Dallas an extremely exciting place to be, even for those not looking to be the next Mark Zuckerberg, is its strong job growth rate (4.1%!) and it’s insanely affordable median real estate purchase price of $197,000. In fact, these two factors have prompted ULI to name Dallas as one of the top five real estate markets in the entire country!
Thanks to a booming local economy, market forecasters expect that demand for real estate investments will skyrocket for the foreseeable future. We suggest taking a deeper look into commercial office space before everyone catches on to a good thing, and Dallas turns into the next Silicon Valley! Some of the trends we have found are rather striking and make for excellent investment opportunities.