home
2022 SYMPOSIUM
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Retail
Multifamily
Office
Industrial 2022 SYMPOSIUM
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Resilience re·sil·ience /rəˈzilyəns/ noun 1. the capacity to recover quickly from difficulties; toughness. "the often-remarkable resilience of so many British institutions“
2022 SYMPOSIUM
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Resilience
2022 SYMPOSIUM
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Gross Domestic Product 2021 25,000,000,000,000 22,200,000,000,000
20,000,000,000,000
15,000,000,000,000
10,000,000,000,000
5,000,000,000,000 1,950,000,000,000 740,700,000,000
0
Un
d it e
S
t ta
es
in Ch
a
y e n ia o m nc an Ind pa d a a J rm Fr ng Ki Ge d it e n U
Ita
ly
a Br
zil
s a y ia as ada rea ssia ain alia nd ico esi x n d r k e r ab a x e p r l o a u n e n l t r T S R Tu i A tze M Ca th K us do her A n t I u u d S wi Ne So Sa
Sources: Statistics Times; GDP Ranking & Bureau of Economic Analysis Bureau of Economic Analysis; GDP and Personal Income
2022 SYMPOSIUM
GDP Growth by State TOP 4 IN % GROWTH
ID 1,839,122 4.65%
UT
SD 886,676 5.00%
IA 3,190,403 4.67%
3,271,622 6.95%
2022 SYMPOSIUM
GDP Growth by State
OP 4 IN % GROWTH IN OUR PEER SET NY 20,201,384 1.13%
ID 1,839,122 4.65%
SD 886,676 5.00%
IA UT CA
3,190,403 4.67%
3,271,622 6.95%
39,539,13 5 1.49%
TX 29,189,12 6 3.37%
FL 21,538,39 1 2.69%
2022 SYMPOSIUM
National Metrics 1929 - Today 0.3 0.25 WWII
0.2 0.15
New Deal (FDR)
0.1 0.05 0 -0.05
1980’s Post War Boom 1950-1973
Financial Crisis
Covid
-0.1 Great Depression -0.15 29 93 2 9 35 9 38 9 41 9 44 9 47 9 5 0 9 5 3 9 56 9 59 9 6 2 9 65 9 68 9 7 1 9 74 97 7 9 8 0 9 8 3 9 86 98 9 9 9 2 9 95 99 8 0 0 1 00 4 00 7 0 1 0 0 1 3 01 6 01 9 9 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 Source: the balance.com and macrotrends.net
National Metrics 2007 - Today 0.12 0.10 0.08 0.06 0.04 0.02 1.80%
0.00
.89%
-0.02 -0.04 -0.06
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Source: the balance.com and macrotrends.net
Annual GDP Growth
Inflation Rate
Unemploymet Rate
Avg 10-Yr Treasury Rate
Unemployment Claims 6,500,000 6,000,000 5,500,000 5,000,000
US Unemployment Claims
4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -2 n-2 b-2 r-2 r-2 r-2 y-2 y-2 n-2 l-2 g-2 g-2 p-2 t-2 t-2 v-2 c-2 c-2 n-2 b-2 b-2 r-2 r-2 y-2 y-2 n-2 l-2 l-2 g-2 p-2 p-2 t-2 v-2 v-2 c-2 n Ja Ja e a a p a a Ju -Ju u u e c c o e e Ja e e a p a a Ju -Ju -Ju u e e c o o e 4- 25- 15-F 7-M 8-M 18-A 9-M 0-M 20- 11 1-A 2-A 12-S 3-O 24-O 4-N 5-D 6-D 16- 6-F 27-F 0-M 10-A 1-M 2-M 12- 3 24 4-A 4-S 25-S 16-O 6-N 7-N 8-D 2 1 2 1 2 1 2 2 3 2
Source: U.S. Census Bureau
Date
2022 SYMPOSIUM
Air Travel Ticket Volume Date 2 29 1 10 31 2 1 2 23 1 2 1 2 1 2 1 -M 9-A -M -M 1- 2- -A -A 3-S 4-O 25-O 5-N 6-D 7-D 17- 7-F 28-F 1-M 11-A 2-M 3-M 13- 4- 25- 5-A 5-S 26-S 17-O 7-N 8-N 9-D J J J J J J u u u e a e e u u e e ar pr ay ay n ul g g p ct ct ov ec ec n b b ar pr ay ay n ul ul g p p ct ov ov ec -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
0.00% -10.00%
Variance %
-20.00% -30.00% -40.00% -50.00% -60.00% -70.00% -80.00% -90.00% -100.00% Source: arccorp.com (Airline Reporting Corporation)
2022 SYMPOSIUM
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Resilience
JP Hand off to Jason Vitorino to talk about Texas
2022 SYMPOSIUM
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Companies Headquartered in Texas
Resilience
2022 SYMPOSIUM
Top States for Corporate Moves - 2021 2 California California 2
3 Florida Florida 3
No. 1 TEXAS 4 Illinois Illinois 4
5 North North Carolina Carolina 5
2022 SYMPOSIUM
Fortune 500 Headquarters by State No. 3 3 TEXAS TEXAS No. 1 New New York York 1
5 Ohio Ohio 5
2 California California 2
4 Illinois Illinois 4
2022 SYMPOSIUM
Business Applications in Texas - 2021 45,000 40,000 35,000
40,95 6
30,000
Applications
20,000
25,000
15,000 10,000 5,000 -
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022 SYMPOSIUM
Change in Resident Population JULY 2019-JULY 2020
NH
VT
5,492
-699
WA 79,588
MT
ME
ND
10,454
1,585
ID
5,590
WY
NV CA
CO
46,496
49,233
-69,532
-126,355
-18,240
IL
KS
MO
-1,170
11,073
-3,290
KY
NM
129,558
AK -2,445
20,107
WV
6,685
HI -8,609
TX 373,96 5
NC
-11,441
-12,967
AL
844
DE 10,141
SC
9,537
MI
MD
99,439
56,509
LA
VA
4,906
AR
NJ -8,887
-10,476 33,921
TN AZ
-9,016
-15,629
OH
IN
-79,487 23,943
OK
CT
PA
3,965
4,981
-1,033
NY
MI
IA
NE UT
WI 8,074
2,212
47,488
RI
17,289
SD
37,853
-1,309
MN
OR 25,391
MA
4,371
60,338
GA
13,567 81,997
FL 241,256
200,000+ 25,000 to 199,999 0 to 24,999 -50,000 to -1 < -50,000
2022 SYMPOSIUM
Change in Resident Population JULY 2020-JULY 2021 19,907
OR
ME
ND
MT ID
225
NV
4,410
IL
2,237
UT
CO
56,291
27,761
-261,902
AZ
NM
98,330
-1,689
KS -1,298
OK 24,608
MO
KY
13,706
AK 232
HI -10,358
93,985
55,099
AL
MD -7,550
59,976
GA 73,766
LA -27,156
DE 11,498
SC
13,659 -6,905 15,074
VA 10,230
NC
TN
NJ -12,613
-6,839
5,436
AR
5,337
-25,569
OH
IN
CT
PA
-10,570 -113,77620,341 WV
MS
TX 310,288
-319,020
MI -16,853
IA
NE
-619
NY
WI 3,585
1,536
CA
RI
8,277
WY
-37,497
MN
SD
53,151
MA
9,967
-4,014
18,078
29,920
11,144
3,075
WA
4,611
NH
VT
FL 211,196
200,000+ 25,000 to 199,999 0 to 24,999 -50,000 to -1 < -50,000
2021 SYMPOSIUM
Biggest Population Gainers 2020-2021 350,000
310,288 300,000 250,000
211,196
200,000 150,000 98,330 93,985 73,766
100,000
59,976
56,291
55,099
53,151 29,920
50,000 0
TX
FL
AZ
NC
GA
SC
UT
TN
ID
NV
Source: U.S. Census Bureau
2022 SYMPOSIUM
States with Population Loses 2020-2021
NY
CA
IL
MA
LA
PA
MI
NJ
OH
HI
0
-37,497
-50,000
-27,156 -25,569
-10,570 -10,358 -16,853 -12,613
-100,000
-113,776 -150,000
-200,000
-250,000
-216,902 -300,000
-319,020 -350,000 Source: U.S. Census Bureau
2022 SYMPOSIUM
The 15 Fastest-Growing Large Cities 2021
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
Frisco, TX Buckeye, AZ New Braunfels, TX Meridian, ID McKinney, TX South Jordan, UT Fort Meyers, FL Cedar Park, TX Conroe, TX Redmond, WA Goodyear, AZ Murfreesboro, TN Round Rock, TX Irvine, CA Mount Pleasant, SC
2022 SYMPOSIUM
2021 Apartment Absorption 50,000 45,000 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 Dallas-Fort Worth
Houston
New York
Los Angeles Washington DC
Austin
Chicago
Atlanta
Seattle
Philadelphia
Source: CoStar
2022 SYMPOSIUM
Texas Cumulative Home Sales 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 r ua n Ja
y
r ua r b Fe
y M
Source: Real Estate Center at Texas A&M University
ar
ch
ril Ap
M
ay
ne Ju
2020
ly Ju
t us g Au
em pt e S
r be O
r be o ct
m ve o N
r be
m ce e D
r be
2021
2022 SYMPOSIUM
Single-Family Housing Stats Texas Housing Permits Sales Price per Square Austin Housing Permits Sales Price per Square DFW Housing Permits Sales Price per Square Houston Housing Permits Sales Price per Square San Antonio Housing Permits Sales
2019 (%)
2020 (%)
2021 (%)
2022 (%)
Foot
3.0 4.7 4.2
20.3 8.8 6.6
15.2 8.4 8.3
6.6 4.7 4.5
Foot
8.8 8.2 4.2
14.7 10.0 8.1
13.4 8.4 8.6
3.4 3.6 7.2
Foot
-1.1 3.2 3.1
21.5 9.8 6.1
13.8 7.3 7.8
2.9 5.2 5.1
Foot
-0.5 4.4 3.1
20.9 10.4 4.8
10.3 7.2 7.2
7.3 3.6 6.5
12.9 7.6
16.0 13.0
14.4 9.4
5.4 4.6
5.1
6.8
7.7
6.2
Price per Square Foot
Sources: U.S. Census Bureau and Texas Real Estate Center at Texas A&M University
2022 SYMPOSIUM
Top 10 Markets for CRE Investment 2021 Dallas-Fort Worth - TX
$6.4B
Atlanta - GA
$4.2B
Los Angeles - CA
$4.1B
New York - NY
$6.2B $5.3B
$4.0B
$7.2B
$5.9B $4.2B
Phoenix - AZ $2.2B
$4.6B
$1.9B $1.9B
Seattle - WA
$5.5B
$3.1B
Boston - MA $0.0K
$9.1B
$5.0B
$8.2B $11.4B
$3.1B
$5.2B
$2.7B
$12.5B
$4.1B
Washington - DC
$5.0B
$11.8B $7.8B
$2.0B
$5.9B $6.9B
$17.1B
$4.7B
$5.1B
Houston - TX $2.3B
Chicago - IL
$4.6B
$6.0B
$4.2B $3.7B
$3.8B
$2.0B
$10.0B
$3.7B $15.0B
Office
Industrial
$20.0B Retail
$25.0B
$30.0B
$35.0B
$40.0B
Multifamily
Source: CoStar
2022 SYMPOSIUM
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STRIVE Statistics LAST 5 YEARS
Year
D L SO
2017
# of Transactions
D L SO63
Total Consideration
D
$297,257,219 OL
S
2018
62
$175,679,701
2019
79
$243,429,996
2020
77
2021
103
INDUSTRIAL
OFFICE
$281,689,129RETAIL $412,590,640
2022 SYMPOSIUM
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i
2022 SYMPOSIUM
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No introduction, David just starts
David McNeil Senior Managing DirectorTalk about STRIVE and introduce brokers
David Introduces Will Merritt
2022 SYMPOSIUM
STNL Retail Transactions 2021
1,45 0 Criteria: • Single-Tenant Retail in Texas • Sale Date: 1/1/2021-12/31/2021 • Investment Grade Properties • In 2020 there were 724 trades
STNL Retail Transactions Per Region - 2021 WEST TEXAS 121 (8.29%)
DFW 494 (33.82%)
CENTRAL
EAST TEXAS 78 (8.39%)
2020
2021
% Delta
DFW
236
494
109.3%
75 (5.62%)
Houston
133
423
218.0%
SA
HOUSTON
Austin
96
75
-21.9%
123 (7.93%)
423 (30.69%)
San Antonio
32
123
284.4%
East
46
78
69.6%
West
67
121
80.6%
Central
38
52
36.8%
Valley
45
84
86.7%
52 (3.69%)
AUSTIN
VALLEY 84 (1.57%)
STNL Retail Buyers’ Location WA
(0.18%)
MA (0.18%)
MT
RI (0.37%)
NH
(0.18%)
(0.18%)
OR
ID
(0.55%)
WI
(0.37%)
(0.18%)
WY (0.18%)
NY
MI
(3.13%)
CT
(1.47%)
(0.74%)
IA
NJ
(0.18%)
IL
NV (1.47%)
(1.29%)
UT
CO
(0.74%)
(0.55%)
CA
(0.55%)
KS (1.10%)
MO (0.55%)
(19.15%)
OK
AZ
NM
(2.03%)
(0.55%)
(0.18%)
TN AR (0.55%) (0.19%)
HI (0.18%)
NC (0.37%)
(0.37%)
MS TX (56.35%)
WV
GA (0.37%)
LA (0.19%)
MD
(0.18%) VA (0.74%)
FL (3.68%)
(0.55%)
DC (0.18%)
home
Will Merritt Introduces Cole
2022 SYMPOSIUM
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STNL, Retail
Dallas Fort Worth
TRANSACTIONS IN DFW
No. of Transactions Ave Price
2019
2020
2021
DELTA
204
236
494
258
$3,544,066 $3,147,563 $3,247,473
$99,910
Ave Cap Rate
6.07%
5.96%
5.41%
(55 bps)
Ave Cap Rate at List
5.85%
5.68%
5.45%
(0.23%)
Delta (List to Sell)
0.22%
0.28%
0.04%
(0.24%)
$585.69
$633.91
$718.23
$84.32
$33.54
$36.00
$39.29
$3.29
Ave PSF Ave Rent PSF
109%
2021 SYMPOSIUM
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STNL, Retail
Dallas Fort Worth
CAP RATES IN DFW
9.00%
Dallas ST Cap Rates 8.56%
8.00%
8.34% 7.23%
7.00%
6.36% 6.82%
6.59% 6.23% 6.11% 6.20%
6.00%
6.12% 5.96% 5.41%
5.00% 4.00% 3.00%
300+ BPS
2.00% 1.00% 0.00% 2008
2010
2012
2014
2016
2018
2020
2022
Source: CoStar
2021 SYMPOSIUM
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Cole introduces Adam
2022 SYMPOSIUM
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STNL, Retail
Houston
TRANSACTIONS IN HOUSTON
No. of Transactions Ave Price
2019
2020
2021
DELTA
100
133
423
290
$3,360,148 $2,826,611 $3,552,805 $726,194
Ave Cap Rate
6.40%
6.11%
5.68%
(43 bps)
Ave Cap Rate at List
5.99%
5.74%
5.71%
(0.03%)
Delta (List to Sell)
0.41%
0.37%
0.03%
(0.34%)
$479.80
$542.52
$664.36
$121.84
$31.31
$30.14
$34.57
$4.43
Ave PSF Ave Rent PSF
2021 SYMPOSIUM
Houston
STNL, Retail
TRANSACTIONS IN HOUSTON Houston ST Cap Rates 10.00% 9.00% 8.00%
8.07% 7.56%
[Y VALUE] 6.99%
7.00%
6.51% 6.40% 6.13% 6.05%6.08%
6.35%
6.00%
6.11%
5.50%
5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2008
Source: CoStar
2010
2012
2014
2016
2018
2020
2022
home
• • • •
STNL, Retail TRANSACTIONS IN TEXAS STNL Type Auto Parts
Banks
Dollar Stores
Drug Stores
Fast Food
Restaurants
Year
Location Term Guarantor Fundamentals CAP
2019
6.35%
2020
6.07%
2021
5.88%
2019
6.14%
2020
5.84%
2021
5.26%
2019
7.02%
2020
6.96%
2021
6.86%
2019
6.41%
2020
5.77%
2021
6.38%
2019
5.79%
2020
5.81%
2021
5.06%
2019
6.26%
2020
5.98%
2021
6.14%
2022 SYMPOSIUM
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Adam introduces Will Schubert
2022 SYMPOSIUM
MT Retail Transactions - 2021
63 3 Criteria: • Multi-Tenant Retail in Texas • Sale Date: 1/1/2021-12/31/2021 • Size: 5,000+ sq ft • Sale Price: $400,000+ • Exclude Bulk Portfolio Sales
Multi Tenant Transactions Per Region2021 WEST TEXAS 40 (6.30%)
DFW 217 (34.28%)
CENTRAL
EAST TEXAS 39 (6.16%)
25 (3.94%)
AUSTIN 30 (4.73%)
SA
HOUSTON
50 (7.89%)
194 (30.64%)
VALLEY 38 (6.00%)
202 0
2021
% Delta
DFW
75
217
189.3%
Houston
61
194
218.0%
Austin
17
30
76.5%
San Antonio
17
50
194.1%
East
12
39
225.0%
West
20
40
100.0%
6
25
316.7%
10
38
280.0%
Central Valley
Multi Tenant Retail Buyers’ Location OR
NY
(0.70%)
(0.70%)
NJ NV
(0.70%)
IL
(0.35%)
(1.06%)
CO (1.06%)
CA
KS (0.35%)
(8.10%)
MO (0.35%)
VA (0.35%)
NC (0.35%)
NM (0.35%)
OK (0.70%)
TX (80.99%) HI (0.35%)
AR
SC
(0.35%)
(0.35%)
LA (1.06%)
FL (1.41%)
DC (0.35%)
home
Will Schubert introduces Hudson
2022 SYMPOSIUM
home
Multi-Tenant, Retail
Dallas Fort Worth
TRANSACTIONS IN DFW
No. of Transactions Ave Price
2019
2020
2021
DELTA
125
75
217
142
$8,233,875 $13,952,988 $5,844,448
($8,108,540 )
Ave Cap Rate
7.24%
6.68%
6.53%
(15 bps)
Ave Cap Rate at List
6.79%
6.51%
6.38%
(0.13%)
Delta (List to Sell)
0.45%
0.17%
0.15%
(0.02%)
Ave PSF
$303.37
$390.40
$423.70
$33.30
Ave Rent PSF
$22.71
$28.24
$24.61
($3.63)
Occupancy
94.24%
94.52%
96.67%
2.15%
2021 SYMPOSIUM
home
Multi-Tenant, Retail
Dallas Fort Worth
CAP RATES IN DFW DFW MT Cap Rates 10.00% 9.00%
8.80% 8.10% 8.10%
8.00%
8.00%
7.45% 7.60% 7.40% 7.56%
7.20% 7.24% 6.68%
7.00%
6.53%
6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2008
2010
2012
2014
2016
2018
2020
2022
Source: CoStar
2021 SYMPOSIUM
home
Hudson introduces Jake
2022 SYMPOSIUM
Multi-Tenant, Retail
TRANSACTIONS IN HOUSTON
No. of Transactions Ave Price
2019
2020
2021
DELTA
86
61
194
133
$7,254,334 $5,132,123 $5,643,750 $1,932,303
Ave Cap Rate
7.53%
8.18%
7.07%
(111 bps)
Ave Cap Rate at List
6.91%
7.18%
6.88%
(30 bps)
Delta (List to Sell)
0.62%
1.00%
0.19%
(81 bps)
$243.09
$258.31
$306.94
$48.63
Ave Rent PSF
$20.00
$21.52
$24.40
$2.88
Occupancy
93.22%
92.46%
93.67%
121 bps
Ave PSF
home
Multi-Tenant, Retail
Houston
CAP RATES IN HOUSTON Houston MT Cap Rates 10.00% 9.00%
9.50% 8.45%
8.00%
8.12% 8.00% 7.50%
7.78% 7.89%
7.50% 7.45% 7.53%
8.18% 7.07%
7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2008
2010
2012
2014
2016
2018
2020
2022
Source: CoStar
2021 SYMPOSIUM
home
Multi-Tenant, Retail
Houston
SALE BY SELLER & BUYER TYPE Sale by Seller Type - 2021 User
Institutional
REIT/Public
6%
Private
8%
Private Equity
Sale by Buyer Type - 2021 User
Institutional
REIT/Public
2% 8%
6%
76%
Private Equity
9%
13%
4%
Private
68%
Source: CoStar
2021 SYMPOSIUM
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Jake introduces Austin
2022 SYMPOSIUM
Office Transactions - 2021
649 Criteria: • Office Properties in TX • Sale Date: 1/1/2021-12/31/2021 • Investment Grade Properties • Investment Sales Only • 5K SF and above • $750K and above • Exclude Condo Sales • Include Public Record Comps
Office Transactions Per Region 2021 DFW WEST TEXAS 56 (8.63%)
284 (43.76%)
CENTRAL 13 (2.00%)
EAST TEXAS 24 (3.70%)
AUSTIN 85 (13.10%)
SA 71 (10.94%)
VALLEY 10 (1.54%)
HOUSTON 106 (16.33%)
2021 DFW
284
Houston
106
Austin
85
San Antonio
71
East
24
West
56
Central
13
Valley
10
Office Buyers’ Location WA (1.69%)
MA
ND
(0.77%)
(0.46%)
OR (0.62%)
NY
WI (0.15%)
MI (0.31%)
(0.77%)
CA
DE (0.46%)
MO (0.77%)
NC
TN OK
AZ
(0.31%)
(0.46%)
TX (61.48%)
AR (0.15%)
AL
GA (0.92%)
LA (0.15%)
HI
(0.46%)
(2.16%)
(0.15%)
(0.15%)
(0.23%)
VA
KS (0.15%)
(11.09%)
(0.46%)
(0.15%)
(3.85%)
CO
NJ
(0.46%)
OH
IL
(0.15%)
(1.54%)
(0.62%)
PA
NE
NV
CT
(5.24%)
FL (3.08%)
MD (0.77%)
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Office
Dallas Fort Worth
TRANSACTIONS IN DFW
No. of Transactions Ave Price Ave Cap Rate Ave PSF Ave Rent PSF
2019
2020
2021
DELTA
213
164
284
120
$40,387,925 $30,174,739
$32,902,09 $2,727,356 5
7.40%
7.06%
7.19%
0.13%
$217.31
$293.17
$234.75
$58.42
$31.51
$31.72
$32.03
$0.31
2021 SYMPOSIUM
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Office
Dallas Fort Worth
CAP RATES IN DFW DFW Office Cap Rates 10.00%
9.10% 9.00%
8.30%
8.40% 7.80%
8.00%
7.80% 7.70%
7.40% 6.90%
7.00%
7.40%
7.06%
7.19%
6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2010
2012
2014
2016
2018
2020
2022
Source: CoStar
2021 SYMPOSIUM
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Office
Dallas Fort Worth
AVERAGE TENANT USAGE
DFW 52% NYC, Chicago, LAX 37%
San Francisco 28% Snowmageddon
Source: CoStar
2021 SYMPOSIUM
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Austin Introduces Jeff
2022 SYMPOSIUM
Industrial Transactions 2021 2020: 748
Criteria: • Sale Date: 1/1/21 – 12/31/21 • Investment Grade Properties • CoStar Rating: 2-5 Star • Construction Status: Existing • Sale Price: $1,000,000+ • Property Size: 5,000+ SF • Total Assessed Value: $1,000,000+ • Include Public Record Comps • Exclude: • Bulk Portfolio Sales • Multi-Property sales • Business Park Sales • Condo Sales • Sold For Land Value Source: © 2022 CoStar Group, Sale Comps
1,15 1
Industrial Transactions Per Region 2021 Houston + DFW =
71%
DFW
WEST TEXAS
383 (33.28%)
99 (8.60%)
CENTRAL 16 (1.39%)
EAST TEXAS 45 (3.91%)
AUSTIN 78 (6.78%)
SA 73 (6.34%)
VALLEY 25 (2.17%)
2021
HOUSTON 432 (37.53%)
DFW
383
Houston
432
Austin
78
San Antonio
73
East
45
West
99
Central
16
Valley
25
Industrial Buyers’ Location WA (0.38%)
MA (1.72%)
MN (0.38%)
ID
WI
(0.19%)
(0.57%)
NV (0.57%)
CA
KS (0.19%)
AZ (1.34%)
IL
OH
IN
(2.10%) (0.57%)
CO (1.15%)
(10.50%)
(0.19%)
(0.19%)
UT
OK (0.19%)
NJ
(0.76%)
(0.57%)
(0.57%)
VA
MO
(0.19%)
KY
(0.19%)
(0.19%)
NC (0.38%)
TN (0.19%)
AR (0.19%)
MS
TX (68.70%)
(0.19%)
PA
IA
NE
CT
(1.72%)
(0.38%)
WY (0.19%)
(0.38%)
NY
MI
AL
(0.19%) (0.19%)
SC (0.38%)
GA (1.15%)
LA (0.76%)
FL (1.72%)
DE MD
(0.19%)
(0.57%)
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Industrial, Logistics
Dallas Fort Worth
TRANSACTIONS IN DFW
No. of Transactions Ave Price Ave Cap Rate Ave PSF Ave Rent PSF
2019
2020
494
567
2021 861
(74.8% of Total)
DELTA 294
$8,172,478 $12,531,984 $7,027,243 ($5,504,741) 8.29%
7.66%
7.28%
(0.38%)
$102.12
$87.95
$121.37
$33.42
$6.11
$6.39
$7.28
$0.89
Source: © 2022 CoStar Group, Industrial Market Report, DFW
2021 SYMPOSIUM
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Industrial, Logistics
Dallas Fort Worth
CAP RATES IN DFW DFW Cap Rates, Industrial (Logistics) 10.00%
8.90%
9.00%
8.50%
8.40%
8.10%
7.90%
8.00%
8.29%
7.90% 7.50%
7.30%
7.66%
7.28%
7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 2010
2012
2014
2016
2018
2020
2022
Source: © 2022 CoStar Group, Industrial Market Report, DFW
2021 SYMPOSIUM
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Jeff introduces Preston
2022 SYMPOSIUM
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Industrial, Specialty
Dallas Fort Worth
TRANSACTIONS IN DFW
No. of Transactions Ave Price
2019
2020
77
95
2021 152
(13.21% of total)
$8,765,675 $17,986,312 $5,235,500
DELTA 57 ($12,751,31 2)
Ave Cap Rate
7.43%
8.00%
7.23%
(0.77%)
Ave PSF
$77.75
$93.67
$98.49
$4.82
$7.37
$8.00
$8.17
$0.17
Ave Rent PSF
Source: © 2022 CoStar Group, Industrial Market Report, DFW
2021 SYMPOSIUM
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Industrial, Specialty
Dallas Fort Worth
CAP RATES IN DFW DFW Cap Rates, Industrial (Specialty) 12.00%
10.00%
9.90% 9.40% 8.80% 8.20%
8.20%
8.20%
8.00%
8.30%
8.00%
8.00% 7.43%
7.23%
6.00%
4.00%
2.00%
0.00% 2010
2012
2014
2016
2018
2020
2022
Source: © 2022 CoStar Group, Industrial Market Report, DFW
2021 SYMPOSIUM
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Industrial, Flex
Dallas Fort Worth
TRANSACTIONS IN DFW
No. of Transactions Ave Price Ave Cap Rate Ave PSF Ave Rent PSF
2019
2020
69
86
$2,451,266
$2,414,731
$3,112,000
$697,269
7.65%
7.44%
8.20%
0.76%
$100.29
$133.87
$136.47
$2.60
$9.74
$10.37
$11.33
$0.96
2021 138
(11.99% of total)
DELTA 70
Source: © 2022 CoStar Group, Industrial Market Report, DFW
2021 SYMPOSIUM
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Industrial, Flex
Dallas Fort Worth
CAP RATES IN DFW DFW Cap Rates, Industrial (Flex) 14.00%
11.70%
12.00%
10.00%
9.20%
9.00% 8.30%
7.80%
8.00%
8.40% 7.20%
7.60%
7.65%
8.20% 7.44%
6.00%
4.00%
2.00%
0.00% 2010
2012
2014
2016
2018
2020
2022
Source: © 2022 CoStar Group, Industrial Market Report, DFW
2021 SYMPOSIUM
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Jennifer talks about High Street Capital
2022 SYMPOSIUM
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2022 SYMPOSIUM
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Monthly 10-Yr Treasury Yields 3 2.64
2.5 2.02
2 1.77 1.52
1.5 1.24
1.09
0.54
1 0.5 0
2022 SYMPOSIUM
Greg Holley (469) 998-7200 Gholley@highstcapital.com
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High Street Capital
Greg Holley – what is happening in the debt markets: Retail STNL Retail Multi tenant Office Industrial Multi Family
2022 SYMPOSIUM
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Jennifer talks Republic Title
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Jennifer about Bailey Brauer
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Jennifer introduces Mark Dotzour
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MARK DOTZOUR 2022 SYMPOSIUM
A Brave new world
Dr. Mark G. Dotzour College Station, Texas
2021 SYMPOSIUM