Dallas: 6,185.83 square milesFort Worth-Arlington: 2,917.96 square milesDallas: 649.8 people per square mileFort Worth-Arlington: 680.1 people per square mile
CountiesCollin, Dallas, Delta, Denton, Ellis, Hunt, Kaufman, Rockwall, Johnson, Parker, Tarrant, Wise
Addison, Allen, Arlington, Balch Springs, Bedford, Benbrook, Burleson, Carrollton, Cedar Hill, Cleburne, Colleyville, Coppell, Dallas, Denton,
DeSoto, Duncanville, Ennis, Euless, Farmers Branch, Flower Mound, Forest Hill, Fort Worth, Frisco, Garland, Grand Prairie, Grapevine, Greenville,
Haltom City, Highland Village, Hurst, Irving, Keller, Lancaster, Lewisville, Mansfield, McKinney, Mesquite, North Richland Hills, Plano, Richardson, Rockwall, Rowlett, Saginaw, Southlake, Terrell, The Colony, Watauga,
Waxahachie, White Settlement, Wylie
Quick Facts
2006 Population Density
Source: U.S. Census Bureau and Real Estate Center at Texas A&M University
*This report's MSA data reflects either 1999 or 2003 MSA definitions based on data availability. Use of 1999 definition is noted where applicable.
Real Estate Market Overview 2007Dallas-Fort Worth-Arlington
Dallas was settled in 1841 as a frontier trading post and today is the eighth largest city in the UnitedStates. The Dallas MSA is also the second largest in Texas, with more than three million people livingin the area. High-tech companies, manufacturing and service industries have contributed to growth inDallas, considered the financial hub of the Southwest. The Dallas-Fort Worth International Airport,which encompasses more than 18,000 acres, is the nation's third busiest and a major economic enginefor the region.
Fort Worth, known as the city "Where the West Begins," still embraces its cowboy heritage. However,with successful downtown revitalization projects like Sundance Square, Fort Worth has transformeditself over the years into a cosmopolitan and cultural center. Bass Performance Hall, one of the area'smajor cultural attractions, was recently named "one of the top 10 opera houses in the world" by Traveland Leisure magazine.
Arlington, home to Six Flags Over Texas, Hurricane Harbor and The Ballpark at Arlington, is known asone of Texas' "most entertaining" cities.
Land Area
Area Cities and Towns
Microsoft product screen shot reprinted with permission from Microsoft Corporation.
ANDERSON
ANDREWS
ANGELINA
ARANSAS
ARCHER
ARMSTRONG
ATASCOSA
AUSTIN
BAILEY
BANDERA
BASTROP
BAYLOR
BEE
BELL
BEXAR
BLANCO
BORDEN
BOSQUE
BOWIE
BRAZORIA
BRAZOS
BREWSTER
BRISCOE
BROOKS
BROWN
BURLESON
BURNET
CALDWELL
CALHOUN
CALLAHAN
CAMERON
CAMP
CARSON
CASS
CASTRO
CHAMBERS
CHEROKEE
CHILDRESS
CLAY
COCHRAN
COKECOLEMAN
COLLIN
COLLINGSWORTH
COLORADOCOMAL
COMANCHE
CONCHO
COOKE
CORYELL
COTTLE
CRANE
CROCKETT
CROSBY
CULBERSON
DALLAM
DALLASDAWSON
DEAF SMITH
DELTA
DENTON
DE WITT
DICKENS
DIMMIT
DONLEY
DUVAL
EASTLAND
ECTOR
EDWARDS
ELLIS
EL PASO
ERATH
FALLS
FANNIN
FAYETTE
FISHER
FLOYDFOARD
FORT BEND
FRANKLIN
FREESTONE
FRIO
GAINES
GALVESTON
GARZA
GILLESPIE
GLASSCOCK
GOLIAD
GONZALES
GRAY
GRAYSON
GREGG
GRIMES
GUADALUPE
HALE
HALL
HAMILTON
HANSFORD
HARDEMAN
HARDIN
HARRIS
HARRISON
HARTLEY
HASKELL
HAYS
HEMPHILL
HENDERSON
HIDALGO
HILL
HOCKLEY
HOOD
HOPKINS
HOUSTON
HOWARD
HUDSPETH
HUNT
HUTCHINSON
IRION
JACK
JACKSON
JASPER
JEFF DAVIS
JEFFERSON
JIM HOGG
JIMWELLS
JOHNSON
JONES
KARNES
KAUFMAN
KENDALL
KENEDY
KENT
KERR
KIMBLE
KING
KINNEY
KLEBERG
KNOXLAMAR
LAMB
LAMPASAS
LA SALLE
LAVACA
LEE
LEON
LIBERTY
LIMESTONE
LIPSCOMB
LIVE OAK
LLANO
LOVING
LUBBOCK
LYNN
MCCULLOCH
MCLENNAN
MCMULLEN
MADISON
MARION
MARTIN
MASON
MATAGORDAMAVERICK
MEDINA
MENARD
MIDLAND
MILAM
MILLS
MITCHELL
MONTAGUE
MONTGOMERY
MOORE
MORRIS
MOTLEY
NACOGDOCHES
NAVARRO
NEWTON
NOLAN
NUECES
OCHILTREE
OLDHAM
ORANGE
PALO PINTO
PANOLA
PARKER
PARMER
PECOSPOLK
POTTER
PRESIDIO
RAINS
RANDALL
REAGAN
REAL
RED RIVER
REEVES
REFUGIO
ROBERTS
ROBERTSON
ROCKWALL
RUNNELS
RUSK
SABINE
SANAUGUSTINE
SANJACINTO
SAN PATRICIO
SAN SABA
SCHLEICHER
SCURRYSHACKLEFORD
SHELBY
SHERMAN
SMITH
SOMERVELL
STARR
STEPHENS
STERLING
STONEWALL
SUTTON
SWISHER
TARRANT
TAYLOR
TERRELL
TERRY THROCKMORTON TITUS
TOM GREEN
TRAVIS
TRINITY
TYLER
UPSHUR
UPTON
UVALDE
VAL VERDE
VAN ZANDT
VICTORIA
WALKER
WALLER
WARD
WASHINGTON
WEBB
WHARTON
WHEELER
WICHITAWILBARGER
WILLACY
WILLIAMSON
WILSON
WINKLER
WISE
WOOD
YOAKUM YOUNG
ZAPATA
ZAVALA
24
25
23
22
2120
19
1817 16
15
14
13
12
11
10
9
8
7
6
5
43
2
1
Metropolitan Statistical Areas (MSAs)
1. Abilene2. Amarillo3. Austin-Round Rock4. Beaumont-Port Arthur5. Brownsville-Harlingen6. College Station-Bryan7. Corpus Christi8. Dallas-Fort Worth-Arlington9. El Paso10. Houston-Sugar Land-Baytown11. Killeen-Temple-Fort Hood12. Laredo13. Longview
14. Lubbock15. McAllen-Edinburg-Mission16. Midland17. Odessa18. San Angelo19. San Antonio20. Sherman-Denison21. Texarkana22. Tyler23. Victoria24. Waco25. Wichita Falls
Prepared by the Labor Market and Career Information Department, TWCEdited by Real Estate Center at Texas A&M University
Table of Contents
Demographics..............................................................................................1
Education .....................................................................................................5
Employment .................................................................................................7
Economy ....................................................................................................15
Infrastructure..............................................................................................16
Public Facilities ..........................................................................................17
Multifamily ..................................................................................................20
Housing......................................................................................................24
Retail ..........................................................................................................37
Hotel...........................................................................................................43
Office..........................................................................................................45
Industrial ....................................................................................................58
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Demographics
Year PopulationPercent Change Year Population
Percent Change
1996 3,076,605 - 1996 1,551,044 -1997 3,178,447 3.2 1997 1,591,973 2.61998 3,283,020 3.2 1998 1,634,973 2.71999 3,381,283 2.9 1999 1,678,673 2.72000 3,451,226 2.0 2000 1,710,318 1.92001 3,585,379 3.7 2001 1,764,411 3.22002 3,664,340 2.2 2002 1,808,534 2.52003 3,737,262 2.0 2003 1,848,627 2.22004 3,812,875 2.0 2004 1,887,381 2.12005 3,893,123 2.1 2005 1,926,352 2.12006 4,019,499 3.1 2006 1,984,468 3.0
* July 1 population estimates * July 1 population estimatesSource: U.S. Census Bureau Source: U.S. Census Bureau
Fort Worth-Arlington MD Population*
Dallas MD Population*
County 1996 2006Growth 1996-2006
(in percent)Collin 378,488 698,851 84.6Dallas 2,073,484 2,345,815 13.1Delta 5,085 5,561 9.4Denton 354,915 584,238 64.6Ellis 97,597 139,300 42.7Hunt 69,914 83,338 19.2Johnson 110,751 149,016 34.6Kaufman 62,129 93,241 50.1Parker 76,476 106,266 39.0Rockwall 34,993 69,155 97.6Tarrant 1,323,207 1,671,295 26.3Wise 40,610 57,891 42.6* July 1 population estimates
County Population Growth
Source: U.S. Census Bureau
- 1 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Addison 8,783 14,166 61.3 Grapevine 29,202 42,059 44.0Allen 18,309 43,554 137.9 Greenville 23,071 23,960 3.9Arlington 261,721 332,969 27.2 Haltom City 32,856 39,018 18.8Athens 10,967 11,297 3.0 Highland Village 7,027 12,173 73.2Balch Springs 17,406 19,375 11.3 Hurst 33,574 36,273 8.0Bedford 43,762 47,152 7.7 Irving 155,037 191,615 23.6Benbrook 19,564 20,208 3.3 Keller 13,683 27,345 99.8Burleson 16,113 20,976 30.2 Lancaster 22,117 25,894 17.1Carrollton 82,169 109,576 33.4 Lewisville 46,521 77,737 67.1Cedar Hill 19,976 32,093 60.7 Mansfield 15,607 28,031 79.6Cleburne 22,205 26,005 17.1 McKinney 21,283 54,369 155.5Colleyville 12,724 19,636 54.3 Mesquite 101,484 124,523 22.7Coppell 16,881 35,958 113.0 North Richland Hills 45,895 55,635 21.2Corinth 3,944 11,325 187.1 Plano 128,713 222,030 72.5Dallas 1,006,877 1,188,580 18.0 Richardson 74,840 91,802 22.7Denton 66,270 80,537 21.5 Rockwall 10,486 17,976 71.4DeSoto 30,544 37,646 23.3 Rowlett 23,260 44,503 91.3Duncanville 35,748 36,081 0.9 Saginaw 8,551 12,374 44.7Ennis 13,883 16,045 15.6 Seagoville 8,969 10,823 20.7Euless 38,149 46,005 20.6 Southlake 7,065 21,519 204.6Farmers Branch 24,250 27,508 13.4 Terrell 12,490 13,606 8.9Flower Mound 15,527 50,702 226.5 The Colony 22,113 26,531 20.0Forest Hill 11,482 12,949 12.8 University Park 22,259 23,324 4.8Fort Worth 447,619 534,694 19.5 Watauga 20,009 21,908 9.5Frisco 6,141 33,714 449.0 Waxahachie 18,168 21,426 17.9Garland 180,650 215,768 19.4 Weatherford 14,804 19,000 28.3Grand Prairie 99,616 127,427 27.9 White Settlement 15,472 14,831 -4.1 (in Dallas Co. only) 81,527 99,760 22.4 Wylie 8,716 15,132 73.6Source: U.S. Census
Area Cities With 10,000 or More Residents
City 2000 Population
Growth 1990-2000 (percent)
City (cont'd) 2000 Population
Growth 1990-2000 (percent)
1990 Population
1990 Population
- 2 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Metropolitan Area 1996 2006Percent Change
Austin-Round Rock 1,073,037 1,513,565 41.1McAllen-Edinburg-Mission 503,411 700,634 39.2Laredo 171,583 231,470 34.9Dallas-Fort Worth-Arlington 4,627,649 6,003,967 29.7Houston-Sugar Land-Baytown 4,334,020 5,539,949 27.8Brownsville-Harlingen 312,086 387,717 24.2San Antonio 1,599,427 1,942,217 21.4Texas 19,340,342 22,859,968 18.2Tyler 166,087 194,635 17.2Sherman-Denison 102,993 118,478 15.0El Paso 656,482 736,310 12.2College Station-Bryan 172,341 192,152 11.5Amarillo 217,579 241,515 11.0Killeen-Temple-Fort Hood 318,613 351,322 10.3Waco 205,894 226,189 9.9Midland 114,412 124,380 8.7Longview 190,556 203,367 6.7Lubbock 247,099 261,411 5.8Texarkana 127,694 134,510 5.3Victoria 108,636 114,088 5.0Odessa 121,519 127,462 4.9Corpus Christi 398,529 415,810 4.3San Angelo 104,574 105,752 1.1Abilene 156,351 158,063 1.1Beaumont-Port Arthur 380,417 379,640 -0.2Wichita Falls 151,170 145,528 -3.7* July 1 population estimatesSource: U.S. Census Bureau
Texas Metropolitan Area Population* Change
YearTexas State Data Center
(Scenario 0.5)Texas Water Development
Board2000 5,161,544 5,161,5182005 5,667,966 -2010 6,197,165 6,506,8542015 6,753,598 -2020 7,340,103 7,830,3712025 7,973,634 -2030 8,648,782 8,947,2622035 9,360,952 -2040 10,106,814 10,103,144
Dallas-Fort Worth-Arlington MSA Projected Population
Sources: Texas State Data Center (2006 projection) and Texas Water Development Board (2006 projection)
- 3 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Texas Metropolitan AreaPopulation Growth Forecast, 2000 - 2020
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%
LaredoMcAllen-Edinburg-Mission
Austin-Round RockBrownsville-Harlingen
Dallas-Fort Worth-ArlingtonEl Paso
Houston-Sugar Land-BaytownKilleen-Temple-Fort Hood
TexasCorpus Christi
San AntonioAmarillo
College Station-BryanVictoriaOdessa
WacoTyler
MidlandLubbock
LongviewSherman-Denison
San AngeloAbilene
Beaumont-Port ArthurWichita Falls
Texarkana
Source: Texas State Data Center – Scenario 0.5 (2006 projection)
Fort Worth-Arlington PMSA
Average household size (2000) 2.7 2.68 2.74Population younger than 18(2000, in percent)Population 65 and older(2000, in percent)
Household Composition
Texas
28.2
9.97.7 8.8Source: U.S. Census Bureau (1999 definition)
Dallas PMSA
28.0 28.0
Dallas Fort Worth-PMSA Arlington PMSA Texas
White 67.2 74.3 71.0Black 25.1 11.2 11.5Asian 4.0 3.2 2.7American Indian 0.6 0.6 0.6Other 10.7 8.3 11.7Two or more races 2.4 2.4 2.5Hispanic (of any race) 23.0 18.2 32.0
Distribution by Race and Hispanic or Latino Origin, 2000(in percent)
Source: U.S. Census Bureau (1999 definition)
- 4 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Education
CountyHigh school
graduateSome college,
no degreeAssociate's
degreeBachelor's
degreeMaster's
degreeDoctorate
degreeCollin 15.1 23.1 6.3 32.8 11.3 1.2Dallas 21.7 21.3 5.0 18.0 6.0 0.8Delta 36.1 21.5 4.0 8.5 4.8 0.5Denton 19.9 26.1 6.7 26.6 7.4 1.2Ellis 30.8 24.6 5.3 12.4 3.2 0.4Hunt 34.3 22.0 3.8 10.7 4.6 0.8Johnson 33.2 25.0 5.5 9.7 2.8 0.4Kaufman 33.8 22.9 5.5 8.9 2.4 0.3Parker 30.4 25.3 6.2 12.5 3.8 1.1Rockwall 22.9 25.3 5.9 22.4 7.1 0.7Tarrant 23.5 25.1 6.0 18.8 5.7 0.7Wise 34.8 23.5 4.8 9.2 2.4 0.4Texas 24.8 22.4 5.2 15.6 5.2 0.8Source: U.S. Census Bureau 2000
Educational Attainment, Persons Age 25 and Older (in percent)
Dallas Fort Worth-PMSA Arlington PMSA
High School Graduate or Higher 79.4 81Bachelor's Degree or Higher 30 25.1Source: U.S. Census Bureau 2000 (1999 definition)
Educational Level, Persons Age 25 and Older, 2000 (in percent), PMSA
Level of Education
- 5 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
School 2002 2003 2004 2005 2006Dallas Baptist University 4,417 4,538 4,714 4,988 5,146DCCCD Brookhaven College 9,184 9,718 9,714 9,725 9,634DCCCD Cedar Valley College 3,990 4,443 4,265 4,300 4,357DCCCD Eastfield College 9,071 9,376 9,410 9,452 9,187DCCCD El Centro College 5,672 6,182 5,903 6,629 6,529DCCCD Mountain View College 6,266 5,843 5,980 6,140 6,766DCCCD North Lake College 8,456 7,960 8,189 8,623 8,830DCCCD Richland College 13,562 13,204 13,412 13,552 13,774Paul Quinn College 871 858 966 771 783Southern Methodist University 10,955 11,161 10,901 11,024 10,990Tarrant County Northeast Campus 10,882 11,602 12,405 12,372 12,135Tarrant County Northwest Campus 5,182 6,025 7,241 7,356 7,546Tarrant County South Campus 8,027 8,200 9,971 9,885 9,431Tarrant County Southeast Campus 8,370 8,579 8,657 8,975 9,339Texas Christian University 8,074 8,275 8,632 8,706 8,865Texas Wesleyan University 2,576 2,845 2,742 2,662 2,930Texas Woman's University 8,703 9,701 10,746 11,326 11,479University of Dallas 3,159 3,125 2,987 2,992 2,941University of North Texas 30,183 31,065 31,155 31,947 33,443University of Texas at Arlington 23,821 24,979 25,297 25,216 24,825University of Texas at Dallas 13,229 13,718 14,092 14,399 14,523Weatherford College 3,569 3,895 4,216 4,437 4,379Source: Texas Higher Education Coordinating Board
Local College and University Enrollment, Fall Semester
- 6 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Employment
Employer Sector EmployeesWal-Mart Stores, Inc. Retail 29,237AMR Corp./American Airlines Airline 25,000Dallas ISD Education 19,359Texas Health Resources Health care 17,000Raytheon Co. Defense and aerospace 16,250Verizon Communications, Inc. Telecommunications 15,900Lockheed Martin Aeronautics Co. Military aircraft 15,000Baylor Health Care System Health care 14,572AT&T Communications 14,000U.S. Postal Service Government 13,850HCA Healthcare Health care 13,000Albertson's Inc. Retail grocery 12,240City of Dallas Government 12,221Countrywide Home Loans Financial services 11,798Kroger Food Stores Grocery 11,500Citigroup Inc. Financial services 10,635Brinker International Inc. Restaurants 10,283TTI, Inc. Semiconductor 9,972Fort Worth ISD Education 9,881Texas Instruments Semiconductor 9,700Source: Greater Dallas Chamber Economic Development Guide Nov-2006
Top 20 DFW Employers
- 7 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Employer Sector EmployeesAmerican Airlines Airline 28,492Lockheed Martin Aeronautics Co. Military aircraft 15,000Fort Worth ISD Education 10,389Bell Helicopter - Textron, Inc. Manufacture vertical flight aircraft 6,000City of Fort Worth Municipal government 5,750Tarrant County Government Government 4,050Chase Financial services 4,000Cook Children's Medical Center Non-profit children's health care 3,800Harris Methodist Fort Worth Hospital Medical 3,789BNSF Railway Transportation services 3,500
Fort Worth Top Ten Employers
Source: Fort Worth Chamber of Commerce Feb-2006
Employer Sector EmployeesAmerican Airlines Airline 28,492Lockheed Martin Aeronautics Co. Military aircraft 15,000Bell Helicopter - Textron, Inc. Manufacture vertical flight aircraft 6,000Chase Financial services 4,000Cook Children's Medical Center Non-profit children's health care 3,800Harris Methodist Fort Worth Hospital Medical 3,789BNSF Railway Transportation services 3,500RadioShack Corp. Electronics 3,337JPS Health Network Health Care 3,309Alcon Laboratories Ophthalmic pharmaceuticals 2,977
Fort Worth Top Ten Private Employers
Source: Fort Worth Chamber of Commerce Feb-2006
- 8 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Employer Sector EmployeesArlington Independent School Dist. Education 8,000University of Texas at Arlington Education 5,700Six Flags Over Texas Hospitality & Tourism 3,200General Motors Manufacturing 3,000The Parks Mall Retail 3,000Texas Rangers Baseball Club Hospitality & Tourism 1,800City of Arlington Government 1,700AmeriCredit Finance 1,300Arlington Memorial Hospital Health care 1,300Providian Financial Financial call center 1,200
Arlington Top Ten Employers
Source: Arlington Chamber of Commerce April-2007
Employer Sector EmployeesSix Flags Over Texas Hospitality & Tourism 3,200General Motors Manufacturing 3,000The Parks Mall Retail 3,000Texas Rangers Baseball Club Hospitality & Tourism 1,800AmeriCredit Finance 1,300Arlington Memorial Hospital Health care 1,300Providian Financial Finance 1,200Wal-Mart Retail 1,200National Semiconductor Manufacturing 1,100Chase Bank Call Center Finance 1,000
Arlington Top Ten Private Employers
Source: Arlington Chamber of Commerce April-2007
- 9 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Plano-Irving
Fort Worth - Arlington Texas
Employment Growth 2006 (Percent Change) 3.7 3.0 3.3Unemployment Rate 2006 (Percent Change) 4.8 4.7 4.9Net Job Change in 2006 72,200 24,100 318,3002006 Employment Growth by Sector (Percent Change)
Natural Resources and Mining and Construction 5.3 6.9 7.5Manufacturing 1.8 2.9 3.2Trade, Transportation, and Utilities 2.0 1.8 2.5Information 0.0 -2.4 -0.4Financial Activities 4.2 0.8 2.6Professional and Business Services 8.2 5.3 6.0Educational and Health Services 5.2 6.5 2.8Leisure and Hospitality 3.5 2.2 3.9Government 2.5 1.6 1.7
Employment Growth by Industry
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
Metropolitan Area 1996 2006Percent Change
McAllen-Edinburg-Mission 126,900 202,600 59.7Midland 126,900 202,600 59.7Laredo 56,500 84,200 49.0Austin-Round Rock 540,900 720,000 33.1Brownsville-Harlingen 94,000 121,300 29.0College Station-Bryan 71,400 90,200 26.3Tyler 73,700 91,700 24.4Killeen-Temple-Fort Hood 97,600 118,100 21.0Dallas-Fort Worth-Arlington 2,331,600 2,860,800 22.7San Antonio 658,300 811,300 23.2Longview 76,100 91,600 20.4Houston-Sugar Land-Baytown 1,981,700 2,446,000 23.4Texas 8,257,900 10,053,300 21.7Lubbock 111,300 128,400 15.4Waco 92,600 106,000 14.5Corpus Christi 155,100 173,800 12.1Odessa 48,100 57,400 19.3Amarillo 96,900 110,100 13.6Victoria 45,200 50,000 10.6El Paso 236,700 264,800 11.9Texarkana 50,300 55,700 10.7Sherman-Denison 42,000 44,500 6.0Abilene 60,600 65,300 7.8San Angelo 42,500 44,700 5.2Wichita Falls 59,600 62,500 4.9Beaumont-Port Arthur 151,200 160,500 6.2
Texas Metropolitan Area Nonfarm Employment Change
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
- 10 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Metropolitan Area Nonfarm Employment Change 1996-2006
0% 10% 20% 30% 40% 50% 60% 70%
McAllen-Edinburg-MissionMidlandLaredo
Austin-Round RockBrownsville-HarlingenCollege Station-Bryan
TylerHouston-Sugar Land-Baytown
San AntonioDallas-Fort Worth-Arlington
TexasKilleen-Temple-Fort Hood
LongviewOdessa
LubbockWaco
AmarilloCorpus Christi
El PasoTexarkana
VictoriaAbilene
Beaumont-Port ArthurSherman-Denison
San AngeloWichita Falls
Source: Texas Workforce Commission and Real Estate Center
Average Hourly Wage2005
$18.84
$18.76
$18.71
$17.10
$16.56
$15.85
$15.76
$15.59
$15.51
$15.37
$15.34
$15.11
$15.11
$14.89
$14.71
$14.66
$14.63
$14.45
$14.23
$14.17
$14.14
$14.08
$13.50
$13.39
$12.72
$12.25
$10.00 $12.00 $14.00 $16.00 $18.00 $20.00
Dallas-Fort Worth-ArlingtonHouston-Sugar Land-Baytown
Austin-Round RockTexas
MidlandCollege Station-Bryan
San AntonioBeaumont-Port Arthur
LubbockAmarilloVictoriaOdessa
TylerCorpus Christi
TexarkanaSherman-Denison
LongviewWaco
Killeen-Temple-Fort HoodWichita Falls
El PasoSan Angelo
LaredoAbilene
McAllen-Edinburg-MissionBrownsville-Harlingen
Source: Texas Workforce Commission
- 11 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Year EmploymentPercent Change Year Employment
Percent Change
1996 1,650,000 - 1996 681,500 -1997 1,742,600 5.6 1997 710,300 4.21998 1,826,100 4.8 1998 742,800 4.61999 1,893,900 3.7 1999 769,600 3.62000 1,966,900 3.9 2000 796,300 3.52001 1,976,500 0.5 2001 798,500 0.32002 1,916,000 -3.1 2002 789,000 -1.22003 1,883,000 -1.7 2003 782,600 -0.82004 1,903,300 1.1 2004 794,900 1.62005 1,951,500 2.5 2005 813,000 2.32006 2,023,700 3.7 2006 837,100 3.0
Dallas-Plano-Irving MD Nonfarm Employment
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
Fort Worth-Arlington MD Nonfarm Employment
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
Nonfarm Employment Growth Dallas-Fort Worth-Arlington MSA
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Perc
en
t C
han
ge f
rom
Pre
vio
us
Year
Dallas-Plano-Irving Fort Worth-Arlington
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
- 12 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Distribution of Employment in Major Categories Dallas-Plano-Irving MD
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
2002 2003 2004 2005 2006
Tota
l A
nn
ual Jo
bs
Natural Resources and Mining and Construction Manufacturing
Trade, Transportation, and Utilities Information
Financial Activities Professional and Business Services
Educational and Health Services Leisure and Hospitality
Government
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
Distribution of Employment in Major Categories Fort Worth-Arlington MD
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
2002 2003 2004 2005 2006
Tota
l A
nn
ual
Job
s
Natural Resources and Mining and Construction Manufacturing
Trade, Transportation, and Utilities Information
Financial Activities Professional and Business Services
Educational and Health Services Leisure and Hospitality
Government
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
- 13 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington MSA Unemployment Rate
0
1
2
3
4
5
6
7
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Perc
en
t
Source: Texas Workforce Commission and Real Estate Center at Texas A&M University
- 14 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Economy
Year Total SalesSales per Capita Year Total Sales
Sales per Capita
1995 39,453,669,760 #N/A 1995 16,781,866,218 #N/A1996 43,244,343,151 14,056 1996 18,512,124,617 11,9351997 45,596,786,952 14,346 1997 19,368,252,131 12,1661998 50,395,804,082 15,350 1998 20,434,340,405 12,4981999 54,369,358,086 16,080 1999 20,948,095,725 12,4792000 57,063,698,868 16,534 2000 23,806,625,051 13,9192001 55,934,773,026 15,601 2001 25,232,389,298 14,3012002 55,529,200,413 15,154 2002 23,956,639,978 13,2462003 56,474,148,771 15,111 2003 25,038,695,682 13,5442004 64,552,459,062 16,930 2004 27,099,154,429 14,3582005 78,916,290,105 20,271 2005 28,386,068,582 14,736
State Average 2005: $15,935 State Average 2005: $15,935* 2006 data not available as of April 15, 2007. * 2006 data not available as of April 15, 2007.
Dallas-Plano-Irving MD Gross Retail Sales
Fort Worth-Arlington MD Gross Retail Sales
Source: Texas Comptroller's Office Source: Texas Comptroller's Office
Gross Retail Sales per Capita 2005
$5,000 $7,000 $9,000 $11,000 $13,000 $15,000 $17,000 $19,000 $21,000
Lubbock
Dallas-Plano-Irving MD
Midland
Texas
Odessa
Austin-Round Rock
Tyler
Longview
Amarillo
Fort Worth-Arlington MD
San Antonio
Houston-Sugar Land-Baytown
Killeen-Temple-Fort Hood
VictoriaLaredo
San Angelo
Abilene
Waco
Sherman-Denison
College Station-Bryan
Beaumont-Port Arthur
Wichita Falls
Corpus Christi
El Paso
McAllen-Edinburg-Mission
Texarkana
Brownsville-Harlingen
Source: Texas Comptroller's Office
- 15 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Infrastructure
Airport 2002 2003 2004 2005 2006Dallas Love Field
Enplaned 2,811,471 2,795,554 2,945,588 2,949,266 3,439,050Deplaned 2,811,283 2,793,376 2,944,168 2,947,499 3,435,667
Total 5,622,754 5,588,930 5,889,756 5,896,765 6,874,717Dallas/Fort Worth International
Total enplaned and deplaned* 52,814,185 53,253,607 59,445,740 59,161,779 60,226,138
*Domestic and international passengersSource: Dallas-Fort Worth International Airport and Dallas Love Field Airport
DFW Airline Activity
Airport 2002 2003 2004 2005 2006Dallas/Fort Worth International* 738,074 734,828 817,825 817,866 834,643*In US TonsSource: Dallas-Fort Worth International Airport
Airport Cargo Statistics
- 16 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Public Facilities
Dallas City Public Facilities Building Permits 2005*
Dallas City Building Permit Office
* 2006 data not available as of April 15, 2007.
Denton City Public Facilities Building Permits 2005*
Denton City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 17 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Hurst City Public Facilities Building Permits 2005*
Hurst City Building Permit Office
* 2006 data not available as of April 15, 2007.
Fort Worth City Public Facilities Building Permits 2005*
Fort Worth City Building Permit Office * 2006 data not available as of April 15, 2007.
- 18 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Garland City Public Facilities Building Permits 2005*
Garland City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 19 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Multifamily
Dallas Fort WorthTexas Metro
AverageAverage rent per square foot $0.82 $0.75 $0.77Average rent for units built since 2000 $0.92 $0.83 $0.86Average occupancy 92.1% 91.1% 92.8%Average occupancy for units built since 2000 94.0% 92.6% 94.1%Source: Apartment MarketData Research
Apartment Statistics 2006
Multifamily Building Permits
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Un
its
Dallas Fort Worth-Arlington
Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University
5+ Multifamily Building Permits
p
2006 figure is a preliminary number.
- 20 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas City Multifamily Building Permits 2005*
Dallas City Building Permit Office
* 2006 data not available as of April 15, 2007.
Flower Mound City Multifamily Building Permits 2005*
Flower Mound City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 21 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Fort Worth City Multifamily Building Permits 2005*
Fort Worth City Building Permit Office * 2006 data not available as of April 15, 2007.
Denton Multifamily Building Permits 2005*
Denton City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 22 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Garland Multifamily Building Permits 2005*
Garland City Building Permit Office
* 2006 data not available as of April 15, 2007.
Grapevine Multifamily Building Permits 2005*
Grapevine City Building Permit Office * 2006 data not available as of April 15, 2007.
- 23 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Housing
MLS2006 Median-Priced Home
Required Income to
Qualify
Median Family Income HAI*
HAI for First-Time Homebuyers**
Arlington $130,600 $31,731 $63,400 2.00 1.32Collin County $192,900 $46,868 $99,609 2.13 1.29Dallas $158,200 $38,437 $65,500 1.70 1.17Denton County $161,600 $39,263 $74,480 1.90 1.14Fort Worth $117,700 $28,597 $63,400 2.22 1.56Irving $125,000 $30,371 $65,500 2.16 1.27State $143,000 $35,179 $54,300 1.54 1.05US $221,900 $54,139 $59,600 1.10 0.62
Source: Real Estate Center at Texas A&M University
2006 Housing Affordability Index
* The HAI is the ratio of the median family income to the income required to buy the median-priced house using standard mortgage financing at the current interest rate. Standard financing is a fixed-rate, 30-year loan covering 80 percent of the cost of the home. A HAI of 1.00 indicates that the median family income is exactly equal to the required income to qualify for the standard loan to purchase the median-priced house.
** First-time home buyer is assumed to purchase a home equal to the first quartile home price using a 90% home loan at an interest rate 0.5 percent greater than the standard current rate.
County Q3 Q4 Q3 Q4 Q3 Q4Collin 3,981 2,951 $241,100 $247,800 56 66Dallas 6,611 5,556 215,900 209,100 65 70Denton 3,140 2,285 208,500 217,000 56 64Ellis 503 408 153,400 152,100 82 86Henderson 94 70 184,100 162,500 123 127Hunt 194 167 105,500 112,400 87 99Kaufman 416 342 134,800 135,400 81 74Rockwall 433 343 215,500 208,300 77 88Source: North Texas Real Estate Information System
Existing Home Sales, Dallas Area, Q3-Q4 2006Total Sales Average Sales Price Days on Market
Q3 Q4 Q3 Q4 Q3 Q4Johnson 470 408 $122,400 $120,900 77 75Parker 451 360 $181,300 $173,300 84 85Tarrant 7,140 5,481 $176,900 $171,600 65 68Wise 169 126 $150,400 $135,100 83 87Source: North Texas Real Estate Information System
County
Existing Home Sales, Fort Worth Area, Q3-Q4 2006Total Sales Days on MarketAverage Sales Price
- 24 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Price Range 2000 2001 2002 2003 2004 2005 2006$29,999 or less 1.4 1.2 1.2 1.2 1.5 1.3 1.230,000 - 39,999 1.4 1.1 1.1 1.1 1.2 1.1 1.340,000 - 49,999 2.0 1.4 1.4 1.3 1.4 1.4 1.550,000 - 59,999 2.8 2.1 1.8 1.8 1.9 1.7 1.860,000 - 69,999 4.4 3.2 2.7 2.2 2.3 2.2 2.270,000 - 79,999 5.1 4.4 3.6 3.2 3.2 2.8 2.880,000 - 89,999 6.9 5.5 5.0 4.3 4.3 3.8 3.790,000 - 99,999 6.7 6.3 5.9 5.1 5.0 4.2 4.0100,000 - 119,999 11.5 12.0 12.1 12.0 11.7 10.7 9.6120,000 - 139,999 10.9 12.0 12.7 12.9 12.4 12.8 12.2140,000 - 159,999 9.8 10.8 10.7 11.1 10.7 10.8 10.5160,000 - 179,999 7.8 8.7 9.5 9.5 9.3 9.5 9.1180,000 - 199,999 5.5 6.1 6.1 6.3 6.2 6.4 6.8200,000 - 249,999 8.6 9.7 9.8 10.1 10.3 10.7 10.8250,000 - 299,999 5.3 5.6 5.8 6.2 6.2 6.8 7.1300,000 - 399,999 4.9 5.1 5.5 5.8 6.1 6.7 7.4400,000 - 499,999 2.0 1.9 2.0 2.3 2.4 2.7 3.2500,000 and more 3.1 3.0 3.2 3.4 4.0 4.3 4.8Source: Real Estate Center at Texas A&M University
Price Distribution of MLS Homes Sold, Dallas Area(in percent)
Price Range 2000 2001 2002 2003 2004 2005 2006$29,999 or less 0.2 0.1 0.1 0.2 0.2 0.1 0.130,000 - 39,999 0.4 0.2 0.3 0.2 0.2 0.3 0.240,000 - 49,999 0.6 0.3 0.5 0.5 0.5 0.5 0.450,000 - 59,999 1.0 0.8 0.6 0.6 0.7 0.6 0.660,000 - 69,999 1.8 1.0 1.0 0.7 1.0 1.0 0.770,000 - 79,999 2.6 2.0 1.6 1.7 1.8 1.4 1.280,000 - 89,999 6.8 4.0 3.1 2.4 2.4 2.1 2.090,000 - 99,999 6.4 6.0 4.8 4.0 3.6 3.2 2.8100,000 - 119,999 13.8 12.9 13.7 13.1 12.9 11.5 10.7120,000 - 139,999 13.6 15.5 16.2 16.3 15.8 16.7 16.1140,000 - 159,999 11.6 13.4 13.5 14.9 13.9 13.9 14.0160,000 - 179,999 9.8 9.7 11.3 11.3 10.7 11.7 11.3180,000 - 199,999 6.8 7.2 7.4 7.1 7.8 7.7 8.0200,000 - 249,999 11.0 12.6 11.7 11.4 12.0 11.2 12.1250,000 - 299,999 6.3 6.6 6.0 6.7 6.7 7.1 7.2300,000 - 399,999 4.5 5.2 4.9 5.4 5.4 6.3 6.9400,000 - 499,999 1.6 1.5 1.6 2.0 2.1 2.3 2.6500,000 and more 1.1 1.1 1.8 1.6 2.2 2.5 3.1Source: Real Estate Center at Texas A&M University
Price Distribution of MLS Homes Sold, Denton County Area(in percent)
- 25 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Price Range 2000 2001 2002 2003 2004 2005 2006$29,999 or less 0.3 0.2 0.0 0.0 0.1 0.1 0.130,000 - 39,999 0.1 0.5 0.8 0.5 0.5 0.5 0.440,000 - 49,999 2.1 1.7 0.8 0.4 1.0 1.1 1.050,000 - 59,999 3.6 2.1 2.1 1.6 0.9 0.9 1.360,000 - 69,999 4.7 3.4 3.2 3.4 2.8 2.8 2.870,000 - 79,999 9.5 5.4 3.7 2.7 4.0 3.5 4.280,000 - 89,999 16.4 11.7 7.7 7.5 6.4 7.4 6.390,000 - 99,999 16.2 15.1 14.5 9.7 11.0 8.8 7.5100,000 - 119,999 17.3 24.9 29.2 26.5 24.1 24.1 22.4120,000 - 139,999 9.0 10.1 14.5 15.5 15.1 16.2 15.7140,000 - 159,999 4.8 5.0 5.9 7.3 7.2 7.5 7.9160,000 - 179,999 3.6 4.3 4.2 5.6 6.5 4.5 4.7180,000 - 199,999 2.2 2.3 1.4 2.2 2.7 2.4 3.5200,000 - 249,999 3.3 4.3 3.5 4.3 3.5 3.6 5.9250,000 - 299,999 2.4 2.5 2.3 4.1 4.2 4.2 4.7300,000 - 399,999 2.4 3.8 3.8 5.2 5.4 7.3 4.9400,000 - 499,999 1.0 1.4 1.0 1.8 2.1 2.4 2.5500,000 and more 1.0 1.2 1.3 1.6 2.4 2.7 4.1Source: Real Estate Center at Texas A&M University
Price Distribution of MLS Homes Sold, Irving Area(in percent)
Price Range 2000 2001 2002 2003 2004 2005 2006$29,999 or less 0.4 0.1 0.2 0.1 0.2 0.1 0.130,000 - 39,999 0.6 0.4 0.3 0.3 0.4 0.3 0.440,000 - 49,999 1.2 0.7 0.6 0.5 0.7 0.5 0.650,000 - 59,999 2.0 1.3 1.1 0.9 1.1 0.9 0.960,000 - 69,999 3.7 2.5 1.9 1.7 2.0 1.3 1.970,000 - 79,999 6.0 4.6 4.0 3.2 2.8 2.4 2.580,000 - 89,999 6.8 6.3 5.7 5.3 5.0 4.2 4.390,000 - 99,999 7.0 6.3 6.5 5.9 5.3 4.4 4.7100,000 - 119,999 11.8 12.7 11.3 11.6 11.6 10.4 10.2120,000 - 139,999 11.8 12.5 13.1 13.6 13.8 13.4 13.5140,000 - 159,999 9.0 10.7 11.4 11.6 11.2 12.1 11.1160,000 - 179,999 7.1 8.4 9.7 8.9 9.4 9.8 9.9180,000 - 199,999 4.8 6.3 6.2 6.6 5.9 6.8 6.4200,000 - 249,999 8.8 8.3 8.9 9.7 9.7 9.4 9.2250,000 - 299,999 5.9 5.7 5.6 6.1 6.1 7.0 6.5300,000 - 399,999 7.1 7.3 7.0 7.5 7.0 7.5 7.1400,000 - 499,999 3.3 2.8 3.1 2.9 3.4 3.6 4.5500,000 and more 2.7 3.0 3.3 3.6 4.2 5.7 6.2
Price Distribution of MLS Homes Sold, NE Tarrant County(in percent)
Source: Real Estate Center at Texas A&M University
- 26 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Price Range 2000 2001 2002 2003 2004 2005 2006$29,999 or less 4.9 4.5 3.7 3.4 3.9 2.6 2.530,000 - 39,999 4.7 3.5 3.2 3.4 3.4 2.9 2.540,000 - 49,999 6.1 5.0 4.4 4.2 4.1 3.3 3.050,000 - 59,999 8.8 6.7 5.6 5.1 4.7 3.7 3.560,000 - 69,999 10.1 8.3 7.2 6.5 5.7 4.9 4.770,000 - 79,999 11.4 10.6 9.3 8.8 7.4 6.3 6.180,000 - 89,999 10.0 10.9 12.0 10.7 9.6 8.1 7.290,000 - 99,999 6.8 8.3 9.0 9.5 10.1 8.3 7.6100,000 - 119,999 9.3 11.4 12.3 13.3 13.3 14.7 15.2120,000 - 139,999 8.4 9.6 10.4 11.0 11.9 14.9 14.8140,000 - 159,999 5.6 5.9 6.1 6.5 7.1 8.8 9.4160,000 - 179,999 3.6 4.2 4.0 4.7 4.8 5.3 6.5180,000 - 199,999 2.4 2.9 2.8 2.8 2.9 3.4 3.5200,000 - 249,999 3.7 3.7 4.4 4.2 4.5 4.8 5.6250,000 - 299,999 1.7 1.9 2.5 2.6 2.7 2.9 3.0300,000 - 399,999 1.3 1.3 1.8 2.0 2.0 2.6 3.0400,000 - 499,999 0.5 0.7 0.7 0.5 0.7 1.0 0.9500,000 and more 0.8 0.7 0.8 0.8 1.1 1.4 1.3Source: Real Estate Center at Texas A&M University
Price Distribution of MLS Homes Sold, Fort Worth Area(in percent)
Price Range 2000 2001 2002 2003 2004 2005 2006$29,999 or less 0.7 0.3 0.2 0.3 0.2 0.1 0.230,000 - 39,999 1.1 0.8 0.7 0.5 0.6 0.6 0.640,000 - 49,999 2.1 1.3 1.5 0.9 1.2 1.0 1.550,000 - 59,999 4.2 2.6 2.1 1.2 2.0 1.8 1.760,000 - 69,999 6.7 4.3 3.7 3.1 3.3 2.5 2.970,000 - 79,999 9.6 6.5 5.7 4.9 4.5 4.0 3.780,000 - 89,999 13.1 11.9 10.2 8.6 8.5 6.5 6.290,000 - 99,999 10.7 12.2 11.6 10.6 10.3 8.5 7.3100,000 - 119,999 14.1 16.6 18.7 19.7 19.2 17.7 17.2120,000 - 139,999 11.9 12.3 14.1 15.3 15.0 16.9 16.7140,000 - 159,999 7.6 9.7 9.8 10.5 9.8 11.9 11.8160,000 - 179,999 6.2 7.2 7.2 8.1 8.2 8.9 9.2180,000 - 199,999 3.6 4.9 5.3 5.5 5.7 6.2 6.2200,000 - 249,999 4.3 4.6 5.0 5.9 5.6 6.4 7.2250,000 - 299,999 1.9 2.0 1.9 2.3 2.7 2.8 3.6300,000 - 399,999 1.3 1.9 1.5 1.5 2.2 2.4 2.6400,000 - 499,999 0.4 0.4 0.6 0.6 0.6 1.0 0.9500,000 and more 0.5 0.4 0.3 0.3 0.5 0.7 0.6
(in percent)
Source: Real Estate Center at Texas A&M University
Price Distribution of MLS Homes Sold, Arlington Area
- 27 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Price Distribution of MLS Homes Sold, 2006
0.0
5.0
10.0
15.0
20.0
25.0
30.0
$29,
999
or le
ss
30,0
00 -
39,9
99
40,0
00 -
49,9
99
50,0
00 -
59,9
99
60,0
00 -
69,9
99
70,0
00 -
79,9
99
80,0
00 -
89,9
99
90,0
00 -
99,9
99
100,
000
- 119
,999
120,
000
- 139
,999
140,
000
- 159
,999
160,
000
- 179
,999
180,
000
- 199
,999
200,
000
- 249
,999
250,
000
- 299
,999
300,
000
- 399
,999
400,
000
- 499
,999
500,
000
and
mor
e
Perc
en
t
Dallas Fort Worth Denton County Irving NE Tarrant County Arlington
Source: Real Estate Center at Texas A&M University
Tax Rateper $100Valuation
City of Dallas 0.7292Dallas County 0.2139Dallas ISD 1.5026Total $2.60
City of Fort Worth 0.8600Fort Worth ISD 1.5140Tarrant County 0.2715Total $2.80
City of Arlington 0.6480Arlington ISD 1.6100Tarrant County 0.2715Total $2.68
Arlington
Property Tax Rates, 2006
Taxing Entity*Dallas
Fort Worth
* Only the typical taxing entities are listed. However, there are numerous numbers of taxing entities that need to be taken into account for an actual tax rate calculation. See following links for more complete lists: http://www.dallascad.org/forms/2006rate.pdf http://www.tad.org/WebPages/2006_tax_ratesPDF.cfmSource: Dallas Central Appraisal District and Tarrant County Appraisal District
- 28 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
National Home Price Appreciation
-5%
0%
5%
10%
15%
20%
25%
30%4
Q-9
6
2Q
-97
4Q
-97
2Q
-98
4Q
-98
2Q
-99
4Q
-99
2Q
-00
4Q
-00
2Q
-01
4Q
-01
2Q
-02
4Q
-02
2Q
-03
4Q
-03
2Q
-04
4Q
-04
2Q
-05
4Q
-05
2Q
-06
4Q
-06
Ch
an
ge f
rom
Pre
vio
us
Year
California Florida Texas USA
The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.
Source: Office of Federal Housing Enterprise Oversight
California
Florida
USA
Texas
Home Price Appreciation Dallas-Plano-Irving MD
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
4Q
-96
2Q
-97
4Q
-97
2Q
-98
4Q
-98
2Q
-99
4Q
-99
2Q
-00
4Q
-00
2Q
-01
4Q
-01
2Q
-02
4Q
-02
2Q
-03
4Q
-03
2Q
-04
4Q
-04
2Q
-05
4Q
-05
2Q
-06
4Q
-06
Ch
an
ge f
rom
Pre
vio
us
Year
Dallas-Plano-Irving MD Texas USA
The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.
Source: Office of Federal Housing Enterprise Oversight
- 29 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Home Price Appreciation Fort Worth-Arlington MD
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%4
Q-9
6
2Q
-97
4Q
-97
2Q
-98
4Q
-98
2Q
-99
4Q
-99
2Q
-00
4Q
-00
2Q
-01
4Q
-01
2Q
-02
4Q
-02
2Q
-03
4Q
-03
2Q
-04
4Q
-04
2Q
-05
4Q
-05
2Q
-06
4Q
-06
Ch
an
ge f
rom
Pre
vio
us
Year
Fort Worth-Arlington MD Texas USA
The HPI for each geographic area is estimated using repeated observations of housing values for individual single-family residential properties on which at least two mortgages were originated and subsequently purchased by either Freddie Mac or Fannie Mae.
Source: Office of Federal Housing Enterprise Oversight
Dallas Yearly Home Sales and Months Inventory
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Sale
s
0
1
2
3
4
5
6
7
Mo
nth
s Inven
tory
Sales Months Inventory
Source: Real Estate Center at Texas A&M University
Months of Inventory measures the current absorption rate and how long it would take for current supply to be depleted if no other listings came on the market.
- 30 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Yearly Homes Sales Plano-Irving Area
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Sale
s
Denton Co. Collin Co. Irving Garland
Source: Real Estate Center at Texas A&M University Yearly Homes Sales
Fort Worth-Arlington Area
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Sale
s
Fort Worth Arlington NE Tarrant County
Source: Real Estate Center at Texas A&M University
- 31 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Housing Unit Characteristics
Owner-occupied housing
units
Renter-occupied housing
units
Total occupied housing
units
Owner-occupied housing
units
Renter-occupied housing
units
Total occupied housing
unitsOccupied housing units 1,274,303 766,089 2,040,392 5,162,604 2,815,491 7,978,095Household Size1-person household 17.8% 37.4% 25.2% 19.1% 35.0% 24.7%2-person household 34.1% 25.8% 31.0% 34.2% 25.8% 31.2%3-person household 17.4% 15.9% 16.8% 17.2% 16.0% 16.8%4-or-more-person household 30.8% 20.9% 27.1% 29.5% 23.2% 27.3%Race and Hispanic or Latino Origin of Householder One Race
White 78.0% 61.7% 71.9% 79.0% 66.2% 74.5%Black or African American 10.1% 22.7% 14.9% 8.2% 17.9% 11.6%American Indian and Alaska Native 0.6% 0.5% 0.5% 0.5% 0.6% 0.6%Asian 4.1% 4.2% 4.1% 2.9% 3.1% 3.0%Native Hawaiian and Other Pacific Islander 0.0% 0.0% 0.0% 0.0% 0.1% 0.0%Some other race 6.2% 9.5% 7.4% 8.3% 10.8% 9.2%
Two or more races 1.1% 1.4% 1.2% 1.0% 1.4% 1.2%Age of HouseholderUnder 35 years 16.0% 46.9% 27.6% 14.4% 46.3% 25.6%35 to 44 years 24.8% 22.4% 23.9% 21.9% 21.4% 21.7%45 to 54 years 24.7% 15.8% 21.4% 24.1% 15.4% 21.0%55 to 64 years 17.6% 7.8% 13.9% 18.1% 8.3% 14.7%65 to 74 years 10.0% 3.5% 7.6% 11.9% 4.2% 9.2%75 to 84 years 5.5% 2.4% 4.3% 7.6% 3.1% 6.1%85 years and over 1.4% 1.1% 1.3% 2.0% 1.3% 1.8%Units in Structure1, detached 90.6% 20.0% 64.1% 87.5% 28.3% 66.6%1, attached 2.6% 4.0% 3.1% 2.3% 3.6% 2.8%2 apartments 0.3% 3.0% 1.3% 0.3% 4.9% 1.9%3 or 4 apartments 0.6% 9.3% 3.9% 0.4% 8.8% 3.3%5 to 9 apartments 0.3% 18.8% 7.2% 0.3% 13.8% 5.1%10 or more apartments 0.9% 42.1% 16.3% 0.7% 35.1% 12.9%Mobile home or other type of housing 4.8% 2.8% 4.0% 8.5% 5.6% 7.5%Year Structure Built2000 or later 16.5% 12.4% 15.0% 13.7% 10.9% 12.7%1990 to 1999 19.7% 16.3% 18.4% 18.6% 14.8% 17.2%1980 to 1989 19.7% 26.7% 22.3% 18.7% 22.5% 20.1%1960 to 1979 26.2% 31.6% 28.2% 28.7% 35.0% 30.9%1940 to 1959 14.3% 9.7% 12.6% 15.4% 12.4% 14.3%1939 or earlier 3.7% 3.3% 3.5% 4.9% 4.5% 4.8%BedroomsNo bedroom 0.2% 1.4% 0.6% 0.2% 1.5% 0.6%1 bedroom 1.4% 38.2% 15.2% 2.1% 32.6% 12.9%2 or 3 bedrooms 65.5% 57.0% 62.3% 70.8% 61.7% 67.6%4 or more bedrooms 33.0% 3.4% 21.9% 26.8% 4.2% 18.9%Annual Household Income and Housing Costs*Median household income (dollars) $65,595 $31,037 $49,740 $54,610 $26,782 $42,139Annual Median Housing Costs (dollars) $14,340 $8,868 $11,304 $10,536 $8,052 $9,108Housing Costs as a percentage of household income 21.9% 28.6% 22.7% 19.3% 30.1% 21.6%* in 2005 inflation-adjusted dollars
Dallas - Fort Worth - Arlington MSA Texas2005 Occupied Housing Unit Characteristics
Source: U.S. Census Bureau 2005 and Real Estate Center at Texas A&M University
- 32 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Residential Homes Sales Inventory
0
1
2
3
4
5
6
7
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Mo
nth
s In
ven
tory
Fort Worth Arlington NE Tarrant County
Source: Real Estate Center at Texas A&M University
Months of Inventory measures the current absorption rate and how long itwould take for current supply to be depleted if no other listings came on the market.
Average Sales Price Plano-Irving Area
$0
$25,000
$50,000
$75,000
$100,000
$125,000
$150,000
$175,000
$200,000
$225,000
$250,000
$275,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Dallas Denton Co. Collin Co. Garland Irving
Source: Real Estate Center at Texas A&M University
- 33 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Average Sales Price Fort Worth-Arlington Area
$0
$50,000
$100,000
$150,000
$200,000
$250,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Fort Worth Arlington NE Tarrant County
Source: Real Estate Center at Texas A&M University Single-Family Homes Sales Volume
Dallas-Plano Irving Area, 2006
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Un
its
Dallas Denton Co. Collin Co. Garland Irving
Source: Real Estate Center at Texas A&M University
- 34 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Single-Family Homes Sales VolumeFort Worth-Arlington Area, 2006
0
200
400
600
800
1,000
1,200
1,400
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Un
its
Fort Worth Arlington NE Tarrant County
Source: Real Estate Center at Texas A&M University Single-Family Building Permits and Average Value
Dallas
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Un
its
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Avera
ge V
alu
e
Units Average Value
Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University
p
2006 figure is a preliminary number.
- 35 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Single-Family Building Permits and Average ValueFort Worth-Arlington
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Un
its
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
Avera
ge V
alu
e
Units Average Value
Source: U.S. Bureau of Census and Real Estate Center at Texas A&M University
p
2006 figure is a preliminary number.
- 36 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Retail
Statistics Dallas Fort WorthTotal Gross Leasable Area (square feet) 112,979,328 49,571,712Overall Occupancy (percent) 89.7 89.4Total Absorption (square feet) 1,959,672 1,144,437New Construction in 2006 (square feet) 4,148,908 1,460,899Class A - Average Annual Rental Rate (per square foot) $24.57 $22.60Source: The Weitzman Group-Cencor Realty Services
Retail Construction Statistics, Year-End 2006
Retail Market Statistics Dallas Area
90
95
100
105
110
115
2002 2003 2004 2005 2006
Million
Sq
uare
Feet
89.0
89.5
90.0
90.5
91.0
91.5
Perce
nt
Gross Leasable Area Overall Occupancy
Source: The Weitzman Group - Cencor Realty Services
- 37 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Retail Market Statistics Fort Worth
40
41
42
43
44
45
46
47
48
49
50
51
2002 2003 2004 2005 2006
Million
Sq
uare
Feet
86.5
87.0
87.5
88.0
88.5
89.0
89.5
90.0
90.5
Perce
nt
Gross Leasable Area Overall Occupancy
Source: The Weitzman Group - Cencor Realty Services
Dallas City Retail Building Permits 2005*
Dallas City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 38 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Denton City Retail Building Permits 2005*
Denton City Building Permit Office
* 2006 data not available as of April 15, 2007.
Flower Mound Retail Building Permits 2005*
Flower Mound City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 39 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Fort Worth City Retail Building Permits 2005*
Fort Worth City Building Permit Office * 2006 data not available as of April 15, 2007.
Garland City Retail Building Permits 2005*
Garland City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 40 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Grapevine City Retail Building Permits 2005*
Grapevine City Building Permit Office * 2006 data not available as of April 15, 2007.
Hurst City Retail Building Permits 2005*
Hurst City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 41 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Mesquite City Retail Building Permits 2005*
Mesquite City Building Permit Office * 2006 data not available as of April 15, 2007.
North Richland Hills City Retail Building Permits 2005*
North Richland Hills City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 42 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Hotel
Dallas MD** Texas Dallas MD** Texas# Rooms 000's 65.7 333.6 66.6 341.0Average daily rate 77.53 $74.38 84.32 $80.82Occupancy rate (in percent) 58.6 59.9 60.6 61.1
Hotel* Occupancy and Rates
** MD (Metropolitan Division), a sub-unit of an MSA
2005 2006
Source: Office of the Governor Economic Development and Tourism and Source Strategies, Inc. of San Antonio
*Only properties exceeding $18,000 in the current quarter are included; those units below $18,000 only result in 1.5% of the total state revenues, and have been excluded from this database.
Fort Worth - Texas Fort Worth - TexasArlington MD** Arlington MD**
# Rooms 000's 27.2 333.6 26.7 341.0Average daily rate 75.65 $74.38 83.08 $80.82Occupancy rate (in percent) 61.0 59.9 64.6 61.1
Hotel* Occupancy and Rates
** MD (Metropolitan Division), a sub-unit of an MSASource: Office of the Governor Economic Development and Tourism and Source Strategies, Inc. of San Antonio
*Only properties exceeding $18,000 in the current quarter are included; those units below $18,000
2005 2006
only result in 1.5% of the total state revenues, and have been excluded from this database.
- 43 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Fort Worth City Hotel Building Permits 2005*
Fort Worth City Building Permit Office * 2006 data not available as of April 15, 2007.
Grapevine City Hotel Building Permits 2005*
Grapevine City Building Permit Office * 2006 data not available as of April 15, 2007.
- 44 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Office
SubmarketTotal Bldgs
Total Rentable SF All Bldgs*
Total Vacant SF All Bldgs
Direct Vacancy Rate (in percent)
SF Under Constr. or
Renovation
Net Absorption
(SF)**
Dallas CBD 113 35,672,909 7,115,769 19.5 1,296,971 357,000 Uptown / Turtle Creek*** 87 9,891,322 841,526 7.7 1,064,139 373,000 White Rock 63 3,701,056 297,789 8.0 - 32,000 Central Expressway 103 12,897,785 2,087,163 15.9 24,000 198,000 Preston Center 58 4,633,816 566,023 8.8 - (65,000)Stemmons Freeway 130 13,625,915 3,807,081 27.2 - (258,000)South Irving 23 1,746,447 300,150 17.2 - (72,000)Las Colinas / Urban Center 59 9,450,859 2,802,740 28.0 - (482,000)Office Center / LBJ Extension*** 99 14,795,832 2,159,813 13.8 100,000 309,000 DFW Freeport / Coppell 77 9,373,663 1,258,662 12.9 285,928 1,157,000 West LBJ Freeway 53 4,926,566 1,641,879 30.2 - (142,000)Denton / Lewisville 119 5,889,909 1,247,115 20.5 261,000 454,000 Frisco / The Colony 32 2,622,247 295,523 11.0 837,692 563,000 Allen / McKinney 44 2,397,293 525,780 21.9 625,873 204,000 Upper Tollway / West Plano 123 16,822,025 2,630,075 14.7 299,339 206,000 Plano 93 6,910,845 1,038,823 13.7 30,000 (132,000)Richardson 145 13,119,610 2,328,996 17.3 - 509,000 North Dallas Tollway*** 191 21,419,950 3,855,996 16.5 - 406,000 East LBJ Freeway 124 17,917,708 4,720,479 25.1 - 316,000 Garland 40 1,914,641 255,972 12.9 - (46,000)Southeast Dallas 16 806,991 41,887 5.2 - 65,000 Mesquite / Rockwall 25 720,621 81,910 11.4 - 91,000 Southwest Dallas 55 2,120,984 306,147 14.3 - 53,000 Grand Prairie 27 3,417,441 231,883 6.8 108,000 435,000 Total - Dallas 1,899 216,796,435 40,439,181 17.8 4,932,942 4,531,000
Fort Worth CBD 79 11,237,812 756,073 5.3 373,584 (97,000)Northwest Fort Worth*** 34 2,753,669 296,526 10.8 75,000 110,000 Alliance Air / Fossil Creek*** 22 2,442,943 210,715 8.4 - 104,000 Westlake / Grapevine 74 5,382,191 434,981 7.7 123,900 536,000 Hurst / Euless / Bedford 78 4,873,520 715,473 14.0 - 385,000 Northeast Fort Worth 37 2,131,218 334,120 15.7 80,000 26,000 Arlington 141 7,985,210 1,178,956 13.9 113,156 (130,000)Southeast Fort Worth 8 911,015 41,961 4.6 72,000 96,000 Southwest Fort Worth*** 98 5,006,001 432,177 8.4 - 16,000 Total - Fort Worth 571 42,723,579 4,400,982 10.3 837,640 1,046,000
Source: Delta Associates
* Includes buildings 15,000 SF Rentable (RBA) and greater. Does not include buildings under construction or buildings owned by the government.** Net change in physical occupancy for direct and sublet space combined.*** Inventory has been amended per CoStar.
Dallas Market
Fort Worth Market
Summary of Office Market Indicators - All SpaceYear-End 2006
- 45 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
SubmarketTotal Bldgs
Total Rentable SF All Bldgs*
Total Vacant SF All Bldgs
Direct Vacancy Rate** (in percent)
SF Under Constr. or
Renovation***
Net Absorption
(SF)**
Dallas CBD 21 22,955,693 4,109,069 17.4% 1,052,063 341,000 Uptown / Turtle Creek**** 27 6,640,542 471,478 6.1 1,064,139 369,000 White Rock 0 - - - - -Central Expressway 17 6,068,987 1,068,142 17.5 - 153,000 Preston Center 15 2,807,916 429,611 10.6 - (135,000)Stemmons Freeway 7 2,906,026 935,740 31.9 - (6,000)South Irving 0 - - - - 31,000 Las Colinas / Urban Center 23 6,400,725 1,683,391 23.9 - 90,000 Office Center / LBJ Extension 31 7,673,392 368,323 4.4 - 355,000 DFW Freeport / Coppell 11 2,552,388 439,011 16.2 200,028 696,000 West LBJ Freeway 5 1,265,910 443,069 29.2 - (46,000)Denton / Lewisville 3 360,000 - 0.0 227,000 160,000 Frisco / The Colony 16 1,964,858 137,540 6.6 511,441 558,000 Allen / McKinney 3 116,280 60,349 51.9 449,947 87,000 Upper Tollway / West Plano 49 11,005,240 1,386,660 11.8 299,339 17,000 Plano 7 1,215,862 252,899 19.3 - -Richardson 31 5,473,924 547,392 9.3 - 406,000 North Dallas Tollway 39 10,087,593 1,543,402 12.8 - 374,000 East LBJ Freeway 21 7,642,874 1,796,075 21.6 - 382,000 Garland 0 - - - - -Southeast Dallas 0 - - - - -Mesquite / Rockwall 0 - - - - -Southwest Dallas 0 - - - - -Grand Prairie 7 2,025,990 - 0.0 - 38,000 Total - Dallas 333 99,164,200 15,672,151 14.6 3,803,957 3,870,000
Fort Worth CBD 10 5,628,405 95,683 1.1% 330,584 16,000 Northwest Fort Worth**** 1 169,966 30,254 17.8 - -Alliance Air / Fossil Creek 3 426,000 29,394 6.9 - 114,000 Westlake / Grapevine 15 2,982,786 74,570 2.5 101,500 507,000 Hurst / Euless / Bedford 5 596,819 95,491 11.9 - 149,000 Northeast Fort Worth 2 103,938 16,734 16.1 - 21,000 Arlington 11 1,501,698 162,183 8.1 - (121,000)Southeast Fort Worth 1 541,630 - 0.0 - -Southwest Fort Worth 6 878,694 36,026 4.1 - 25,000 Total - Fort Worth 54 12,829,936 540,335 3.4 432,084 711,000
**** Inventory has been amended per CoStar.Source: Delta Associates
* Class A per CoStar and greater than 50,000 SF. Does not include buildings under construction or government-owned.** Net change in physical occupancy for direct and sublet space combined.*** Includes only buildings of 50,000 SF or greater.
Dallas Market
Fort Worth Market
Summary of Office Market Indicators - Class Space A*Year-End 2006
- 46 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
SubmarketTotal Bldgs
Total Rentable SF
All Bldgs*
Total Vacant SF All Bldgs
Direct Vacancy Rate (in percent)
SF Under Constr. or
Renovation***
Net Absorption
(SF)**
Dallas CBD 31 7,137,537 1,555,983 21.3% 244,908 22,000 Uptown / Turtle Creek 44 2,725,239 354,281 12.5 - 13,000 White Rock 48 3,206,382 266,130 8.3 - 13,000 Central Expressway 67 6,157,959 892,904 14.1 24,000 23,000 Preston Center 27 1,443,041 135,646 7.6 - 71,000 Stemmons Freeway 78 8,131,469 2,431,309 28.7 - (269,000)South Irving 10 1,320,327 192,768 14.6 - (110,000)Las Colinas / Urban Center 31 2,778,174 1,094,601 39.3 - (570,000)Office Center / LBJ Extension**** 61 6,652,043 1,716,227 24.5 100,000 (5,000)DFW Freeport / Coppell 63 6,696,860 810,320 11.7 85,900 450,000 West LBJ Freeway 31 3,305,450 1,080,882 30.7 - (76,000)Denton / Lewisville 87 4,656,607 1,164,152 24.1 34,000 317,000 Frisco / The Colony 15 625,728 156,432 25.0 326,251 2,000 Allen / McKinney 38 1,989,776 366,119 18.4 175,926 138,000 Upper Tollway / West Plano 72 5,730,023 1,243,415 20.4 - 186,000 Plano 67 5,060,450 693,282 12.3 30,000 (82,000)Richardson 90 6,598,764 1,649,691 24.6 - 138,000 North Dallas Tollway**** 131 10,788,037 2,233,124 20.1 - 8,000 East LBJ Freeway 96 9,941,709 2,883,096 28.3 - (41,000)Garland 25 1,322,857 222,240 16.1 - (56,000)Southeast Dallas 8 472,331 15,115 3.2 - 62,000 Mesquite / Rockwall 18 559,521 32,452 5.8 - 89,000 Southwest Dallas 39 1,694,079 206,678 12.0 - 45,000 Grand Prairie 11 1,135,332 213,442 18.8 108,000 399,000 Total - Dallas 1,188 100,129,695 21,610,289 20.8 1,128,985 767,000
Fort Worth CBD 36 3,807,094 590,100 12.1% 43,000 (122,000)Northwest Fort Worth**** 17 2,177,338 256,926 11.8 75,000 98,000 Alliance Air / Fossil Creek**** 17 1,685,562 178,670 10.3 - (8,000)Westlake / Grapevine 55 2,271,094 356,562 14.9 22,400 27,000 Hurst / Euless / Bedford 50 3,354,630 543,450 16.0 - 180,000 Northeast Fort Worth 22 1,634,294 212,458 13.0 80,000 46,000 Arlington 85 5,024,661 859,217 16.6 113,156 (42,000)Southeast Fort Worth 6 289,385 41,961 14.5 72,000 96,000 Southwest Fort Worth**** 61 3,196,881 335,673 10.2 - (54,000)Total - Fort Worth 349 23,440,939 3,375,017 13.6 405,556 221,000
**** Inventory has been amended per CoStar.Source: Delta Associates
* Class B per CoStar. Buildings under 50,000 SF even if CoStar classified them as Class A.Does not include buildings under construction or buildings owned by the government.** Net change in physical occupancy for direct and sublet space combined.*** Includes buildings smaller than 50,000 SF even if CoStar classifies them as Class A.
Dallas Market
Fort Worth Market
Summary of Office Market Indicators - Class Space B*Year-End 2006
- 47 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Class A Class B Class A Class B Class A Class B
Dallas CBD $23.39 $16.67 $23.80 $16.91 1.80% 1.40%Uptown / Turtle Creek 25.11 18.97 27.15 19.83 8.1 4.5White Rock - 14.59 - 14.80 - 1.4Central Expressway 20.63 17.14 20.98 17.62 1.7 2.8Preston Center 25.60 19.30 26.39 20.18 3.1 4.6Stemmons Freeway 20.35 15.29 20.51 15.45 0.8 1.0South Irving 16.02 13.28 - 13.16 - -0.9Las Colinas / Urban Center 22.55 17.61 23.98 18.15 6.3 3.1Office Center / LBJ Extension 22.63 18.62 23.76 19.25 5.0 3.4DFW Freeport / Coppell 21.44 18.04 21.96 19.20 2.4 6.4West LBJ Freeway 21.50 17.50 21.75 17.95 1.2 2.6Denton / Lewisville - 17.29 - 17.47 - 1.0Frisco / The Colony 23.02 20.30 24.29 20.73 5.5 2.1Allen / McKinney - 18.10 24.50 18.47 - 2.0Upper Tollway / West Plano 23.44 21.56 23.99 22.06 2.3 2.3Plano 20.94 17.62 21.53 18.40 2.8 4.4Richardson 21.36 16.94 22.20 17.56 3.9 3.7North Dallas Tollway 22.57 18.89 23.40 19.25 3.7 1.9East LBJ Freeway 21.54 17.55 21.71 17.36 0.8 -1.1Garland - 12.29 - 12.50 - 1.7Southeast Dallas - 13.91 - 13.70 - -1.5Mesquite / Rockwall - 13.65 - 14.28 - 4.6Southwest Dallas - 12.99 - 13.55 - 4.3Grand Prairie 19.44 17.75 19.44 18.39 0.0 3.6Dallas Average 20.93 16.91 21.68 17.34 3.7 2.5
Fort Worth CBD $21.45 $15.78 $21.75 $16.01 1.40% 1.50%Northwest Fort Worth - 16.18 - 16.15 - -0.2Alliance Air / Fossil Creek - 18.64 - 18.25 - -2.1Westlake / Grapevine 23.83 18.91 24.35 18.90 2.2 -0.1Hurst / Euless / Bedford 17.57 14.72 18.00 15.07 2.4 2.4Northeast Fort Worth 20.08 14.90 20.09 14.85 0.0 -0.3Arlington 20.30 16.73 20.55 16.95 1.2 1.3Southeast Fort Worth - 13.70 - 13.95 - 1.8Southwest Fort Worth 19.86 14.93 20.05 15.00 1.0 0.5Fort Worth Average 20.52 16.05 20.80 16.13 1.4 0.5
Dallas Market
Fort Worth Market
Rent Rate Analysis of Class A & B Office Buildings
Source: Delta Associates
SubmarketDec-05 Dec-06
% Change 12/05 - 12/06
- 48 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Average Office Sale Price per SF Dallas-Fort Worth
$120
$103$108
$114
$129
$0.00
$20.00
$40.00
$60.00
$80.00
$100.00
$120.00
$140.00
2002 2003 2004 2005 2006
Source: Delta Associates Dallas Office Market
Net Absorption, All Space, Year-End 2006
(600,000)
(400,000)
(200,000)
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
1,400,000
Dallas CB
D
Upto
wn / T
urtle
Cre
ek
White R
ock
Cent
ral E
xpre
ssway
Pres
ton Ce
nter
Stem
mon
s Free
way
Sout
h Irv
ing
Las Co
linas
/ Ur
ban Ce
nter
Office
Cen
ter /
LBJ
Exten
sion
DFW Fre
epor
t / C
oppe
ll
Wes
t LBJ
Fre
eway
Dento
n / L
ewisv
ille
Frisc
o / T
he C
olon
y
Allen
/ McK
inne
y
Uppe
r Tollw
ay /
Wes
t Plano
Plan
o
Rich
ards
on
North
Dallas To
llway
East LBJ
Fre
eway
Garland
Sout
heas
t Dallas
Mesqu
ite /
Rock
wall
Sout
hwes
t Dallas
Grand
Pra
irie
Sq
uare
Feet
Source: Delta Associates
- 49 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Fort Worth Office Market Net Absorption (SF), Year-End 2006
(200,000)
(100,000)
0
100,000
200,000
300,000
400,000
500,000
600,000
Fort WorthCBD
NorthwestFort Worth
Alliance Air/ FossilCreek
Westlake /Grapevine
Hurst /Euless /Bedford
NortheastFort Worth
Arlington SoutheastFort Worth
SouthwestFort Worth
Sq
uare
Feet
Source: Delta Associates
Dallas Office Market, All SpaceYear-End 2006
0
5
10
15
20
25
30
35
40
Dallas CB
D
Upto
wn / T
urtle
Cre
ek
White R
ock
Cent
ral E
xpre
ssway
Pres
ton Ce
nter
Stem
mon
s Fr
eeway
Sout
h Irving
Las Co
linas
/ Ur
ban Ce
nter
Office
Cen
ter /
LBJ
Exten
sion
DFW Fre
epor
t / C
oppe
ll
Wes
t LBJ
Fre
eway
Denton / L
ewisv
ille
Frisc
o / T
he C
olon
y
Allen / M
cKinne
y
Uppe
r Tollw
ay /
Wes
t Plano
Plan
o
Rich
ards
on
North
Dallas To
llway
East LBJ
Fre
eway
Garland
Sout
heas
t Dallas
Mes
quite
/ Ro
ckwal
l
Sout
hwes
t Dallas
Grand
Pra
irie
Millio
n S
qu
are
Feet
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
Perce
nt
Total Rentable SF Vacancy Rate
Source: Delta Associates
- 50 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Fort Worth Office Market, All Space Year-End 2006
0
2
4
6
8
10
12
Fort WorthCBD
NorthwestFort Worth
Alliance Air/ FossilCreek
Westlake /Grapevine
Hurst /Euless /Bedford
NortheastFort Worth
Arlington SoutheastFort Worth
SouthwestFort Worth
Mil
lio
n S
qu
are
Feet
0
2
4
6
8
10
12
14
16
18
Perce
nt
Total Rentable SF Vacancy Rate
Source: Delta Associates
Rent Rate Analysis of Class A & B Office Buildings Dallas Area
$21.58$20.99 $20.60 $20.93
$21.68
$17.42 $17.07 $16.85 $16.91 $17.34
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
2002 2003 2004 2005 2006
Class A Class B
Source: Delta Associates
- 51 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Rent Rate Analysis of Class A & B Office Buildings Fort Worth Area
$19.82 $19.85 $19.92$20.52 $20.80
$15.77 $15.84 $15.92 $16.05 $16.13
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
2002 2003 2004 2005 2006
Class A Class B
Source: Delta Associates
Average Asking Rent/SF Dallas Submarket, 2006
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
Dalla
s CB
D
Uptow
n /
Turtle
Cre
ek
Whi
te R
ock
Central
Exp
ress
way
Pres
ton
Cent
er
Stem
mon
s Fr
eew
ay
Sout
h Ir
ving
Las Co
linas
/ U
rban
Cen
ter
Office
Cen
ter /
LBJ
Exte
nsio
n
DFW F
reep
ort /
Cop
pell
Wes
t LBJ
Free
way
Dento
n /
Lew
isvi
lle
Frisco
/ T
he C
olon
y
Allen
/ McK
inne
y
Upper
Tol
lway
/ W
est P
lano
Plano
Richa
rdso
n
North
Dal
las To
llway
East
LBJ
Free
way
Garla
nd
Sout
heas
t Dal
las
Mes
quite
/ R
ockw
all
Sout
hwes
t Dal
las
Grand
Pra
irie
Per
Sq
uare
Fo
ot
Class A Class B
Source: Delta Associates
- 52 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Average Asking Rent/SFFort Worth Submarket
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
Fort WorthCBD
NorthwestFort Worth
Alliance Air/ FossilCreek
Westlake /Grapevine
Hurst /Euless /Bedford
NortheastFort Worth
Arlington SoutheastFort Worth
SouthwestFort Worth
Per
Sq
uare
Foot
Class A Class B
Source: Delta Associates
Carrollton Office Building Permits 2005*
Carrollton City Building Permit Office * 2006 data not available as of April 15, 2007.
- 53 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas City Office Building Permits 2005*
Dallas City Building Permit Office
* 2006 data not available as of April 15, 2007.
Denton City Office Building Permits 2005*
Denton City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 54 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Flower Mound Office Building Permits 2005*
Flower Mound City Building Permit Office
* 2006 data not available as of April 15, 2007.
Fort Worth City Office Building Permits 2005*
Fort Worth City Building Permit Office * 2006 data not available as of April 15, 2007.
- 55 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Garland City Office Building Permits 2005*
Garland City Building Permit Office
* 2006 data not available as of April 15, 2007.
Grapevine City Office Building Permits 2005*
Grapevine City Building Permit Office * 2006 data not available as of April 15, 2007.
- 56 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Mesquite City Office Building Permits 2005*
Mesquite City Building Permit Office * 2006 data not available as of April 15, 2007.
North Richland Hills City Office Building Permits 2005*
North Richland Hills City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 57 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas-Fort Worth-Arlington Market Overview 2007 Industrial
SubmarketTotal
VacantDirect
VacancySF All Bldgs
Rate (percent)
Allen / McKinney 8,332,673 861,827 10.3 10.30% 180,000 19,000 Brookhollow 56,010,831 4,550,516 7.9 8.1 - 473,000 Central East Dallas 24,249,707 1,354,029 5.6 5.6 - (28,000)Denton / Lewisville 21,051,954 3,796,550 17.5 18.0 1,847,300 617,000 East Dallas / Mesquite 15,956,540 1,401,417 6.4 8.8 1,047,200 752,000 East DFW Airport / Las Colinas 38,711,216 5,768,595 13.0 14.9 2,082,649 982,000 Hines North 36,000,935 2,671,806 7.3 7.4 - (54,000)Lonestar / Turnpike 27,721,758 3,557,477 12.4 12.8 - 862,000 Metropolitan / Addison 22,550,960 2,987,690 10.4 13.2 - (466,000)North Stemmons / Valwood 48,362,481 5,122,639 9.6 10.6 591,049 1,209,000 North Trinity 16,999,628 1,581,725 9.0 9.3 - (22,000)Northeast Dallas / Garland 45,146,373 4,162,622 8.5 9.2 - 1,778,000 Plano 19,098,614 3,675,850 18.6 19.2 32,400 2,322,000 Redbird Airport 16,073,281 942,830 5.6 5.9 - 370,000 Richardson 19,681,641 3,549,240 17.1 18.0 - 341,000 Rockwall / Forney / Terrell 5,599,777 202,640 3.6 3.6 - (40,000)Southeast Dallas / I-45 10,588,564 801,258 7.6 7.6 792,600 100,000 Southwest Dallas / US 67 10,460,643 1,287,911 11.2 12.3 - 35,000 Total - Dallas 442,597,576 48,276,622 10.1 10.9 6,573,198 9,250,000
Arlington / Mansfield 20,122,435 1,808,223 9.0 9.0 186,947 260,000 East Fort Worth 22,795,504 2,142,801 8.9 9.4 365,000 61,000 Lower Great Southwest 30,401,062 3,445,281 11.3 11.3 - (429,000)Meacham / Fossil Creek 30,324,926 1,986,652 6.2 6.6 396,178 (296,000)North Central Fort Worth 12,056,497 716,864 5.9 5.9 - (286,000)Northeast Tarrant / Alliance 21,518,545 1,012,568 4.7 4.7 - 826,000 South Central Fort Worth 11,120,793 906,525 8.2 8.2 78,014 (607,000)South Tarrant County 21,689,577 1,706,749 7.9 7.9 - 1,240,000 Upper Great Southwest 38,418,363 5,438,385 13.4 14.2 969,400 2,240,000 West DFW Airport / Grapevine 16,129,834 2,213,989 12.1 13.7 113,640 (798,000)West Tarrant County 3,979,595 44,740 1.1 1.1 - 11,000 Total - Fort Worth 228,557,131 21,422,777 9.0 9.4 2,109,179 2,222,000
Source: Delta Associates
Dallas
Fort Worth
Summary of Industrial Market Indicators - All SpaceYear-End 2006
* Does not include buildings under construction or buildings owned by the government.** Net change in physical occupancy for direct and sublet space combined.
Total Rentable Sf All Bldgs.*
Vacancy Rate
w/Sublet (percent)
SF Under Constr. or
Renovation
Net Absorption
(SF)**
- 58 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas Industrial Market Vacancy Rate
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Flex/High-Tech Manufacturing Warehouse/Distribution
2002 2003 2004 2005 2006
Source: Delta Associates
Fort Worth Industrial Market Vacancy Rate
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Flex/High-Tech Manufacturing Warehouse/Distribution
2002 2003 2004 2005 2006
Source: Delta Associates
- 59 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas Industrial Market Net Absorption
-2,000,000
-1,000,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
Flex/High-Tech Manufacturing Warehouse/Distribution
Sq
uare
Feet
2002 2003 2004 2005 2006
Source: Delta Associates
Fort Worth Industrial Market Net Absorption
-2,000,000
-1,000,000
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
Flex/High-Tech Manufacturing Warehouse/Distribution
Sq
uare
Feet
2002 2003 2004 2005 2006
Source: Delta Associates
- 60 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Dallas Industrial Market Under Construction
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
Flex/High-Tech Manufacturing Warehouse/Distribution
Sq
uare
Feet
2004 2005 2006
Source: Delta Associates
Dallas Industrial Market Year-End 2006
0
10
20
30
40
50
60
Allen / M
cKinne
y
Broo
khollow
Cent
ral E
ast D
allas
Dento
n / L
ewisv
ille
East D
allas / M
esqu
ite
East D
FW A
irpor
t / Las
Colinas
Hine
s No
rth
Lone
star
/ Tu
rnpike
Metro
politan
/ Ad
diso
n
North
Stemmon
s / V
alwoo
d
North
Trin
ity
North
east D
allas / G
arland
Plan
o
Redb
ird A
irpor
t
Rich
ards
on
Rock
wall /
For
ney / T
erre
ll
Sout
heas
t Dallas / I
-45
Sout
hwes
t Dallas / U
S 67
Millio
n S
qu
are
Feet
0
2
4
6
8
10
12
14
16
18
20
Perce
nt
Total Rentable SF Vacancy Rate
Source: Delta Associates
- 61 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Fort Worth Industrial Market Year-End 2006
0
5
10
15
20
25
30
35
40
45
Arlin
gton
/ Man
sfield
East For
t Wor
th
Lower
Gre
at S
outh
west
Meach
am /
Foss
il Cr
eek
North
Cen
tral F
ort W
orth
North
east Tar
rant
/ Allia
nce
Sout
h Ce
ntra
l For
t Wor
th
Sout
h Ta
rran
t Cou
nty
Uppe
r Gre
at S
outh
west
Wes
t DFW
Airp
ort /
Gra
pevine
Wes
t Tar
rant
Cou
nty
Millio
n S
qu
are
Feet
0
2
4
6
8
10
12
14
16
Perce
nt
Total Rentable SF Vacancy Rate
Source: Delta Associates
Dallas Industrial Market Net Absorption, Year-End 2006
(1,000,000)
(500,000)
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Allen
/ McK
inne
y
Brook
hollo
w
Central
Eas
t Dal
las
Dento
n /
Lew
isvi
lle
East
Dal
las /
Mes
quite
East
DFW
Airp
ort /
Las
Col
inas
Hines
Nor
th
Lone
star
/ T
urnp
ike
Met
ropo
litan
/ A
ddison
North
Ste
mm
ons /
Valw
ood
North
Trin
ity
North
east
Dal
las /
Garla
nd
Plan
o
Redbi
rd A
irpor
t
Richa
rdso
n
Rockw
all /
For
ney
/ Te
rrel
l
Sout
heas
t Dal
las /
I-45
Sout
hwes
t Dal
las /
US 67
Sq
uare
Feet
Source: Delta Associates
- 62 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Fort Worth Industrial Market Net Absorption, Year-End 2006
(1,000,000)
(500,000)
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
Arling
ton
/ Man
sfie
ld
East
For
t Wor
th
Low
er G
reat
Sou
thw
est
Mea
cham
/ F
ossil C
reek
North
Cen
tral
For
t Wor
th
North
east
Tar
rant
/ A
llian
ce
Sout
h Cen
tral
For
t Wor
th
Sout
h Ta
rran
t Cou
nty
Upper
Gre
at S
outh
wes
t
Wes
t DFW
Airp
ort /
Gra
pevi
ne
Wes
t Tar
rant
Cou
nty
Sq
uare
Feet
Source: Delta Associates
- 63 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Carrollton Industrial Building Permits 2005*
Carrollton City Building Permit Office * 2006 data not available as of April 15, 2007.
Dallas Industrial Building Permits 2005*
Dallas City Building Permit Office
* 2006 data not available as of April 15, 2007.
- 64 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Denton City Industrial Building Permits 2005*
Denton City Building Permit Office
* 2006 data not available as of April 15, 2007.
Fort Worth City Industrial Building Permits 2005*
Fort Worth City Building Permit Office * 2006 data not available as of April 15, 2007.
- 65 -
Real Estate Center Market Overview 2007 Dallas – Fort Worth – Arlington, TX
Garland City Industrial Building Permits 2005*
Garland City Building Permit Office
* 2006 data not available as of April 15, 2007.
Grapevine City Industrial Building Permits 2005*
Grapevine City Building Permit Office * 2006 data not available as of April 15, 2007.
- 66 -
This annual report is created free of charge by the Real Estate Center at Texas A&M University. We strive to provide the most accurate, up-to-date, and insightful data to paint a detailed picture of Texas’ Metropolitan Statistical Areas. However, links contained in this report may change in time and become obsolete. The Real Estate Center advises to contact the original source if any of the links are found to be broken. The Center also provides numerous publications, resources, and data on building permits, employment, population, and home sales at http://recenter.tamu.edu. For the latest daily news visit http://recenter.tamu.edu/mnews/mnsearch.asp?AID=8.
Report compiled by:
Administrative CoordinatorEdith Craig
Real Estate / Market Research Analyst
Dr. Isilay Civan
Database SupportBlake Lacy
Real Estate Center, 2115 TAMU, College Station, TX 77843-2115 Phone: 979.845.2031 | Fax: 979.845.0460
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