DFW Market Overview. 1 st 2 nd Quarter 2015

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1 DFW Market Overview 1 st 2 nd Quarter 2015

2 Dallas Ft.Worth, Texas

3 Attributes of DFW Why DFW? Population Growth Thirty years ago, the regional population was about 3.3 million. Today, it s 6.9 million. By 2030, it s expected to top 9 million. People move here for the jobs, and companies move here for the labor. Along the way, houses and apartments get built, stores get built, and the economy continues to expand. Research shows that the Dallas region can absorb the thousands of new jobs that continue to come in. DFW GMP Huge [gross metropolitan product] It is the sixth largest GMP in the United States, and approximately the tenth largest GMP in the world. The Diversification of North Texas Economy Thirty years ago, DFW s local economy was much less diverse than it is right now. Back then, it had more of an energy focus, and the economy tended to fluctuate with the price of oil. Today, high-tech is huge, as is defense, professional services, finance and banking, manufacturing, real estate and construction, health and education, and leisure and hospitality. DFW s economy is extremely diversified, and it s therefore much more stable and robust. Unemployment rate impressive The DFW Unemployment rate 3.7% as compared to the U.S. unemployment rate at 5.4%. People make a good living here Workers in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area had an average hourly wage of $22.92 in May 2014, compared to the nationwide average of $22.71, according to the U.S. Bureau of Labor Statistics Housing is Affordable The greater Dallas-Fort Worth area is one of the leastexpensive metropolitan housing markets in the United States, according to the Council for Community and Economic Research. Infrastructure Services Reflect Growth With the significant population growth and businesses moving to the area, North Texas officials have a very aggressive business and resident-friendly plan for infrastructure growth, transportation, energy and water needs, permit approvals, and other basic necessities to ensure no lag time in growth. Improvements over the next 10+ years will add over 4,000 lane miles of roadway capacity, about 400 miles of passenger rail, and many other capital, operational and air quality programs. These improvements are expected to cost $70.9 billion (in 2006 dollars). Dallas/Fort Worth International Airport Today the airport has a $37 billion annual economic impact on the DFW Metroplex. And, it is a major recruiting tool for corporate relocations to the area. Culturally DFW is becoming more diverse Diversity is quickly becoming a part of the area s overall culture. The region s strong job market and international connectivity attract workers of all skill levels from all over the world. Travel and Leisure The Dallas-Fort Worth Arlington Metroplex is the No. 1 visitor and leisure destination in Texas. Wealth The Dallas/Fort Worth Metroplex is home to 23 of the richest Americans. Arts The Dallas Arts District is the largest urban arts district in the United States and Fort Worth boasts some of the most prestigious museums in the world. If Texas is going to continue to create more jobs, it will be because of DFW s economy. - Dallas Fed June 2015 I look out there and all I see are hundreds of new rooftops and more coming every day. - Executive at Bershire Hathaway s Nebraska Furniture Mart which opened recently DFW has a thriving business services and tech sector, which shows how diversified the area has become since the 1980 s oil price collapse. The Wall Street Journal 2

4 DFW ALMOST 7 MILLION PEOPLE LIVE IN THE DALLAS FT. WORTH METROPLEX The population will explode to over 9 million by 2030 Since 2000, DFW had a population growth of 24% DALLAS 9 th Most Populous City In The Nation FT. WORTH 13 th Most Populous City In The Nation

5 DFW THE REASON TEXAS CONTINUES TO CREATE JOBS 4

6 DFW IS BUILDING The DFW Metroplex leads the nation with the highest number of housing starts. With thousands of workers moving to North Texas to fill new jobs, there s a scramble on for homes. Annual new home starts in the Dallas Fort Worth region rose to 24,000 homes during 2014, 13% higher than 2013 and 76% above the low in Starts in 2015 are predicted to be about 10% higher than Prices of new homes have already risen 5 percent this year to a median of $284,585.

7 DALLAS FORT WORTH COST OF LIVING VS THE NATIONAL AVERAGE DALLAS ATLANTA PHOENIX MIAMI DENVER SAN DIEGO WASHINGTON DC LOS ANGELES BOSTON NEW YORK -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% DFW'S COST OF LIVING IS 3.2% LOWER THAN THE U.S. AVERAGE [Source: Cost of Living Index, 2nd Quarter 2015]

8 DFW IS ACCESSIBLE DFW International Airport is the third busiest in passenger activity in the world, serving more than 60 million passengers each year and 1,850 daily flights. Dallas Love Field Airport, located three miles from downtown Dallas, Texas is a central hub for regional business and commuter travel. The Dallas, Texas region is served by eight international and 19 domestic airlines, including DFW International Airport-based American Airlines and Love Fieldbased Southwest Airlines. Direct flight time from DFW to nearly any city in the continental U.S. takes four hours. DFW s central location is equally close to North America s five largest business centers: Chicago, Los Angeles, Mexico City, New York City, and Toronto.

9 ARTS & CULTURE ABOUND IN DFW Renowned Art Collections World Acclaimed Symphony Halls Largest Urban Arts District In U.S. Dallas Third Largest Cultural District In U.S. Fort Worth

10 DFW A HIGHLY EDUCATED REGION 38 Universities, Community Colleges, and Trade Schools DFW EDUCATION INSTITUTES

11 MEDICAL CENTERS HOSPITALS Outstanding Health Care DFW 90 top rated medical hospitals, research and surgery centers. DFW Leading medical center for burns and trauma care and a leading transplant center for the Southwest.

12 DFW MAJOR PLAYER IN WORLD RENOWNED SPORTS FRANCHISES MAJOR PROFESSIONAL SPORTS TEAMS CLUB SPORT FOUNDED LEAGUE VENUE Dallas Cowboys Football 1960 NFL AT&T Stadium Texas Rangers Baseball 1972 MLB Globe Life Park Dallas Mavericks Basketball 1980 NBA American Airlines Center Dallas Stars Hockey 1993 NHL American Airlines Center FC Dallas Soccer 1996 MLS Toyota Stadium

13 DFW BEST BUSINESS CLIMATE Total Gross Domestic Product (GDP) for DFW reached over $450 billion in If DFW were a nation, it would rank in the top 10 among all nations for GDP in the world. Dallas/Fort Worth area is home to more than 100,000 businesses and 1,500 corporate headquarters ranking 4th in the nation in Fortune 500 corporate headquarters. These area businesses are also responsible for producing about one-third of all goods and services in Texas. Texas is the #1 state in the U.S. and DFW the #2 metropolitan area for corporate relocations, according to Site Selection Magazine. DFW has one of the most diverse economies in the nation, reporting between 4 and 22 percent of the workforce in each of the major industrial sectors. DFW has no personal or corporate income tax and no state property or unitary tax.

14 DFW RETAIL

15

16 DALLAS-FORT WORTH S RETAIL MARKET REACHES BEST PERFORMING YEAR IN 2014 As of the end of the 1st quarter 2015: Overall vacancy rate of 7.6 percent 4,410,795 square feet of pipeline retail space 658,830 square feet of completions; and a positive net absorption of 1,336,082 square feet Retail Occupancy stands at 92.2% Highest recorded positive net absorption of space was in Q approximately 1.3 million square feet of space Both Dallas and Fort Worth pulled their own weight with a per year net absorption of 2,329,167 square and 2,129,421 square feet, respectively While lease rates increased to $14.07 per square foot in Q2 2014, the average triple net lease rates have decreased to $13.81 per square foot in the last two quarters of 2014 and early 2015 There is a flight-to-quality phenomenon going on in the region As Class A big box spaces have become almost extinct in the DFW market, new projects are expected to be delivered in the following two years Class A retail space is being built all over the metroplex due to a heightened demand 15

17 $7.4 BILLION MILE The next chapter in DFW s success story is the $7.4 Billion Mile One of the most dynamic development concentrations in America with over $7 billion in investment, either announced or under construction, within a one-mile stretch of road along the Dallas North Tollway. FIVE DEVELOPMENTS MAKE UP THE $7.4 BILLION MILE THE STAR IN FRISCO [$1 BILLION] (Dallas Cowboys World Corporate Headquarters) 91- acre mixed-use 66 acres retail privately developed 5-acre headquarters, privately developed 20 acre multi-use event center, publicly developed Potential development impact: 1,708,000 SF Two hotels with 480 rooms Potential 4,500 new jobs at full development Multi-use indoor stadium 12,000 seats HQ and MUEC opening: summer 2016 THE GATE [$700 MILLION] Mixed-use Office space 1 Million SF Hotel rooms: 250 Multi-family units: 2,400 Single family units: 73 Retail space: 122,000 SF Restaurants: 75,000 SF Medical offices: 415,000 SF FRISCO STATION [$1.7 BILLION] 242 acres mixed-use Office, retail, restaurant & residential WADE PARK [$2 BILLION] 175 acre mixed-use Retail: 600,000 SF Office: 6,000,000 SF Hotels: rooms Residential: 1,300 units Whole Foods, ipic Theatre, Pinstripes Construction underway LEGACY WEST [$2 BILLION] 240-acre mixed-use project Corporate office space 292-room Renaissance Hotel High-end shopping center with restaurants and other retail uses 621 apartment homes. Two corporate build-to-suit projects underway including a 265,000-square-foot headquarters complex for FedEx Office and Toyota s North American Headquarters. Construction underway 16

18 DFW SHOPPING CENTERS RESTAURANTS DFW has the highest number of shopping centers per capita in the U.S. DFW has more restaurants than any other metro in the U.S. with over 15,000

19 DALLAS FORT WORTH METROPLEX THE BIG PICTURE THE NATION S 4TH LARGEST METRO AREA Largest number of domestic migrants in the U.S Unprecedented growth in residents, businesses and economies of suburban areas Dynamic revitalized nationally acclaimed urban centers One of the most business-friendly metros in the country per U.S. CEO s Thriving business services and tech sector Highly attractive local tax incentives Low housing costs and overall cost of living Located in the heart of the U.S., DFW is the highest capacity airport in the world Major league sports franchises and stadiums attracting global visitors Largest arts district in the U.S. in a single area Highly mobile infrastructure Almost 10 Billion dollars of retail, restaurant, office and mixed-use developments starting construction in 2015 throughout the metroplex 18

20 brokerage advisory investment management AUSTIN OFFICE CORPORATE OFFICE DFW HOUSTON OFFICE SAN ANTONIO OFFICE 221 W. 6th Street 2525 McKinnon Street Memorial Drive Reunion Place Suite 1030 Suite 700 Suite 170 Suite 160 Austin, TX Dallas, TX Houston, TX San Antonio, TX p p p p f f f f All Rights Reserved - The Retail Connection

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