Surprisingly, Dallas is considered as one of the top three popular destinations for business travelers. The reason I say surprisingly is that I would have put my money on a place like California. Why? Well, just because. But I would be wrong about that, apparently.
Perhaps Dallas comes in as a top dog locale because its Convention Center is one of the biggest and therefore, busiest venues in the country. That could be just one reason. Theoretically, more space equals more opportunity.
During the 1980s, Dallas was a hotbed of real estate activity. People were relocating there in droves, which created a demand for more housing and office space. So prices went sky high. And people paid them. But what goes up, must come down as the saying goes. As Blood Sweat and Tears sang, spinning wheel got to go round. And as the spinning wheel spun, it came back around.
In that inevitable downturn, some got no money and many got no home. Spinning wheel, spinning all alone. But some people, instead of talking about their troubles – as the song says, actually learned from them. They went on to create, develop, and evolve. That’s the nature of life.
Since 2000, the Dallas real estate market has been surprisingly resilient. But that’s not all that surprising after all, given the fact the city is home to around 17 billionaires. That’s a whole lotta money right there, for sure. The average city would have been lucky to have just one billionaire, but Dallas has 17!
Despite the fact that residential rent in Dallas declined around 8 percent during that downturn, commercial rent kind of stayed the same. Particularly unaffected was central Dallas. Anchored by the downtown area, it is the epicenter of business – and those districts kept their commercial rents higher.
With all those billionaires in Dallas, money is in the air. Whether they got their wealth from oil, real estate, or something else really doesn’t matter. It just kind of gives all of us entrepreneurs hope. And let’s not forget about the 8 other billionaires in nearby Fort Worth! Whoopee!