Archive for February, 2008

City Council Meeting – 2/19/2008

Tonight we had a packed house with several hundred people in attendance.  Many were there to support their family and friends with some of the proclamations that were given.  It was a late night as we concluded the meeting as well as the annual review of our City Manager shortly before midnight.  I recently started Ron Lyon’s 5:30 am boot camp class and after the late meeting, this morning was rough getting there.  Throughout the night we covered a wide range of topics including transportation, multiculturalism, recycling, the budget, and even “blogging.”

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2008 Frisco Forecast

Below are summary notes from the Weitzman 18th Annual Shopping Center Survey & Forecast and comments made by Steve Brown, Dallas Morning News Real Estate Editor at a meeting of the Frisco Developers Council.  Both were held in January, 2008.

 

Metroplex Region:   

  • Metroplex region is a blessed economy; but has cooled off some.
  • Anticipated 100,000 new jobs annually will be down to a projected 65,000 new jobs, which will still be No. 2 or 3 in the US.
  • Office space, approximately 5.5 million SF under development.
  • 2007 office leasing was down about 50% in the Metroplex.
  • New housing starts are down. Single family home foreclosures will be a problem for the next 12-18 months.
  • Apartment development is a hot market right now, people who cannot qualify for a home loan are leasing apartments and houses.
  • About 4 million SF of retail is under construction and vacancy rate is about 10%, not bad.
  • DFW Region economy is still better off than most other places in the US.

 

City of Frisco:  Overall market in Frisco is good and remains strong.

 

  1. Office:

·         Office development in 2007 was approximately 1.5 million square feet.

·         Office leasing absorbed approximately 600,000 square feet or 40% absorbed.

·         Office vacancy is approximately 20%, which ranks third best in the Metroplex.

  1. Retail:

·         At 95% retail occupancy, which is considered full occupancy, Frisco ranks fourth best in retail submarket occupancy in the Metroplex, (1. McKinney 98%, 2. Allen 97%, 3. Cedar Hill 96%)·         Frisco ranks fourth best in 2007 retail construction with approximately 550,177 SF.       (1. Lewisville/Flower Mound 1.1M SF, 2. Grand Prairie 640,000 SF, 3. McKinney 615,000 SF)

·         Retail construction in Frisco remains strong with approximately 500,000 SF of retail under construction.

  1. Hotels:

·         Frisco has 3 full service hotels and 3 limited service hotels with a total of 1,034 rooms.

·         Four hotels are under construction, which will add 469 rooms for a total of 1,503 rooms.

·         Four hotels are pending, which would add 477 rooms, or a potential 1,980 rooms.

4.   Housing:

·         Several major commercial and mixed-use projects at major intersections along the Dallas North Tollway from SH 121 to US380 have been announced or are under construction.

·         New single family starts are down about 40%.

·         Apartment development is a hot market as Frisco has approximately 2,500 units in the pipeline.

5.   Overall outlook:

·         Overall economic outlook is good with slowed single family housing development and several major commercial/mixed-use projects underway in 2008.

City Council Meeting – 2/5/2008

Due to January having 5 Tuesdays, it’s been 3 weeks since our last Council Meeting.  It was certainly a welcomed break as Council commitments and regional meetings have started picking up the last few weeks.  This meeting was fairly noncontroversial.  However, we did lay the groundwork for some issues that will be coming up within the next few meetings.

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