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DFW Leads Country in Office Sector Jobs

DFW: North Texas is leading the country in office sector jobs, a key indicator that exemplifies a region’s economic strength. Yardi Systems says in a new report that in the past year, DFW has added 60,000 jobs in various sectors, accounting for nearly 15% of all office jobs in the country. The new jobs include 37,600 in professional and business services; 18,100 in financial services, and 4,200 in information services. Boston came in second place with 29,400 additional jobs. At the end of July, North Texas office jobs grew by nearly 5%, more than double the 2% national average. Government data shows that at the end of July, total employment in North Texas had grown by nearly 180,000 jobs in the past 12 months. The reports are important at a time when many workers continue to operate in hybrid home-and-office environments, with many offices remaining mostly empty throughout most of the workweek. Many employers have said they plan to begin requiring workers to be in the office at the beginning of next year. Even so, millions of square feet of office space in the region remain on the market as higher costs are keeping potential buyers on the sidelines. 

DFW: A massive mixed-use development from Huffines Communities is coming to Grand Prairie and Midlothian. The development, to be called Lakesong, will encompass about 2,000 acres and will include 3,000 single-family homes, 2,000 apartments and townhomes, 20 miles of trails, nearly 40 acres of office, restaurant and retail spaces, and more than 300 acres of parks and open spaces. Amenities will include a 100-acre private lake, parks, fishing ponds, a clubhouse, pickleball courts and pools. Huffines expects to begin construction next year on the site off U.S. Highway 287 south of Joe Pool Lake. Huffines Communities has built more than 15,000 single-family homes in master-planned communities across the region since its founding in 1985. 

DFW: In the past, you could find tennis courts on many big estates in North Texas. That may still be the case, but add the other racquet sport to the list of sports courts that could soon dot more and more DFW backyards. Seems there is a trend across the country for homeowners to add pickleball courts to their properties. The courts are serious add-ons, costing upward of $25,000 for construction and court surfacing. Whether a pickleball court adds value to a property ultimately depends on the owner at the time—and the potential buyers in the future. Pickleball is the fastest-growing sport in the country. Public tennis courts are adding pickleball lines and some apartment complexes have added pickleball courts, too. Numerous pickleball-entertainment venues have opened in North Texas in the past few years, and more are coming. In November, the USA Pickleball Championships is expected to draw 3,000 players and more than 20,000 spectators to a nine-day tournament at Brookhaven Country Club in Farmers Branch, north of Dallas.

DFW: The sound of saws and hammers was once a symphony across North Texas suburbs. Now, building permits remain below record numbers. Tomlin Investments says in a new report that through August, single-family permits were down 34% in Frisco and in the U.S. Highway 380 corridor and 15% down in Prosper. That’s compared to the same period last year. And they are not alone. Permits are down 45% in Sherman, 41% in Little Elm and 13% in Denton. Some suburbs did record good news. Permits were up 40% in fast-growing Celina and 16% in McKinney. The slowdown in building permits reflects the continuing challenges of higher borrowing costs for builders and higher home prices for buyers as mortgage rates remain over 7%. 

FLORIDA: Celebrity chef Guy Fieri has added another property to his holdings. He got a deal and it isn’t a dive. The food guy behind the Diners, Drive-in and Dives television franchise just landed a 6,600-square-foot, five-bedroom, five-bath home with 230 feet of water frontage in Palm Beach. The home had been listed at $8.5 million in late 2021, but after several price adjustments, Fieri got the Spanish-style villa for $7.3 million. The home has arches and columns and stone, marble, tile and dark wood throughout. The primary bedroom has a host of amenities, including a private balcony with great views of the water. The mansion has several fireplaces and outside there’s a veranda and a pool that also overlooks the waterway. Oh, the kitchen. Yes, of course, it’s a chef’s kitchen with all the high-end appliances needed. There are two islands—one for prepping and the other for serving and casual dining. Whether Fieri actually moves into the home and cooks there remains to be verified. A few years ago, he bought a home in Lake Worth Beach, just a few miles south of Palm Beach, for nearly $4 million. 

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