North Texas’ real estate sector went on a roller-coaster ride in 2022.
The Dallas-Fort Worth property market rocketed out of the pandemic early in the year with a building boom and record real estate sales.
But in the final months of 2022, soaring mortgage costs and the threat of recession became a drag on building starts and investment.
Even with the recent slowdown, 2022 will go down as a milestone year for the local real estate business.
The continued migration of thousands of people to Texas and strong employment growth in the D-FW area will help the property sector weather expected headwinds in the year ahead.
And D-FW was named as one of the top markets in the U.S. for next year.
Here’s what made the biggest real estate news in 2022:
Goldman Sachs plans to house almost 5,000 workers in a new three-building office campus just north of downtown Dallas.(Contributed / Henning Larsen Architects )Biggest development deals: Goldman Sachs and Wells Fargo
Mammoth office campuses planned by two of the country’s largest financial firms set a record for major developments in the Dallas area.
Goldman Sach’s three-building, almost 1 million-square-foot campus just north of downtown Dallas will cost more than $500 million and will house 5,000 workers when it opens in 2026.
And in Irving’s Las Colinas community, banking giant Wells Fargo plans an early 2023 start for its $400 million office campus that will house more than 3,000 workers when it opens in 2025.
Along with pension fund TIAA’s new regional office at the Dallas Cowboys’ Star in Frisco, these big financial firm projects total more than $1 billion.
Plano-based Granite Properties and North Carolina real estate investor Highwoods Properties teamed up to buy the more than half-million-square-foot McKinney & Olive development in Uptown Dallas.(Contributed / Granite Properties )Biggest building sales: Trammell Crow Center and McKinney & Olive
Investors grabbed almost