Cedar Hill Market Study 2020
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CEDAR HILL MARKET STUDY 2020 CEDAR HILL MARKET STUDY 2020 Prepared for: Cedar Hill EDC 285 Uptown Blvd, Bldg 100 Cedar Hill, Texas 75104 November 2020 Prepared by: 1001 S. Dairy Ashford, Suite 450 Houston, TX 77077 (713) 465-8866 www.cdsmr.com Cedar Hill Market Study TABLE OF CONTENTS Table of Contents ............................................................................................................................... i CDS Company Bio .......................................................................................................................................... 1 The Purpose of this Study ............................................................................................................................. 1 Executive Summary ............................................................................................................................2 Demographic and Economic ......................................................................................................................... 2 Demographic Characteristics .................................................................................................................................. 2 Economic Profile ..................................................................................................................................................... 3 Market Uses .................................................................................................................................................. 4 Office Market .......................................................................................................................................................... 4 Industrial Market .................................................................................................................................................... 5 Retail Market .......................................................................................................................................................... 6 Multifamily Market................................................................................................................................................. 7 For-Sale Housing Market ........................................................................................................................................ 7 Hospitality Market .................................................................................................................................................. 9 Downtown / Town Center Development .............................................................................................................. 10 Demographic and Economic Analysis ................................................................................................ 12 Population and Households ........................................................................................................................ 12 Economy and Employment ......................................................................................................................... 21 Average Wages ..................................................................................................................................................... 23 Total Wages .......................................................................................................................................................... 25 Unemployment Rate ............................................................................................................................................. 27 Major Regional Employers .................................................................................................................................... 27 Notable Upcoming Commercial Developments ......................................................................................... 31 Adaptive Reuse – Village Crossing – Phillips Lumber Project ................................................................................ 31 Hillwood Industrial Development ......................................................................................................................... 33 Walton Masterplanned Community ..................................................................................................................... 34 Office Market .................................................................................................................................. 35 DFW Office Market ..................................................................................................................................... 35 Southwest Dallas Submarket ...................................................................................................................... 37 CMA Office Market ..................................................................................................................................... 38 Performance Trends ............................................................................................................................................. 38 Supply 39 Cedar Hill Office Market.............................................................................................................................. 50 Performance Trends ............................................................................................................................................. 50 Cedar Hill Office Supply ........................................................................................................................................ 51 Interview with Interra Capital (owner) – 610 Uptown .......................................................................................... 54 Examples of Cedar Hill Office ................................................................................................................................ 55 Medical Office CMA .................................................................................................................................... 56 CMA Medical Office Supply .................................................................................................................................. 57 i Cedar Hill Market Study Examples of CMA Medical Office .......................................................................................................................... 58 Potential Demand – Office Space ............................................................................................................... 59 Cedar Hill Absorption ............................................................................................................................................ 60 Industrial Market ............................................................................................................................. 61 Metro Area Industrial Market ..................................................................................................................... 61 Southwest Dallas/US 67 Submarket ........................................................................................................... 62 CMA Industrial Market ................................................................................................................................ 63 Performance Trends ............................................................................................................................................. 63 CMA Supply ........................................................................................................................................................... 65 Interviews with CMA Industrial Developers .......................................................................................................... 85 Interviews with CMA Industrial Brokers ............................................................................................................... 85 Cedar Hill Industrial Market ........................................................................................................................ 86 Market Performance ............................................................................................................................................ 86 Supply 88 Retail Market ................................................................................................................................... 91 DFW Retail Market ...................................................................................................................................... 91 Cedar Hill/Duncanville/DeSoto Submarket................................................................................................. 93 Southwest Outlying Submarket .................................................................................................................. 94 CMA Retail Market ...................................................................................................................................... 95 Performance Trends ............................................................................................................................................. 96 CMA Supply ........................................................................................................................................................... 96 Interview with Transwestern regarding Retail – Steve Williamson ...................................................................... 99 Interview with Monte Anderson, small-scale developer across southern Dallas