While much of the commercial real estate industry braces for a cold winter, a Houston-based firm is making big moves in Dallas-Fort Worth.
Partners Real Estate, which already has operations in Texas’ other major metros, will open an office in Dallas’ Uptown neighborhood and has big plans for the region.
Jon Silberman, a managing partner with Partners, told the Dallas Morning News that, even if commercial activity slows, the timing of the move is spot on.
“We think the time to be aggressive and grow is during market slowdowns when other firms are letting people go and cutting costs,” he said.
The firm retained employees and had great luck with recruitment during the pandemic, he said.
“We try not to look too much at the short-term ups and downs of the economy and the market,” Silberman said. “As a private firm looking long term, we know that markets and the economy will always be moving up and down.”
North Texas’ commercial real estate market is dominated by a handful of big national firms such as CBRE Group, Jones Lang LaSalle, Cushman & Wakefield and Newmark Group, according to the DMN. Dallas-based CBRE recently announced $400 million in targeted worldwide cost reductions in anticipation of reduced transactions in the year ahead. The real estate firm reported a 19 percent decline in core earnings per share for the most recent quarter.
Property firms across the country are also tightening their belts as the Federal Reserve continues to hike borrowing costs to fight inflation. However Silberman is confident the metro will weather the storm.
“We are in Texas, which has and will continue to benefit from significant migration from other parts of the country where the cost of living and taxes remain too high for many companies and people,” Silberman said. “In the coming expected slowdown, Texas will fare significantly better than those parts of the country, and we remain bullish long term on Texas.”
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