Historically, Dallas is best known for its involvement in the oil and cotton industries. Today, it boasts a large and diverse economy that includes banking, telecommunications, technology, and healthcare, among other industries. The region also serves as a major distribution hub because of its size and central location, along with its abundance of easy access to rail, truck, and air transportation. These capabilities have become more accentuated as the world of retail becomes centered around e-commerce, with online sales increasing year-over-year.
The transportation of goods is a major part of the Dallas economy, with more than 175,000 people involved in Transportation and Material Moving Occupations, according to the Bureau of Labor Statistics. This accounts for 7.4 percent of all jobs in the Dallas Metropolitan Division. Among those, 45,000 employees are categorized as moving freight, stock, and material by hand. In addition to the many pick-and-pack employees needed, employers have been increasing their real estate footprints to handle the increased number of shipments that need to go to customers throughout the Midwest and South. Over the last two years, Dallas has been the third largest creator of new warehouse/distribution space in the United States with 30.4 million square feet of new space. Even with the recent rapid growth, development is expected to accelerate over the coming two years as another 35.2 million square feet of new warehouse/distribution space is delivered to the market. A recent Cushman & Wakefield Market Note highlights the connection between warehouse/distribution space and employment for Dallas and other major U.S. industrial hubs. By David C. Smith David C. Smith is Cushman & Wakefield’s Senior Director of Occupier Research, Americas To download Cushman & Wakefield’s report click here
September 5, 2017