Texas Realty Prices Double in a Decade, According to David Lewis, Founder of Lewis Realty Advisors

The last 10 years have been a decade of growth and significant realty value increases in Texas with many properties more than doubling in value, according to Lewis Realty Advisors, one of the oldest and most respected Texas-based real estate valuation and consulting firms.

Job growth and the strength of the state’s economy boosted demand -- and the prices -- for office space, retail centers, manufacturing buildings and residential properties over the last decade.

“In many ways, 1998 was the launching pad for probably the most noteworthy era of growth for real estate in Texas. This 10-year period is one for the record books in terms of real estate prices,” said David M. Lewis, founder of the Houston-based firm. “There are exceptions, but for the most part, values are up significantly.”

Prime office buildings in urban areas have not only doubled from 10 years ago, but they sell quickly when offered at market value.

“Houston and other Texas cities have become popular with investors who believe the state’s flourishing energy industry creates a very compelling narrative for real estate investing in the Lone Star State,” Lewis said.

Higher energy prices have elevated the domestic rig count to its highest point since 1985. This has increased the demand and prices for office space and industrial space.

Texas has been leading the nation in job growth, and that has translated into higher prices for residential properties. Urban infill sites that can be used for high-rise residential construction in Dallas and Houston have risen sharply in value, doubling or even tripling in price in the last 10 years, Lewis reported.

Prices for suburban land have risen more than 10 percent per year in some parts of Texas as home builders searched for subdivision sites. But suburban land prices have flattened out recently as home builders have cut back on home starts.

ABOUT LEWIS REALTY ADVISORS: Lewis Realty Advisors has been providing real property appraisal, consulting and commercial development services for almost 50 years. The firm has assisted private property owners and governmental agencies in litigation for eminent domain, environmental contamination, construction and title defects, taxation and foreclosure litigation. www.LewisRealty.com