D Real Estate Daily - July 17, 2013
Throughout my travels this summer, I have had the opportunity to visit with many different people from many different parts of the country. Most were outside of my usual circle. Combined, they made up a great cross-section of America.
It was amazing to me how often I was asked about the economy. It was, by far, the topic people most wanted to talk about. The first thing I realized was how blessed we are to live in Dallas-Fort Worth. I also saw that people toward the lower end of the economic spectrum are still feeling the effects of the downturn and have yet to really feel a recovery.
I almost felt guilty telling people that in North Texas, we did not incur the brunt of the downturn and that we are rebounding nicely. I didn’t dare tell them about the jobs that have been created, the new growth we are seeing, or the number of new development projects under way.
Having lived and worked through the recession of the late ’80's, I understand what it feels like to be on the wrong side of a downturn. Back then, I had retailers literally hang up on me when I was cold-calling and told them I was from Texas. Dallas-Fort Worth was to that recession what Detroit has been to this recent recession.
My heart truly goes out to those who are still hurting as a result of the economy. I am hopeful that other parts of our country will soon start to feel the upswing we are enjoying here in DFW, and that the recovery will start being felt across the entire economic spectrum.
- John Zikos is a partner at Venture Commercial Real Estate