DFW: Oil price impacts miss North Texas real estate

​​​​​​​​​​DALLAS-FORT WORTH – So far North Texas’ hot real estate market is shrugging off the plunge in oil prices and economists tracking property markets predict that the Dallas-Fort Worth area will continue to outperform other Oil Patch cities, according to a new report by CBRE Group Inc.

"Even though crude oil prices are expected to remain low for the foreseeable future, Dallas-Fort Worth’s vibrant commercial real estate performance demonstrates how the state is well hedged against the energy downturn" CBRE director of research and analysis Robert Kramp said.

The commercial real estate firm predicts that office vacancy rates will continue to fall in North Texas through the end of next year because the energy industry has such a small share of the local economy.

DFW’s commercial property market is still prospering while conditions are deteriorating in energy markets including Houston and Calgary, Canada.

North Texas’ office, apartment, shopping center and industrial markets are all forecast for continued growth, according to CBRE.

Energy has a larger share of Texas economy than in any other state — about 47 percent of the state’s gross domestic production.​

Click here for​ CBRE’s Energy 2015: What l​​ow oil prices mean for commercial real estate​.