Tenant Improvement Cost Guide – Texas Focus
Build a realistic improvement budget and distinguish landlord funding from tenant cash exposure.
View the ResourceEvery failed development project in Texas was once a spreadsheet that looked good. Our development advisory practice exists to stress-test the spreadsheet: is the demand real, is the rent achievable, does the entitlement path actually work, and does the project pencil at today’s construction and capital costs rather than last cycle’s? Answering those questions before land closes and drawings start is the highest-leverage money a developer spends.
We advise developers, landowners, investors, and owner-users on ground-up and value-add projects across Austin, Dallas-Fort Worth, San Antonio, Houston, and the growth corridors between them. The work spans market feasibility studies (achievable rents and absorption grounded in comps, not hope), highest-and-best-use analysis for land positions, competitive supply pipeline mapping, entitlement and zoning-path context, and positioning strategy — what to build, at what spec, for which tenant profile, and how it should come to market.
Timing context matters more than ever. Texas development has moderated from its pandemic-era peak: statewide industrial deliveries are shrinking toward their smallest volumes in years, office construction has nearly stopped outside pre-leased projects, and retail’s pipeline is concentrated where rooftop growth justifies it. A thinner pipeline punishes bad projects and rewards precisely positioned ones — which is exactly the environment where advisory work pays for itself.
As brokers, we bring something pure consultants can’t: live deal flow. Our feasibility opinions come from the leases and sales we see closing, and when the project moves forward, the same team can source the dirt, pre-lease the space, and sell the finished asset. The advice and the execution live in one place.
Advisory grounded in transactions, not theory — and continuity from feasibility through lease-up.
The site, the idea, and the capital plan — assessed against market reality in the first session.
Achievable rents, absorption, competitive pipeline, and entitlement context documented with sources.
Product spec, target tenant profile, phasing, and go-to-market plan for the project that survives step two.
Land acquisition, pre-leasing, and eventual disposition — the same team, end to end.
Achievable rents and sale pricing from verified comps, absorption analysis against the live competitive pipeline, target-tenant demand evidence, entitlement and zoning-path context, and a sensitivity view of what the project supports at today’s construction and capital costs. It ends in a number and a recommendation, not a hedge.
Yes — the question shifts from ‘should we buy’ to ‘what does this dirt want to be.’ Highest-and-best-use analysis across realistic scenarios, each tested for demand, entitlement friction, and return, so a legacy land position becomes a plan instead of a guess.
If the numbers say so, absolutely. A kill recommendation on a bad project is the most valuable deliverable in this practice. We’d rather end an engagement honestly than broker a project into a market that won’t absorb it.
That’s the point of hiring brokers for advisory: the feasibility opinions come from live deal flow, and when the project moves, we source the dirt, run pre-leasing, and eventually handle disposition — one accountable team from thesis to exit.
Bring us the concept before the capital commits. The feasibility conversation is free — the mistakes it prevents aren’t.
Use these practical guides, checklists and calculators to prepare for the next decision.
Build a realistic improvement budget and distinguish landlord funding from tenant cash exposure.
View the Resource →Organize property diligence, evidence, deadlines and unresolved issues before commitment.
View the Resource →Collect and track documents a qualified study team and tax advisor may request.
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