The third quarter of 2025 has been both productive and encouraging for Muckleroy & Falls and for the broader market. A significant driver of this positive momentum has been the Federal Reserve’s decision to lower interest rates, with signals of future cuts on the horizon. This shift is already unlocking opportunities for new projects.
At the same time, we recognize there is a government shutdown and broader uncertainties in the environment. Moments like these underscore the importance of planning with flexibility and having the right partner at your side to bring clarity.
At M&F, we know that moving forward with confidence requires more than market conditions alone. It takes a team that is humble in its approach, relentless in its execution, and always ready to advance the vision. These qualities define how we show up every day and make us the partner our clients count on to bring bold ideas into reality.
Across North and Central Texas, momentum is building in several sectors. A new state law is reshaping how multifamily projects move forward, while DFW industrial leads the nation with more build-to-suit projects and retail construction remains in high demand. At the same time, Central Texas is expanding beyond its traditional hubs, creating new areas of opportunity for investment and development.
In this issue, we have highlighted a few of these trends along with updates from our team and projects to help inform your planning and next steps.
Sincerely,
Taylor Hale, President
Five Key Insights
ECONOMY: Interest Rates Shifts
The Federal Reserve’s recent rate cut, paired with signals of further reductions ahead, is already reshaping the market. Lower borrowing costs are opening the door to new projects and giving investors and developers greater confidence to act on opportunities that had been on hold.
POLICY: SB 840 Reshapes Multifamily Development
Texas Senate Bill 840 now allows multifamily housing in areas zoned for commercial, warehouse, retail, or mixed use without requiring rezoning in certain cities. The change could accelerate projects and open new sites, though developers will still need to consider infrastructure, design standards, and municipal approvals.
MARKETS: New Corridors in Central Texas
Beyond Round Rock and Georgetown, fresh opportunities are emerging in Hays County, Manor, Bastrop, and East Austin. Retail and mixed-use development in these corridors is drawing investor attention and expanding the region’s growth map.
INDUSTRIAL: DFW Leads the Nation
While many U.S. markets are slowing, DFW remains an industrial powerhouse with more than 28M SF under construction. Developers are increasingly turning to build-to-suit and flexible facilities to meet strong tenant demand.
RETAIL: Retail Growth Strengthens in DFW and Austin
Retail development is accelerating across DFW and Austin, driven by strong consumer activity, expanding tenant demand, and the push for more mixed-use environments. Both markets are attracting national and local investment, signaling renewed confidence in the role of physical retail as part of growing communities.
Highlights from M&F’s 3rd Quarter
- We opened the doors to our new Austin space, strengthening our presence in Central Texas.
- M&F was named one of Dallas’s Best Places to Work and ranked 8th among Fort Worth’s Best Places to Work.
- Our team received the President’s Circle Risk Control Excellence Award for our commitment to safety and quality.
- We participated in the RECA Dodgeball Tournament and brought home a third-place finish.
- We continued to enhance our technology architecture with new data automation tools and introduced microlearning to keep team members growing and equipped to support our clients across every project.
- This quarter added to what is shaping up to be a record year for M&F, with three projects completed and six new ones awarded.
- We wrapped up a great summer with three interns and welcomed ten new full-time team members to M&F.