Dallas has long been one of the premier locations for office space and running any type of company. The downtown skyline is one of the most easily recognized among American cities, and the city has a history of erecting architecturally interesting skyscrapers. At the moment, it is also one of the most best and secure times to lease office space in Dallas due to the bad economy. Rates in the Central Business District are down, hovering around $21 per square foot. A major factor in the low rents is the high vacancy rate of approximately 25% in the CBD. As a result, and coupled with the scarcity of available financing, there is almost no current construction activity, with the little progress happening in the outlying areas, such as the Park Lane Project, a 33.5 acre, $750 million mixed use development that will include 750,000 square feet of office space and approximately 700,000 square feet of retail commercial property. The project is opening in phases, beginning in late 2009 and continuing until 2011.
Dallas Commercial Downtown Real Estate News:
One project in the CBD is the new Convention Center Hotel, a one-thousand room hotel scheduled to open in 2011. Part of the city’s plan to revitalize downtown, it is hoped that the hotel will initiate additional construction in the areas of dining and entertainment. There are, however, many projects that are still either in the planning stages or on hold until financing improves. These include a 57-story residential tower (1900 Pacific), a 30 story office building on McKinnon, and a 20 story office building on McKinney. Park Seventeen, a 19 story office building, is scheduled for completion in late 2009 or early 2010. In addition, there are several residential and mixed use towers proposed for the area. Overall the local economy has been decent compared to the rest of America, and by the way executive suites are another option to save some $. To find some pricing on office spaces in Dallas check our listings. We also have commercial properties for rent or lease in the following areas: Arlington, Beltline, Benbrook, Carrolton, Duncanville, Decatur, District, Ellum, Grand Prairie, Irving, Frisco, Garland, Keller, Mckinney, Mesquite, Metro, Northwest, Preston, and Richardson.
Dallas Population, Stats, and Office Space:
Dallas has a population of 1.28 million, and has seen a 7.7% increase since 2000. Residents enjoy a cost of living rate of 91.8, slightly below the national average and other Texas cities like Houston, Austin, and San Antonio. Current unemployment rates are at the 7.3% level, while job growth is a negative 3.7%. The crime rate has decreased steadily from 857 in 2000 to its current level of 696. Attractions in downtown Dallas include the West End Historic District, a renovated area that is home to numerous clubs, shops, and restaurants and is a great area to rent an office space or suite in Dallas. These nearby locations will include amenities and even furnished options, along with great monthly or 12 month lease options. Many special events are scheduled annually in the West End, such as the Taste of Dallas festival each July. Deep Ellum (along Elm Street) is yet another historical district that is home to several restaurants and clubs. The State Fairgrounds are on the fringes of downtown, and feature several museums and exhibits that are open year-round, such as the Aquarium and the Hall of State. The buildings represent some of the finest examples of Art Deco still in existence. If you are looking for news on other major cities then check out our commercial real estate articles.
Other Dallas Economic News and Society:
Professional sports are represented in the area by the NFC’s Dallas Cowboys, the NBA’s Dallas Mavericks, Major League Baseball’s Texas Rangers, and the National Hockey League’s Dallas Stars. Six Flags over Texas is located in nearby Arlington, about halfway between Dallas and Fort Worth, with Hurricane Harbor (a water park) situated just across the street. For more details and history on office space and Dallas in general go here.