When it comes to pricey homes, no one argues that the Park Cities and Preston Hollow are A-listers in North Texas.
And for high-dollar apartment rentals, look no further than Uptown.
But what about top price office digs?
Dallas’ McKinney Avenue is the most expensive business address, according to a new report by commercial real estate firm JLL.
In its annual “America’s Most Expensive Streets” report, McKinney Avenue gets the call out with office rents of $43.81 per square foot.
That’s almost twice the overall average for North Texas.
Read more on the Dallas Morning News
Click Here to view the full report
San Francisco-based Charles Schwab (NYSE: SCHW) could open up a massive operations center on a corporate campus planned adjacent to Circle T Ranch, a 2,500-acre mixed-use, master-planned development in Westlake.
The financial services company is expected to buy 74 acres of land adjacent to the Circle T Ranch from Hillwood by the end of the year, according to real estate sources.
“We’re very interested in the Dallas area for future growth and have signed a lease in the Westlake area that can accommodate up to 500 employees,” said Sarah Bulgatz, a spokeswoman for Charles Schwab, in an email to the Dallas Business Journal. Bulgatz declined to comment concerning speculation about future real estate deals involving Charles Schwab.
Read more on the Dallas Business Journal
Dallas continues to make the national real estate headlines about our office construction pipeline. While the big number is always quoted – 7.7 million SF of space now under construction – there is little to no commentary about what is driving this number. I’m somewhat sensitive about this because, being in Texas, there is sometimes to leap by pundits to the impact of energy on our TX economy.
As we all know, our market has become very diverse, and while energy is a part of our make-up, it is not the driver it was back in the 1980s or 1990s. Rather, our sizable construction pipeline is made up of several diverse build-to-suits. When we think of these, Toyota clearly comes to mind, as does the newest phase for State Farm. In addition, other smaller projects round out the list, such as 7-Eleven and Raytheon. As of the beginning of the third quarter, 48% of our pipeline is accounted for in the large BTSs. The remain 10% is in spaces that have been preleased in multi-tenant buildings.
Overall, this level of “preleasing” is a solid showing and does not suggest that our market is over-heated. What’s even better, is that this economic cycle still has legs, so we expect rent gains to continue, even though vacancy may begin to drift up gradually in 2016.
The Dallas metro area, which includes Plano and Irving, is the third best big city for jobs, according to Forbes’ most recent national rankings.
The area experienced a 4.2 percent increase in the number of jobs last year, bringing the total job growth from 2009 through 2014 to 23 percent. Total employment has gone up 15.7 percent in the past six years.
According to the report, job growth has historically occurred mostly in coastal cities with financial institutions (which were more robust following the 2008 economic downturn due to revitalization efforts) or energy suppliers.
Read more on The Dallas Morning News