Experts: Downtown Dallas office leasing most since 1980sExperts: Downtown Dallas office leasing most since 1980shttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=16892015-02-19T08:53:00Z2015-02-19T09:00:00Z

DALLAS - There was more office leasing in downtown Dallas than in any of the area’s suburban districts in 2014, the first time in more than 20 years that downtown has been the top office leasing market in North Texas.

Downtown property owners and economic development officials see the surge in office demand as payoff for years of reinvestment in the central business district.

The downtown turnaround is bringing more residents and retail shoppers back to the city’s core, stakeholders say.

“With the continued success and growth of Uptown, the whole financial district has been affirmed and repositioned,” said Johnny Johnson, of DTZ. “New owners are coming in and making significant investments — and not just in office but in retail and residential.”

Net leasing in downtown totaled almost 830,000 sf, according to data from Cushman & Wakefield Inc. The central business district saw a bigger jump in office tenants than along LBJ Fwy. (760,000 sf), the Telecom Corridor (620,000 sf), Las Colinas (550,000 sf), or West Plano and Frisco (530,000 sf).

In 2014, more than 80 businesses either entered new office leases downtown or renewed their current leases, said Phil Puckett, executive vice president with CBRE.

“There were over 1 million sf of new tenants,” Puckett said. “I think it’s one of the best years I’ve ever seen in the central business district.”

Puckett said the largest office leases downtown in 2014 were by Santander Consumer USA Inc. (375,000 sf), Omnitrac (325,000 sf), EnLink Midstream Partners (157,000 sf) and Invesco (50,000 sf).

For more, see 4Q 2014 reports from CBRE, Cushman & Wakefield and DTZ.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://www.dallasnews.com/business/commercial-real-estate/headlines/20150216-downtown-dallas-rebound-brings-most-office-leasing-since-1980s.eceRead more at {Source}

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