Uptown Dallas Commercial Real Estate Update
You may not have seen much action taking place in Dallas’ Uptown district. In fact, over the last few years, thanks to the effects of the recession, all has been fairly quiet on the construction front, not only in the Uptown District, but throughout most of Dallas. However, things may be starting to get a little noisy soon.
Word has it that several developers have their sight set on Uptown Dallas to begin new construction, and that is surely welcomed news to everyone. Says John Zogg, managing director of leasing with Crescent Real Estate: “I think the market in Uptown is going to bounce back a lot quicker than many people think.”
Crescent Real Estate is now working on an office tower at McKinney Avenue and Olive Street. This proposed office project is just one of three in the same area. Crescent Real Estate also owns the Crescent office complex, which is more than 90 percent leased.
The First Real Estate Market to Return
Even among other dynamic areas of Dallas, including Las Colinas, the Uptown section of Dallas has fared better throughout the recession, even though it was the fastest growing real estate market in Dallas before the downturn began to take its toll. In fact, Uptown Dallas was the place to be for new office space, residential high rise buildings and hotel space during the years preceding the recession.
Other up-and-coming commercial projects in the area include Spyglass Equities Company, who has plans to lease a four-story office project that is to be constructed on top of an existing parking garage at Olive and Cedar Springs. This 100,000-square-foot building is expected to be completed in 14 months.
Even with all the construction taking place, Uptown was one area that didn’t get caught in the “overbuilding” dilemma that many other areas did. As a result, this section of Dallas is thought to be one of the first ones to recover in the next couple years.
Interest in Uptown Remains Strong
Many real estate experts are noticing that rent prices are increasing and vacant space is quickly dwindling in the Uptown Dallas area. Many big firms and financial companies have interest in this area, making it the “hot” market in Dallas. In fact, three of Dallas’ biggest commercial estate firms, including CB Richard Ellis, Colliers International and Cushman & Wakefield, recently moved their regional offices to this highly desirable Dallas location.
Similar Posts:
Tags: Dallas, Dallas Commercial
Leave a Reply