Dallas is the ninth-largest city in the United States and the third largest city in the state of Texas. Considered the financial hub of the Southwest, Dallas’ growth has been spurred by high-tech companies, manufacturing and service industries. Dallas commercial real estate has found homes for Southern Methodist University, Love Field Airport, Neiman Marcus and a branch of the Federal Reserve Bank. At over 18,000 acres, the Dallas-Fort Worth International Airport is the nation’s third busiest and a major regional economic engine.
Founded in 1841, the economy of Dallas is mostly based on the banking, commerce, telecommunications, computer technology, energy and transportation industries; only New York City and Houston are home to more Fortune 500 companies. The population of Dallas has been estimated at 1.3 million. It is the largest economic center of the 12-county Dallas-Fort Worth-Arlington metropolitan area, which has a population of nearly 6.5 million people.
The biggest beneficiary of better economic times will be the Dallas-Fort Worth office space market. A string of big deals signed recently by companies including Denbury Resources, International Electric Supply, Hilton Worldwide and Pizza Hut suggest that the local office space demand in Dallas is picking up. Two major tenants at downtown Dallas’ Fountain Place just enlarged their leases.
The location of Dallas office space, itself, gives companies plenty of space to choose from. Vacancies can be found in downtown Dallas, Las Colinas, and along LBJ Freeway, as well as the Stemmons Freeway. Some areas that are seeing a rise are West Plano, Frisco, the North Central Expressway corridor and Uptown. Dallas is currently the third most popular destination for business travel in the United States, and the Dallas Convention Center is one of the largest and busiest convention centers in the country, at over 1,000,000 square feet, and the world’s single-largest column-free exhibit hall.
The Dallas office space market has changed in many ways. The outlook for Dallas office space in upcoming years will see some major changes, mainly regarding how office space is leased, negotiated and managed. Renegotiating leases may be easier for tenants; in a typical economy smaller tenants usually don’t have the leverage that larger tenants are afforded. However, given the state of the Dallas office market, even smaller tenants can negotiate great deals on their current space or new space. Simply put, landlords recognize that they may no longer be in the position to turn away potential tenants.
Learn more about Dallas office space. Stop by Nathaniel Potter’s site where you can find out all about Dallas office space market conditions.
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