With office occupancy rates steadily rising and asset prices reaching new highs, investors are looking for the next best bet for office investment, especially in high-demand central business district (CBD) markets. However, according to a recent report by JLL, office vacancies rose to 14.9 percentby the end of 2017, and are expected to reach an even higher percentage by the end of 2019. Obviously, traditional investment in high-rise office product is no longer the strongest opportunity for investors.
With high prices and vacancies on their minds, many investors are turning away from high-rise office investment and increasingly looking toward mid-rise properties as the future of office investment. As an office investor with over 20 years of experience, we have compiled the top drivers behind increased investor activity in the mid-rise office market.
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Apartment renters have claimed more than 90 percent of the units in downtown’s tallest residential project: The 40-story Market Square Tower that gained national attention for its glass-bottomed sky pool hovering above Preston Street.
The leasing milestone, reached in December, shaved three months off Woodbranch Investments Corp.’s projected 15-month timeline and signals downtown is no longer limited to 9-to-5 office workers and theater goers. Bars and restaurants, food halls and parks are catering to a growing population, thanks to incentives provided by the Downtown Living Initiative.
Click to read more at www.chron.com
In the coming days, Toyota Music Factory is set to open 11 restaurants, including six concepts from Big Beat Dallas.
Big Beat Dallas is the creation of someone known to many in Fort Worth: Billy Bob Barnett, the namesake and creator of Billy Bob’s Texas.
Along with the restaurants, Toyota Music Factory announced that Texas Lottery Plaza, an open-air central gathering space that includes a full-production performance stage for all types of live entertainment and community events, will open March 19.
Click to read more at www.fortworthbusines.com
The first permitted, 3D-printed home created specifically for the developing world was unveiled today in Austin, Texas by New Story, the non-profit working to create a world where no human being lives in survival mode, and ICON, the newly launched construction technologies company leading the way into the future of homebuilding by using 3D printing to make major advancements in affordability, building performance, sustainability and customizability.
The 3D-printed home serves as proof-of-concept for sustainable homebuilding that will allow for safer, more affordable homes for more families, faster than ever. The printer, called the Vulcan, is designed to work under the constraints that are common in places like Haiti and rural El Salvador where power can be unpredictable, potable water is not a guarantee and technical assistance is sparse. It’s designed to tackle housing shortages for vulnerable populations instead of building with profit motivation.
Click to red more at www.businesswire.com
BY AMY SORTER
In October 2016, AT&T announced development of the Discovery District, an urban-tech center that would house its downtown Dallas headquarters building, while creating pedestrian-friendly sidewalks, restaurants and a shopping component. AT&T, which relocated to the Dallas CBD building from San Antonio in 2008, opted to remain in place, and to invest $100 million to renovate the inside and outside of its headquarters.
And, in March 2018, J. Mark Schleyer, AT&T’s Senior Vice President of Corporate Real Estate, stopped by the North Texas CCIM Chapter to discuss what was happening with the Discovery District – and what could be expected as it moves toward its 2019 opening date. Specifically, the real estate head presented his remarks, and some cool slides, at the CCIM
monthly luncheon, on March 15, 2018, at the Park City Club in Dallas.
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With the future of Frisco’s $2 billion Wade Park up in the air, everyone wants to know: What happens now?
Not with just the mixed-use project, but with that huge hole in the ground they’ve dug along Dallas North Tollway.
Excavation stopped almost a year ago on the site of what was supposed to be a row of high-rise buildings along the east side of the tollway near Lebanon Road. With the developer defaulting on more than $130 million in debts, lenders for the 175-acre project are threatening to foreclose.
Click to read more at www.dallasnews.com