DALLAS (CBRE) – According to a CBRE report, the North Texas office market is cooling down.
The market saw negative absorption for the first time in 31 consecutive quarters for a rare loss of 470,212 sf. This kicked up the local vacancy rate to 20.5 percent.
Around 1.2 million sf of office space was delivered in first quarter 2018, and 4.9 million sf is still in the pipeline. The average asking rent fell to $24.25 per sf, a 1 percent drop since first quarter 2017.
Employment growth across the Metroplex remained at a steady 2.7 percent, stronger than the nation’s 1.6 percent growth. According to the Bureau of Labor Statistics, over 96,000 new jobs were created in DFW in the past 12 months.
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International electronics giant Samsung is bringing 1,000 jobs to Plano in a consolidation of its North Texas operations.
Samsung will relocate workers now in Richardson’s Telecom Corridor and other locations to the Legacy Central project on U.S. Highway 75 and Legacy Drive.
Samsung is moving to the former Texas Instruments campus, which is getting a $100 million makeover by Regent Properties, a Los Angeles-based developer and investor.
“We’ve signed a 216,000-square-foot lease with Samsung,” said Regent CEO Eric Fleiss. “They are taking an entire building on the north side of the campus.
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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.
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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.
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A recent survey of commercial real estate investors ranked Dallas-Fort Worth as one of the top two target markets for investment among Americas metros, second only to Los Angeles/Southern California.
CBRE’s 2018 Americas Investor Intentions Survey, which covered all asset types, shows that 88 percent of investors plan to either maintain or increase spending in 2018—up from 83 percent in 2017.
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We asked the leadership teams at North Texas’ leading commercial real estate firms to tell us who generated the most revenue for their companies in 2017. Firms were limited to the top 20 percent of their brokers, rounded up to the nearest whole person. The only exceptions were made for partners or teams who work on all transactions concurrently, and therefore, all generate the same revenue for his or her firm. This year, we honor 391.
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