By the end of 2020, Downtown Dallas will no longer have a single major vacant building. Kourtny Garrett, Downtown Dallas Inc. In the late 1990s, when attention of the public and private sectors turned back to Downtown with a loud call for revitalization, predicated on the fact that the city as a whole would not prosper without a strong core, our vacant building count was 42. Hundreds of boarded up storefronts and dozens of quickly deteriorating historic structures lined the streets, losing bits of our history with each failing brick. Fast forward through two decades of redevelopment—catalyzed by public-private partnerships, the introduction of urban dwellers, the return of business, and evolution of a ‘livable’ Downtown with parks, restaurants, arts, and amenities—and our last albatross has turned. The First National Bank Tower will be lit and lively again by the end of next year. Click to read more at www.dmagazine.com.
Nearly one year ago Peter Tokar moved from Alpharetta, Georgia, to McKinney. Tokar joined the McKinney Economic Development Corp. to serve as president and CEO on July 30, 2018. During Tokar’s first year with the MEDC, he has rebranded and restructured the organization and helped build a pipeline of businesses looking to call McKinney home. “The projects that we announce in a given year may have started two to three years ago,” Tokar said. “… I’ve got a lot of leads, and we definitely have a good, solid project pipeline [of businesses and projects]. … A lot of the first year is rebuilding, and it takes a year to do a full rebrand.” Under the rebrand, Tokar hopes to connect with McKinney residents and show them how the MEDC impacts the city’s tax base. The rebrand launched July 9. Click to read more at www.communityimpact.com.com.
DALLAS-FORT WORTH – Office developers remain active as corporations continue to capitalize on North Texas, according to a Marcus & Millichap report. An estimated 8.1 million SF of space is expected to come online in 2019, up more than 25 percent over the year. This total is still 2.3 million SF below the cyclical high posted in 2017. Office vacancy is predicted to remain steady at 18.9 percent this year. The rate inched up 20 and 70 basis points in the previous two years. The average asking rent will remain relatively affordable compared with the nation’s other major metros. The figure will rise 2.2 percent to $25.89 per SF.
Construction in the Dallas-Fort Worth area surged in April. A huge year-over-year increase in nonresidential building starts added to the annual building totals, according to a new report from Dodge Data and Analytics. Nonresidential building starts in the region totaled more than $1.2 billion in April — more than twice the activity of April 2018. But residential starts fell from a year ago and totaled about $1.1 billion. Through the first four months of the year, nonresidential building starts in North Texas are up 13% from the same period last year. And residential starts are down 11%, according to Dodge Data. The jump in commercial building activity in the area erased losses in the sector in the early months of 2019. Click to read more at www.dallasnews.com.
With the recent announcement that the Dallas Cowboys are entering the co-working arena, we are now witnessing the emergence of a fascinating new real estate trend. The Cowboys are transcending traditional real estate investments in office space, retail, multifamily and, now, co-working, by leveraging the strength of its brand to become a commercial real estate juggernaut. It’s a fascinating study in brand loyalty, and it may hint at the future of our industry: buildings as brands. As an organization, the cowboys franchise is no stranger to wise real estate strategy. Establishing the franchise headquarters and the team’s official practice facility in a far north suburb may not seem like a play that would go on to become one of the nation’s most popular real estate developments. Click to read more at www.dmagazine.com.
The dream team behind the new PGA headquarters resort gathered in Frisco last night to give an update on the 600-acre development. The invite-only event featured three discussions moderated by Dave Marr III of SirusXM’s PGA Tour Radio. Among the featured speakers: PGA of America CEO Seth Waugh, golf course architects Gil Hanse and Beau Welling, World Golf Hall of Famer Lee Trevino (who was uproariously funny) and his mentor Bill Eschenbrenner, and Bob Rowling, chairman and CEO of TRT Holdings, which owns Omni Hotels. Click to read more at www.dmagazine.com.