Welcome to the Tenavox Weekly News Roundup!
We're sending out a weekly collection of great articles and newsworthy content in the commercial real estate industry with a special tilt towards businesses and tenants.
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The Last Major Vacant Building in Downtown Dallas Will Undergo Redevelopment. This News Marks a Huge Turning Point for Downtown.
By the end of 2020, Downtown Dallas will no longer have a single major vacant building, which marks a major shift for the area. In the late 1990’s there were 42 vacant buildings in downtown, but now the tower at 1401 Elm Street, which is the last vacant building in the neighborhood, will undergo a major renovation. Once renovated, the property will be designated as mixed-use, with space for office, a restaurant, hotel, and residential expected. More importantly, this development will serve as a stimulant for bold, new projects that will shift the downtown market’s attention to infill development. Expect the amount of office and retail space in downtown Dallas to continue to steadily increase for the foreseeable future.
Rental Rates in Tomball and Magnolia Increase in the Second Quarter of 2019
As of late July, rental rates per square foot increased across the board for office, industrial and retail properties in Tomball and Magnolia from the second quarter of 2019. The increase in rent comes as occupancy rates for retail and office are up year over year.
Latest Development News
More details are announced for a 900-acre mixed-use development that will be built at the center of the Bridgeland master-planned community in Cypress. The first phase of the project will include residential and hotel space, as well as 80,000 SF of retail space, 40,000 SF of restaurant space, a 36,000 SF movie theater, and 350,000 SF of office space. Nearby in Katy, Freeway Properties has broken ground on a 150,920 SF office building along Interstate 10 near the Grand Parkway.
Latest Leases Signed
Last Week, we mentioned that Uber was strongly considering Dallas for a major expansion. This week, the company officially announced that 3,000 employees will occupy a planned office tower near Deep Ellum. In Austin, a Los Angeles-based firm bought the Chase Tower, a 21-story office building in downtown, while Kirby Grove, a 250,000-square-foot office building in Houston (worth an estimated $125 million) has hit the market.
Spotlight: Zach Ellis with Colliers Austin
Zach Ellis is a Vice President in Colliers International’s Austin location, and specializes in office tenant representation in the Austin MSA. For more than 12 years, he has helped companies in the Austin area find the office space that best fits their needs. His experience, attention to detail, and dedication to the success of his clients is what sets him apart from other brokers in Austin. On a post to our blog, he talks with us about why he got into tenant representation, why prospective tenants should hire a representative, and more. Read the full interview here.
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