Welcome to the Tenavox Weekly News Roundup!
Trending this Week...
- DFW Office Rents Up 34% Over the Last Decade.
- Plano the No. 1 Small Texas City for office construction
- Tech Firm Splunk expands footprint in Plano.
DFW Office Rents Up 34% Over the Last Decade
DFW’s office market is more affordable than many other large markets in the country, but strong demand pushed up office rental rates by 34% on average over the course of the past decade, according to CBRE. DFW’s office market absorbed 31M SF in the 2010’s, but steady office construction kept the the office vacancy rate relatively unchanged, as 25M SF of new space delivered over the past decade.
Plano, Irving Named Top 2 Small Texas Cities for Office Construction in 2010's
Going into 2020, DFW has about 4.6M SF of office construction in its pipeline, according to CBRE. Plano and Irving are two DFW submarkets to watch, as they were ranked the No. 1 and No. 2 respectively on Commercial Café’s list of small Texas cities that added office space from 2009-2019. The two cities collectively added about 15M SF of space over the last decade, and have over 950K SF of combined office space under construction.
Latest Development News
H-E-B LP recently submitted plans for a 170K SF tech center at its San Antonio headquarters, with the expectation that the expansion will bring 1,000 workers to the campus by 2022. Meanwhile, in Houston’s Hobby Airport, Southwest Airlines Co. opened a new 240K SF maintenance center, which includes offices, training facilities, warehouse space, and a new hangar.
Latest Leases Signed
Tech firm Splunk Inc. leased 84K SF of office space in Plano last year, and is already expanding their footprint in the area with an additional 28K SF lease. With the most recent lease, the company has more than 110K SF in Plano, which accommodates roughly 450 employees. Texas Tower, an office building being developed in Downtown Houston, notched an additional tenant when law firm DLA Piper agreed to a 31K SF lease. Meanwhile, in Austin’s Parmer Austin Business Park, Infosys has leased nearly 66K SF of office space.
Upcoming Small Business and Real Estate Events
This section highlights a couple upcoming small business and real estate events to watch for in Austin and Houston.
On Tues. March 31, Bisnow is organizing The Future of the Historic Inner Loop, an event in Houston that will provide a deep dive into the present and future of the city’s Montrose, Heights & Washington Corridor! Limited early bird tickets are available, and all attendees will earn 2 CE credits.
On Tues. Jan. 28, the Austin Commercial Property Exchange will be held at Trinity Title of Texas in Austin. The networking event is open to all real estate brokers, agents, developers, and investors. Registration is recommended but not required.