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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Empty Office Space Lowers Richardson’s Commercial Occupancy Rate
About 15% of Richardson’s 23 million SF of office space was available for lease as of the second quarter of 2019. This is according to CoStar, who also reported that there are 19 buildings with at least 50,000 SF of available space, with ten of these buildings having more than 100,000 SF of vacant space. The city’s vacancy rate is compounded by several large office buildings that are either completely empty or contain large swaths of contiguous vacant space.
John Jacobs, executive vice president of economic development at the Richardson Chamber of Commerce, spun this news as a positive development. According to Jacobs, these commercial vacancies are more a sign of success than failure, since available space is key to maintaining a healthy and thriving market.
“The analogy I make is if I’m running a car dealership, I want my parking lot full of cars ready to sell,” he said. Read the full story here.
Latest Development News
This week, the Pflugerville Planning & Zoning and Parks and Recreation commissions reviewed preliminary plans for a proposed, 120-acre mixed-use development with commercial, retail, entertainment, residential, and recreational facilities. Earlier this year, the Plano City Council voted unanimously for final approval of a $1 billion plan to redevelop Collin Creek Mall into a mixed-use project with retail, entertainment, office, and residential space. Meanwhile, Washington Central, a 50% leased retail center under construction at 4015 Washington Ave. in Houston, will have 13,000 SF of retail space once it opens in early 2020.
Latest Leases Signed
Big news out of Austin this week—Facebook, which now employs 1,200 employees in Texas’ Capital City, moved into their new downtown office building. They now occupy more than 256,500 SF of space at the new Third + Shoal building, with room for at least 1,550 workers. In Houston, accounting firm Miller Grossbard Advisors has agreed to lease 14,000 SF of Class A office space in the M-K-T development. Meanwhile, Cross Creek Town Center in Fulshear has announced four new businesses, including a pharmacy, gym and co-working space concept, who will occupy space in the upcoming building with 76,000 SF of combined office and retail space.
Is it Better to Buy or Rent?
Should your company buy or rent space? We get this question quite often. On the commercial side of real estate, space is more expensive, so commitments are much longer, and liabilities that much greater. Because of this, you should never put something under contract without a complete review and understanding of the full dynamics of what a purchase means for your business. Read more here.
Learn as You Go
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