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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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Most New Office Space in DFW and Houston Goes to Suburbs, Report Says
DFW and Houston each added millions of square feet of office space over the past decade, with the vast majority of the growth concentrated in suburban areas outside of the city core. DFW added 34.5M SF of office space over the past decade, representing a 13% increase, according to CommercialCafé. 27.9M SF, or roughly 80% of all DFW office growth, took place in the suburbs, with areas like the Platinum Corridor, Plano, and Las Colinas leading the pack.
The Houston suburbs also added the majority of the MSA’s new office space. The Woodlands added about 5.7M SF of office inventory over the past decade, while the Energy Corridor, Memorial Villages, Westchase, and Briargrove added 12.5M SF of space. Statewide, Texas added an impressive 108M SF of office space over the last 10 years, with roughly 75% of the new inventory in suburban communities. Read the full story here.
Latest Development News
After BP’s headquarters in Houston’s energy corridor experienced flood damage during Hurricane Harvey, the company saw an opportunity to truly transform their corporate headquarters. 2 years later, BP’s flagship 28-story Westlake tower has reopened, with a completely new lobby, a new visitors entrance, a new cafeteria, new conference rooms, and two floors of collaborative workspace and informal seating.
In Dallas, The Epic II has officially broken ground in the city’s Deep Ellum neighborhood. Uber, which has announced Dallas as the site of their HQ2, will lease 470K SF of space in the building. In Austin, a more than 60K SF mixed-use development is under construction at 1141 Shady Lane, with an expected completion date by the end of 2020.
Latest Leases Signed
Dallas-based Envy Gaming Inc., a company that runs esports teams is moving its headquarters and training center to a 21K SF facility in Victory Park, while Inogen Inc., an oxygen therapy technology and solutions firm, will close their 3 existing Richardson sites and take over 154,097 SF of space in Plano.
Looking to Lease in Austin? Check Out This Great Sublease in Downtown
Looking to lease in Austin? Take a look at this 1,609 SF office space in the Perry Brooks building in the city’s growing downtown. The two story sublease has a unique design, with an internal stairwell, two private restrooms, and an efficient space perfect for collaboration. Located within walking distance of numerous restaurants, bars, shops, music venues, and hotels, this beautiful office space is ideal for organizations looking for the vibrant downtown experience that will attract and retain top talent.
The space is available immediately. If interested, contact Zach Ellis to learn more or schedule a showing.
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