Dallas Fort Worth Urban Forum

Downtown Progress

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Tucy
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Re: Downtown Progress

Postby Tucy » 16 Oct 2020 09:57

homeworld1031tx wrote:Two relatively large buildings between Meadow and Royal, right off of 75, were demolished over the last few months. They had been heavily damaged by the tornado from last October. I'm not at all sure how the lease cancellation works when you're building is destroyed.

Capture.JPG



Thanks. So, yes, they would have been vacant well before the start of the 3rd quarter 2020. They would have had zero impact on the 3rd quarter 2020 absorption numbers.

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Tucy
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Re: Downtown Progress

Postby Tucy » 23 Dec 2020 13:49

Neiman Marcus abandons large office spaces in Renaissance Tower (5 floors) and 1700 Pacific (2 floors).


https://www.dallasnews.com/business/ret ... wn-dallas/

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Tucy
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Re: Downtown Progress

Postby Tucy » 23 Dec 2020 14:42

UPDATED Occupied Officse Space per Transwestern:


CBD
4th Q 2012: 27,209,000
4th Q 2017: 25,798,000
2nd Q 2020: 23,400,000
3rd Q 2020: 22,950,000

Uptown
4th Q 2012: 10,396,000
4th Q 2017: 11,854,000
2nd Q 2020: 12,812,000
3rd Q 2020: 12,367,000

Greater Downtown
4th Q 2012: 37,605,000
4th Q 2017: 37,652,000
2nd Q 2020: 36,214,000
3rd Q 2020: 35,315,000

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Tucy
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Postby Tucy » 23 Dec 2020 15:39

More broadly defined Central Dallas submarkets:

CBD
4th Q 2012: 27,209,000
3rd Q 2020: 22,950,000

Uptown/Turtle Creek
4th Q 2012: 10,396,000
3rd Q 2020: 12,367,000

Stemmons Corridor
4th Q 2012: 12,135,718
3rd Q 2020: 12,514,121

Preston Center
4th Q2012: 4,576,398
3rd Q 2020: 5,019,585

Central Expressway
4th Q 2012: 14,263,926
3rd Q 2020: 12,514,121 (This one is not even as "good" as it looks... the 2020 inventory includes Park Central, whereas the 2012 inventory did not.)

Deep Ellum/East Dallas
4th Q 2012: 2,211,221
3rd Q 2020: 1,529,173

West LBJ
4th Q 2012: 4,176,724
3rd Q 2020: 3,323,225

Total Office Space Occupied in these Central Dallas Submarkets:
4th Q 2012: 74,968,987 square feet
3rd Q 2020: 70,217,225 square feet.

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tamtagon
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Re: Downtown Progress

Postby tamtagon » 23 Dec 2020 18:14

great date comparison! Thanks Tucy

why is less space being occupied? some of the CBD is conversion to residential, but how much?

I45Tex
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Re: Downtown Progress

Postby I45Tex » 24 Dec 2020 08:35

Unless we also have before and after comparisons of the average age of class A, B, and C space by submarket, we can't determine if there are multiple storylines here or one overarching economic geography one.

Simple as it is, even tearing down fifty older buildings of less than 75,000 square feet apiece with lower parking ratios -- because if you're going to spend for a garage, or to renovate and reposition, then their acreage is now worth more to someone for a multifamily Dallas Donut, for instance -- could account for the lion's share (70K x ~50 sites = 3.5 million square feet less aging office product).

I45Tex
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Re: Downtown Progress

Postby I45Tex » 24 Dec 2020 08:51

Has anyone here ever gotten a database from Tarrant and Dallas County Appraisal Districts, and perhaps meshed it with cities' GIS shapefiles, or the New York Times' compilation of "every building footprint in the USA" (link below but also in a 2018 thread on this forum), to produce a sheer count of indoor square footage in Dallas County inside the downtown cement belt, inside Loop 12, inside 635/161/20, inside Belt Line, etc?
Would like at that point to see a SimCity-style breakout of square footage by res/comm/industrial and the statistical distribution of footprint sizes, ages and heights within each. Heights = when the appraisal district data finds multiple floors of a building they note how many.

https://github.com/Microsoft/USBuildingFootprints/

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Tucy
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Re: Downtown Progress

Postby Tucy » 04 Jan 2021 15:34

lakewoodhobo wrote:Empty office floors will become Bluelofts live-work centers in Dallas towers
https://www.dallasnews.com/business/rea ... las-towers

I love this idea. SO glad someone found a modular solution to filling empty office spaces downtown with residents... I only wish they had come up with this sooner so that more of the office towers with tunnel connections could have this option.

The tower in the article sounds like it might be Pacific Place (1910 Pacific) but this would be a great solution for 1700 Pacific.


Did this ever happen?

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Tucy
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Re: Downtown Progress

Postby Tucy » 04 Jan 2021 15:39

The oversupply of new apartments caused occupancy levels to drop below 95%. And overall quoted rents were down slightly for the year.

The loss was due to cuts in urban Dallas neighborhoods,” Willett said. “Prices came down 5% to 7% over the past year in the Intown Dallas, Oak Lawn and Medical District neighborhoods, contrasting to flat to slightly rising rents in most other parts of the metro.”

https://www.dallasnews.com/business/rea ... ths-of-20/

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Tucy
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Re: Downtown Progress

Postby Tucy » 21 Jan 2021 09:50

Lenders Moving to Take Control of One of Dallas' Biggest Office Towers

https://www.dallasnews.com/business/rea ... kyscraper/

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Tucy
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Re: Downtown Progress

Postby Tucy » 02 Feb 2021 15:23

UPDATED Occupied Officse Space per Transwestern:

CBD
4th Q 2012: 27,209,000
4th Q 2017: 25,798,000
2nd Q 2020: 23,400,000
3rd Q 2020: 22,950,000
4th Q 2020: 23,215,067

Uptown
4th Q 2012: 10,396,000
4th Q 2017: 11,854,000
2nd Q 2020: 12,812,000
3rd Q 2020: 12,367,000
4th Q 2020: 12,244,054

Greater Downtown
4th Q 2012: 37,605,000
4th Q 2017: 37,652,000
2nd Q 2020: 36,214,000
3rd Q 2020: 35,315,000
4th Q 2020: 35,459,121

End of year 2020 vacancy:
CBD: 22.4% direct; 26.2% w/sublets
Uptown/Turtle Creek: 15.2% direct; 18.4% w/sublets

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Matt777
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Re: Downtown Progress

Postby Matt777 » 03 Feb 2021 11:50

Tucy wrote:UPDATED Occupied Officse Space per Transwestern:

CBD
4th Q 2012: 27,209,000
4th Q 2017: 25,798,000
2nd Q 2020: 23,400,000
3rd Q 2020: 22,950,000
4th Q 2020: 23,215,067

Uptown
4th Q 2012: 10,396,000
4th Q 2017: 11,854,000
2nd Q 2020: 12,812,000
3rd Q 2020: 12,367,000
4th Q 2020: 12,244,054

Greater Downtown
4th Q 2012: 37,605,000
4th Q 2017: 37,652,000
2nd Q 2020: 36,214,000
3rd Q 2020: 35,315,000
4th Q 2020: 35,459,121

End of year 2020 vacancy:
CBD: 22.4% direct; 26.2% w/sublets
Uptown/Turtle Creek: 15.2% direct; 18.4% w/sublets


Nice to see a small uptick in occupancy for the CBD, in spite of what's going on with covid.

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mdg109
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Re: Downtown Progress

Postby mdg109 » 11 Feb 2021 12:38

Out of curiosity, what are some things you all are hoping to see or looking forward to seeing happen in downtown this year?

I'm hoping the townhomes along Commerce and 345 starts construction, and that the former Iron Cactus gets a new tenant.

cowboyeagle05
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Re: Downtown Progress

Postby cowboyeagle05 » 11 Feb 2021 13:59

I hoping that we start to see some of the connective tissue between Main Street/Commerce and the Farmers Market/East Quarter start to show some fruit. With a new residential high rise in the East Quarter creating a new anchor and the Harwood Park visually advancing at some point in 2021 that side should start seeing better movement.
“Growth for the sake of growth is the ideology of the cancer cell”

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jetnd87
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Re: Downtown Progress

Postby jetnd87 » 11 Feb 2021 14:34

The full realization of what the AT&T Discovery District can be, with filled out food hall, events calendar, etc., coupled with opening of nearby Elm Place.

willyk
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Re: Downtown Progress

Postby willyk » 20 Feb 2021 00:23

cowboyeagle05 wrote:I hoping that we start to see some of the connective tissue between Main Street/Commerce and the Farmers Market/East Quarter start to show some fruit. With a new residential high rise in the East Quarter creating a new anchor and the Harwood Park visually advancing at some point in 2021 that side should start seeing better movement.


“Connective tissue””— what a great metaphor. We all hate those desolate gaps of surface parking and empty buildings that lie between the islands of development in downtown Dallas. More connective tissue in 2021 please!

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tamtagon
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Re: Downtown Progress

Postby tamtagon » 20 Feb 2021 10:36

Considering the difficulty DART has planning downtown rail, I think it's time to start working out the details of upgrading the maintenance line across South Dallas to passenger.

The entire swath of Dallas between the CBD and the forest will develop, rolling in waves of New Urbanist design improvements. The closer you get to the forest, the more expensive the dwelling, city view on one side, wilderness on the other....


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