Downtown Progress

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dallaz
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Re: Downtown Progress

Postby dallaz » 24 Jul 2021 17:27

dzh wrote:
LongonBigD wrote:
Tucy wrote:JPMorgan Chase is apparently leaving Chase Tower for a smaller space at 1900 N Akard.

https://www.bizjournals.com/dallas/news ... 0#cxrecs_s


They only have about one floor in that building (Chase Tower) anyway. It only got worse lately because they sent some of those people to the newest 12 story Chase building in Legacy West the was built during covid. This shouldn’t have much impact on vacancies. That building would be a nice trophy for GS. But they probably wouldn’t be interested in a 1980s dinosaur.


Call me crazy, but is it time for some of these trophy 80s office buildings to start thinking about conversions into apartments and hotel (a la The National).

Fr. I’ve been thinking that for a while now.

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Urbancowboy
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Re: Downtown Progress

Postby Urbancowboy » 24 Jul 2021 18:07

I agree...we need more families living in downtown. The more people that live in or near downtown, the more local businesses will thrive. We are on the right path though...

cowboyeagle05
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Re: Downtown Progress

Postby cowboyeagle05 » 26 Jul 2021 12:00

Not all 80's office towers are able to convert like that. Most of those that are conducive to such a major change have already been converted. The landmarks like Fountain Place, Chase Tower, BofA Tower, Renaissance Tower are unfortunately just unrealistic for conversation. Maybe a hotel add in like the Westin did oh and Cityplace Tower is doing but its going to be about focusing on new builds to add residential and make the office space valuable by close proximity to new amenities like Discovery District, Arts District, Parks, High Speed Rail, Transit, walkable safe shopping and eateries etc. New office builds in the CBD will also suck some tenants away but it will also make landmarks attractive again as the overall CBD market becomes attractive again which we are still a long ways from.
“Growth for the sake of growth is the ideology of the cancer cell”

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Tucy
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Re: Downtown Progress

Postby Tucy » 26 Jul 2021 12:46

cowboyeagle05 wrote:Not all 80's office towers are able to convert like that. Most of those that are conducive to such a major change have already been converted. The landmarks like Fountain Place, Chase Tower, BofA Tower, Renaissance Tower are unfortunately just unrealistic for conversation. Maybe a hotel add in like the Westin did oh and Cityplace Tower is doing but its going to be about focusing on new builds to add residential and make the office space valuable by close proximity to new amenities like Discovery District, Arts District, Parks, High Speed Rail, Transit, walkable safe shopping and eateries etc. New office builds in the CBD will also suck some tenants away but it will also make landmarks attractive again as the overall CBD market becomes attractive again which we are still a long ways from.


Good (and fair) analysis. Is the Cityplace Tower hotel actually happening? Haven't seen or heard anything about that for a while.

cowboyeagle05
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Re: Downtown Progress

Postby cowboyeagle05 » 26 Jul 2021 17:26

^Not sure last I saw at night it looked like all the floors were the hotel was going had string construction lights on all night so its either happening or they started and didn't keep going after they tore out the existing finishes and walls.
“Growth for the sake of growth is the ideology of the cancer cell”

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CTroyMathis
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Re: Downtown Progress

Postby CTroyMathis » 26 Jul 2021 18:26

The last permit I saw had it going through remodel until March 2022 for hotel rooms. Also, some newer permits for some sort of fitness/pool floor and separately some conference stuff starting later this year until September 2022.

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Warrior2020
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Re: Downtown Progress

Postby Warrior2020 » 31 Jul 2021 13:24

Downtown was absolutely packed last weekend. All of it. I was shocked. It definitely felt like a real city. From uptown to downtown to victory park to deep ellum.

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Urbancowboy
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Re: Downtown Progress

Postby Urbancowboy » 03 Aug 2021 14:11

That's so great to hear. I'm old enough to remember when downtown Dallas was a ghost town in the 90's and early 2000's.
Last time I was in downtown--which was about a year ago--it seemed much more vibrant. I saw families, people walking their dogs, a good mix of people and different backgrounds/races. It felt like it's becoming a real city.
I can't wait to see what our city is going to be like in 5-10 years!!

Tnexster
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Re: Downtown Progress

Postby Tnexster » 09 Sep 2021 09:52

The wake-up call: How Boeing’s rejection of Dallas 20 years ago might have been the best thing for downtown

https://www.bizjournals.com/dallas/news ... 9#cxrecs_s

"They really did find the lack of vitality downtown a big issue. They wanted to go somewhere that had more vibrancy and a great urban seal," said Larry Good, retired founding principal and chairman of Dallas-based architecture firm GFF. In 2001, Good also served as chairman of Downtown Dallas Inc.

Today, downtown has grown into a vibrant live-work-play district that attracts new businesses, residents, and development. But how much credit, if any, does Dallas owe Boeing for that turnaround? Furthermore, what if Boeing had decided to move its headquarters to Dallas in 2001? How different would the urban core look today? On the 20th anniversary year of Boeing's rejection, the Dallas Business Journal revisits the decision to determine if Boeing's pass on downtown was actually a blessing in disguise.

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exelone31
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Re: Downtown Progress

Postby exelone31 » 10 Sep 2021 09:12

Man, it's too bad Amazon didn't say "Sheesh, we'd love to move HQ2 here, but that Trinity River is looking pretty dumpy. There should really be a centerpiece park there."

cowboyeagle05
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Re: Downtown Progress

Postby cowboyeagle05 » 10 Sep 2021 18:00

Honestly the only way anything is gonna happen is if Amazon had signed a contract requiring the park in the Trinity if they moved to Dallas. Lord knows that's how Main Street Gardens happened it was proposed but the city didn't really have set funding for it. Then magically when they guaranteed the park as part of the Mercantile deal with Forest City Enterprises the park was built in short order. Mind you based on the cities track record with the Trinity projects forcing them to spend money on the Trinity seems like a bad idea.
“Growth for the sake of growth is the ideology of the cancer cell”

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Warrior2020
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Re: Downtown Progress

Postby Warrior2020 » 02 Oct 2021 11:16

cowboyeagle05 wrote:Honestly the only way anything is gonna happen is if Amazon had signed a contract requiring the park in the Trinity if they moved to Dallas. Lord knows that's how Main Street Gardens happened it was proposed but the city didn't really have set funding for it. Then magically when they guaranteed the park as part of the Mercantile deal with Forest City Enterprises the park was built in short order. Mind you based on the cities track record with the Trinity projects forcing them to spend money on the Trinity seems like a bad idea.

Cool video about the progress downtown https://youtu.be/cdcqJZ4Xl4s

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Tivo_Kenevil
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Re: Downtown Progress

Postby Tivo_Kenevil » 03 Oct 2021 15:42

From the vid

Dallas Downtown Historic District
https://maps.app.goo.gl/eUcWVdLB1r9KyKkp8
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Last edited by Tivo_Kenevil on 03 Oct 2021 15:56, edited 1 time in total.

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Tivo_Kenevil
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Re: Downtown Progress

Postby Tivo_Kenevil » 03 Oct 2021 15:44

Some stats from the vid. 13.5K residents. About 95% units occupied. We need more housing.
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Warrior2020
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Re: Downtown Progress

Postby Warrior2020 » 03 Oct 2021 18:14

Another 10,000 units should be easy

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Tucy
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Re: Downtown Progress

Postby Tucy » 04 Oct 2021 12:11

Tivo_Kenevil wrote:Some stats from the vid. 13.5K residents. About 95% units occupied. We need more housing.


Downtown Dallas, Inc. tends to exaggerate. According to US Census figures, the total 2020 population inside the freeway loop was 10,598.

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LuvBigD
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Re: Downtown Progress

Postby LuvBigD » 04 Oct 2021 14:23

Do you really think that a government agency is going to give accurate information? If you think that then I"ve got some ocean front property in Arizona to sell you.

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Tivo_Kenevil
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Re: Downtown Progress

Postby Tivo_Kenevil » 04 Oct 2021 15:20

Tucy wrote:
Tivo_Kenevil wrote:Some stats from the vid. 13.5K residents. About 95% units occupied. We need more housing.


Downtown Dallas, Inc. tends to exaggerate. According to US Census figures, the total 2020 population inside the freeway loop was 10,598.


Actually yes, I trust that the DDI can give u a more exact number on Downtown Dallas than the US Census Agency. DDI's entire focus, is the CBD, they have established relationships with the Rental properties companies and the citizens/Businesses that call the CBD home. The US census uses surveys, and uses a one size fits all methodology for all localities across the nation. Not to mention, there were some political obstacles that had many questioning it's fairness and accuracy in 2020.

Tnexster
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Re: Downtown Progress

Postby Tnexster » 04 Oct 2021 15:45

Kourtny Garrett’s work turned downtown Dallas into a real neighborhood. Now she heads to Denver
This young leader -- “smart on the details and long on the big story” -- has spent 20 years transforming the city’s core and making downtown fun for us all.


https://www.dallasnews.com/news/comment ... to-denver/

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BigTex
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Re: Downtown Progress

Postby BigTex » 08 Oct 2021 10:20

Tnexster wrote:Kourtny Garrett’s work turned downtown Dallas into a real neighborhood. Now she heads to Denver
This young leader -- “smart on the details and long on the big story” -- has spent 20 years transforming the city’s core and making downtown fun for us all.


https://www.dallasnews.com/news/comment ... to-denver/


This is such a major loss for Dallas. I don't think anyone understands the impact she (and DDI) has made on Downtown.

Tnexster
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Re: Downtown Progress

Postby Tnexster » 08 Oct 2021 11:10

I didn't realize she has been here that long, hopefully she has groomed somebody to take her place.

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BigTex
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Re: Downtown Progress

Postby BigTex » 08 Oct 2021 11:57

Tnexster wrote:I didn't realize she has been here that long, hopefully she has groomed somebody to take her place.


I would imagine Dustin would take her place. Dustin and Evan have done a great job with attracting potential development in Downtown... something the City isn't doing.

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Tivo_Kenevil
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Re: Downtown Progress

Postby Tivo_Kenevil » 08 Oct 2021 20:43

Huge loss

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Tucy
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Re: Downtown Progress

Postby Tucy » 11 Nov 2021 14:19

UPDATED Occupied Office 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
1st Q 2021: 22,699,028
2nd Q 2021: 22,664,462
3rd Q 2021: 22,667,432

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
1st Q 2021: 12,379,921
2nd Q 2021: 12,306,599
3rd Q 2021: 12,624,290

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
1st Q 2021: 35,078,949
2nd Q 2021: 34,971,060
3rd Q 2021: 35,291,722

End of 3rd Q 2021 vacancy:
CBD: 24.2% direct (up from 23.9 at 1st Q, up from 22.4% at YE 2020); 29.1% w/sublets (up from 26.2% at YE 2020)
Uptown/Turtle Creek: 14.2% direct; 16.1% w/sublets

Because we're now getting some significant office space in the Deep Ellum area, I'll start tracking that submarket (Deep Ellum/East Dallas)

3rd Q 2021: 1,227,548 sq ft occupied
Vacancy: Direct: 19.6%. W/sublets: 39.5%

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Tucy
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Re: Downtown Progress

Postby Tucy » 11 Nov 2021 15:04

CBRE 3rd Quarter 2021 Office Market Report:

Dallas CBD had negative absorption of 67,428 square feet.
Total vacancy stands at 32.3%. (highest vacancy rate in the metroplex)
Total availability: 39.2% (that's almost 11 Million square feet available, more than 9 Million of which is Class A ) (Highest availability rate in the metroplex)
Class A space availability stands at 41.7%

Uptown/Turtle Creek: net absorption of 50,601 square feet
Total vacancy: 20.5%
Total availability: 24.2% (that's more than 3 Million square feet available, more than 2.5 Million of which is Class A)

Greater Downtown (CBD +UT/Turtle Creek): net absorption of 16,827 square feet.
Total availability: 34.5% (almost 14 Million square feet).

The total DFW market had negative absorption of 621,328 square feet.

Tnexster
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Re: Downtown Progress

Postby Tnexster » 12 Nov 2021 14:21

Tucy wrote:CBRE 3rd Quarter 2021 Office Market Report:

Dallas CBD had negative absorption of 67,428 square feet.
Total vacancy stands at 32.3%. (highest vacancy rate in the metroplex)
Total availability: 39.2% (that's almost 11 Million square feet available, more than 9 Million of which is Class A ) (Highest availability rate in the metroplex)
Class A space availability stands at 41.7%

Uptown/Turtle Creek: net absorption of 50,601 square feet
Total vacancy: 20.5%
Total availability: 24.2% (that's more than 3 Million square feet available, more than 2.5 Million of which is Class A)

Greater Downtown (CBD +UT/Turtle Creek): net absorption of 16,827 square feet.
Total availability: 34.5% (almost 14 Million square feet).

The total DFW market had negative absorption of 621,328 square feet.


Doesn't make a tremendous case for a lot of new product going up.

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Tucy
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Re: Downtown Progress

Postby Tucy » 18 Jan 2022 12:48

UPDATED Occupied Office 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
1st Q 2021: 22,699,028
2nd Q 2021: 22,664,462
3rd Q 2021: 22,667,432
4th Q 2021: 22,588,008

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
1st Q 2021: 12,379,921
2nd Q 2021: 12,306,599
3rd Q 2021: 12,624,290
4th Q 2021: 12,793,606

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
1st Q 2021: 35,078,949
2nd Q 2021: 34,971,060
3rd Q 2021: 35,291,722
4th Q 2021: 35,381,614

End of 4th Q 2021 vacancy:
CBD:24% direct ; 26.9% w/sublets

Uptown/Turtle Creek: 17.3% direct; 19.1% w/sublets

Greater Downtown: 24.3% w/sublets

Because we're now getting some significant office space in the Deep Ellum area, I'll start tracking that submarket (Deep Ellum/East Dallas)

3rdQ 2021: 1,227,548 sq ft occupied
4th Q 2021: 1,237,167 sq ft occupied
Vacancy: Direct: 17.4% W/sublets: 45.4%

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Tucy
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Re: Downtown Progress

Postby Tucy » 18 Jan 2022 13:02

CBRE 4th Quarter 2021 Office Market Report:

Dallas CBD had positive absorption of 64,752 square feet (negative 367,851 square feet for CY 2021)
Total vacancy stands at 32.44%. (highest vacancy rate in the metroplex)
Total availability: 39.21% (that's almost 11 Million square feet available, more than 9 Million of which is Class A ) (Highest availability rate in the metroplex)
Class A space availability stands at 41.58%

Uptown/Turtle Creek: net absorption of 12,095 square feet (negative 161,623 square feet for CY 2021)
Total vacancy: 24.33%
Total availability: 27.2% (that's more than 3.5 Million square feet available, more than 3 Million of which is Class A)

Greater Downtown (CBD +UT/Turtle Creek): net absorption of 76,847 square feet (negative 529,474 for CY 2021).
Total availability: 35.5% (more than 14.5 Million square feet).

The total DFW market had negative absorption of 790,656 square feet (negative 1,343,939 square feet for CY 2021).

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Hannibal Lecter
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Re: Downtown Progress

Postby Hannibal Lecter » 21 Jan 2022 11:16

Dallas’ Field Street is the new ‘center of gravity’ downtown

The latest from Steve Brown

https://www.dallasnews.com/business/rea ... -downtown/

Is Field Street the new main street in Dallas?

Billions of dollars in high-rise building projects are in the works along the thoroughfare connecting downtown with Uptown.

Scattered along seven blocks of Field Street between Ross Avenue and Harry Hines Boulevard are the sites for some of the biggest new developments on the way in North Texas.

A half dozen skyscraper projects planned along Field Street will connect downtown’s towers with the growing high-rise neighborhood just north of Woodall Rodgers Freeway.

cowboyeagle05
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Re: Downtown Progress

Postby cowboyeagle05 » 21 Jan 2022 12:00

Fluff piece but a good summary I can send my friends of what could happen but most likely only one of those projects will possibly get off the ground.
“Growth for the sake of growth is the ideology of the cancer cell”

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dallaz
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Re: Downtown Progress

Postby dallaz » 21 Jun 2022 09:50

America's new mainstreets: Downtown Dallas

https://www.bizjournals.com/dallas/news ... allas.html