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?

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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).

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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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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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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.

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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.

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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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Re: Downtown Progress

Postby Tucy » 27 Mar 2021 07:37

Bryan Tower facing possible foreclosure. Occupancy down to 35% after Baylor Scott & White moved out.

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

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Re: Downtown Progress

Postby Tnexster » 08 Apr 2021 16:41

Bakery chain plans to add up to 30 locations in North Texas

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

Mele said in the states, the company performs well in suburbs around major cities like New York City, Los Angeles, San Francisco and Atlanta, but he hopes to add one or two locations in downtown Dallas, as well.

“We're rather small in the U.S. — we're still less than 100 locations open,” Mele said. “But where we are open, we have this cult following. People love Paris Baguette, it's a real bakery. I think we're filling a niche in the market.”

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Re: Downtown Progress

Postby DPatel304 » 09 Apr 2021 09:30

Great news! I haven't heard of this place, but nice to see they are considering downtown. I wonder if they mean the CBD, or the greater Downtown area?

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Re: Downtown Progress

Postby Addison » 09 Apr 2021 11:47

Tnexster wrote:Bakery chain plans to add up to 30 locations in North Texas

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

Mele said in the states, the company performs well in suburbs around major cities like New York City, Los Angeles, San Francisco and Atlanta, but he hopes to add one or two locations in downtown Dallas, as well.

“We're rather small in the U.S. — we're still less than 100 locations open,” Mele said. “But where we are open, we have this cult following. People love Paris Baguette, it's a real bakery. I think we're filling a niche in the market.”


How does this place compare to, say, La Madeleine?

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Tucy
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Re: Downtown Progress

Postby Tucy » 09 Apr 2021 14:24

CBRE 1st Quarter 2021 Office Market Report:

Dallas CBD had negative absorption of 461,654 square feet.
Total vacancy stands at 30.8%.
Total availability: 37.5% (that's more than 10 Million square feet available, 8.8 Million of which is Class A)

Uptown/Turtle Creek: negative absorption of 115,576 square feet
Total vacancy: 19.9%
Total availability: 24.3% (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): negative absorption of 577,230 square feet.
Total vacancy: 27.3% (more than 11 Million square feet)
Total availability: 33.3% (more than 13.4 Million square feet)

The total DFW market had negative absorption of 1.155 Million square feet; almost exactly 1/2 (49.967%) of the market's negative absorption was in greater downtown Dallas.

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Re: Downtown Progress

Postby utgf » 09 Apr 2021 18:29

Addison wrote:
Tnexster wrote:Bakery chain plans to add up to 30 locations in North Texas

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



How does this place compare to, say, La Madeleine?


Does not have restaurant section like La Madeleine.
Seems more asian influenced.
They opened up a new small one across the street from me in SF during the pandemic and is almost always empty.
The stores are fairly large in the bay area suburbs, look nice and popular.
Their pastries and breads are pretty bland when compared to all the great bakery options in SF.

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Re: Downtown Progress

Postby Addison » 10 Apr 2021 00:08

utgf wrote:
Addison wrote:
Tnexster wrote:Bakery chain plans to add up to 30 locations in North Texas

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



How does this place compare to, say, La Madeleine?


Does not have restaurant section like La Madeleine.
Seems more asian influenced.
They opened up a new small one across the street from me in SF during the pandemic and is almost always empty.
The stores are fairly large in the bay area suburbs, look nice and popular.
Their pastries and breads are pretty bland when compared to all the great bakery options in SF.


If that's how well they seem to be doing at that location across from you in SF, they're seriously going to struggle with the uber-competitive restaurant landscape in DFW if they don't get the format right.

La Madeleine is actually trying out a new concept out here in Addison. They took over the old Steak n Shake for its drive thru. The baked goods are shipped down (already prepared) and the food menu is very limited. Needless to say, it has terrible ratings and is typically empty. Can't see it lasting a year.

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Re: Downtown Progress

Postby eburress » 13 Apr 2021 15:39

Legendary Dakota's Steakhouse in downtown Dallas reopens with new boss:

https://dallas.culturemap.com/news/rest ... 9jBXvzkKO8

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Tucy
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Re: Downtown Progress

Postby Tucy » 15 Apr 2021 14:07

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

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

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

End of 1st Q 2021 vacancy:
CBD: 23.9% direct (up from 22.4% at YE 2020); 27.9% w/sublets (up from 26.2% at YE 2020)
Uptown/Turtle Creek: 15.2% direct; 18.4% w/sublets

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dallaz
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Re: Downtown Progress

Postby dallaz » 28 May 2021 01:45

A good overview of what’s going on in downtown

https://m.youtube.com/watch?v=d73wd2VVE ... e=youtu.be

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Urbancowboy
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Re: Downtown Progress

Postby Urbancowboy » 30 May 2021 01:30

Great video. Thanks for sharing. The future looks bright for us

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Tucy
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Re: Downtown Progress

Postby Tucy » 16 Jun 2021 09:35

Another downtown office building slated for foreclosure:
https://www.dallasnews.com/business/rea ... reclosure/

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Re: Downtown Progress

Postby Tnexster » 16 Jun 2021 11:52

Tucy wrote:Another downtown office building slated for foreclosure:
https://www.dallasnews.com/business/rea ... reclosure/


Between the foreclosures and abundance of empty office space one might be led to believe downtown isn't doing so great. Contrary to what they would like us to believe.

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Re: Downtown Progress

Postby Addison » 16 Jun 2021 16:36

Tnexster wrote:
Tucy wrote:Another downtown office building slated for foreclosure:
https://www.dallasnews.com/business/rea ... reclosure/


Between the foreclosures and abundance of empty office space one might be led to believe downtown isn't doing so great. Contrary to what they would like us to believe.


This specific foreclosure case is definitely a false flag. It seems the owner has been involved in a federal corruption probe for a while (pre-COVID).

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Re: Downtown Progress

Postby cowboyeagle05 » 18 Jun 2021 11:23

And the Spire owned tower on Bryan street that used to have Baylor HQ in it well that company has been struggling long before COVID to pay that towers bills. There is a reason I've met a few employees that left Spire.

Mind you Downtown is doing better in a lot of ways but we all know its not the premier office market for the region. We know that's Legacy/Frisco and Cypress Watters plus a few others. I still insist that until more neighborhoods surrounding the CBD are moving up and leasing you wont see the CBD boat float too well. The CBD is the historical center but once Deep Ellum, Uptown, South Side/Cedars, River Front Blvd, Design District are all bumping then you will see the Downtown come alive properly. You just have way too many big 80's buildings and disjointed urban repair projects to float successfully at once. You need the hip areas around the CBD to put some kick in the giddy up. The CBD needs the equivalent of the bedroom communities to add rooftops.

At least we now have the AT&T Discovery District and the East Quarter/Farmers Market plus the various parks that being built are having a positive impact.
“Growth for the sake of growth is the ideology of the cancer cell”

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Re: Downtown Progress

Postby dallaz » 02 Jul 2021 16:49

You Might Not Recognize Downtown Dallas In A Few Years

https://yallitics.podbean.com/e/you-mig ... few-years/

A major relocation maybe coming and a new grocery store in downtown…?

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Tucy
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Re: Downtown Progress

Postby Tucy » 03 Jul 2021 11:19

dallaz wrote:You Might Not Recognize Downtown Dallas In A Few Years

https://yallitics.podbean.com/e/you-mig ... few-years/

A major relocation maybe coming and a new grocery store in downtown…?


She can be a little frustrating. One second she's referring to downtown as the CBD (within the freeway loop) and the next she's talking about "greater downtown", generally without specifying.

The most interesting thin in the podcast: interior demolition on the DMN building has started and the first phase will be nothing more than event space to be followed "eventually" by the boutique hotel.

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Re: Downtown Progress

Postby I45Tex » 03 Jul 2021 14:48

cowboyeagle05 wrote:we all know its not the premier office market for the region. We know that's Legacy/Frisco and Cypress Waters...


I insist that that's not a dealbreaker if what you want is to attract a broad wedge of the community to feel welcome to make a neighborhood their own and get involved in living in it. Right now downtown is not any more rife with opportunity in that regard than pristine-minded suburban Legacy is. People need to be able to personally do things in and for Dallas -- with personal initiative, something more creative than being labor for someone's volunteer slot -- to be able to care about it more than a certain amount.

Right now Dallas can't even fathom giving someone the kind of tactical urbanist chance that a DFWU member would like to take and run with, right? And for sure not the sphere of longer-term responsibility that a Patrick Kennedy style visionary citizen would like to grow. I'm speaking openendedly here because the specifics aren't really the point until people even have an avenue to express their passion for the place. There may be avenues but is there a young professionals-style induction orientation to introduce regular citizens to the avenues unknown to them? Right now I don't know of it in Dallas. Not unless the person lands a job with urbanist-adjacent responsibility, or unless they want to buy a private property downtown and apply to improve it. Few can get excited about either route.

cowboyeagle05 wrote:...until more neighborhoods surrounding the CBD are moving up and leasing you wont see the CBD boat float too well. The CBD is the historical center but once Deep Ellum, Uptown, South Side/Cedars, River Front Blvd, Design District are all bumping then you will see the Downtown come alive properly. You just have way too many big 80's buildings and disjointed urban repair projects to float successfully at once. You need the hip areas around the CBD to put some kick in the giddy up. The CBD needs the equivalent of the bedroom communities to add rooftops.

At least we now have the AT&T Discovery District and the East Quarter/Farmers Market plus the various parks that being built are having a positive impact.


As far as that goes, then, there's clearly a lot more to success in consumer activity than being the premier office address. And for a similar case study of a smaller Sunbelt peer city, Downtown Atlanta still isn't their premier office address, but their endless northward sprawl of the 1980s, 1990s and 2000s in Atlanta has lost a lot of its former prestige in comparison to lifestyle patterns like the old city's Beltline (hey good name-- they must have come to Dallas) hike and bike trail etc., and large amounts of south downtown (lying in the opposite direction than their Uptown Dallas equivalent, which is Midtown Atlanta) space are in play for adaptive reuse and redevelopment now.

I feel like Dallas County (2,650,000) already has demand for 1% or 26,000 "consumers" to move downtown even now if the monthly price per square foot were
competitively low. There's a chicken and egg problem with not enough supply for the market to provide good price determination. As long as it remains relatively soft (risky) vs the region, large central landowners like Headington will sit out to let someone less risk-sensitive prove up the demand better for them. That land removes a significant fraction of the potential sites for downtown to have a robust housing supply. And so on.

We on this forum saw it take from the 1980s until 2010 for the 1950s space downtown to get repositioned. Houston didn't have the 1950s downtown office boom that we did, but it had a bigger one in the 1970s than we did, and that space has now struggled in obsolescence for a decade there. It could take us into the 2030s at this rate for our obsolete 1980s office wave to get demolished or adaptively reused, but...

In 2012, Houston decided the citywide multiplier effect of downtown housing was large enough to justify a $15,000/unit tax rebate subsidy carrot for the first 2,500 new housing units anybody built within certain downtown boundaries. First come first served, AFAIK if you had chosen to build 2,500 units there, you could have claimed the whole $37.5 million yourself (after certain stipulations like sidewalk-friendly ground floor uses were met in order to qualify). However, there was a four year window time limit to apply.

https://www.chron.com/business/article/ ... 791742.php

I don't know all the fine print but here it is if anyone wants it:

http://www.downtowntirz.com/program/completed-program/

I believe it was successful enough in its response that they ended up offering it for up to the first 5,000 units ($75 million) and it has made a visible difference.

A similar TIRZ incentive with boundaries at Riverfront, Ross, N/S Ervay, and Corinth St, for example, might lead to a lot of good and not many regrets. It might also be more cost-effective than us trying to manage demand-attraction by converting more and more developable blocks to parks.

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Tucy
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Re: Downtown Progress

Postby Tucy » 03 Jul 2021 17:00

I45Tex wrote:In 2012, Houston decided the citywide multiplier effect of downtown housing was large enough to justify a $15,000/unit tax rebate subsidy carrot for the first 2,500 new housing units anybody built within certain downtown boundaries. First come first served, AFAIK if you had chosen to build 2,500 units there, you could have claimed the whole $37.5 million yourself (after certain stipulations like sidewalk-friendly ground floor uses were met in order to qualify). However, there was a four year window time limit to apply.

I believe it was successful enough in its response that they ended up offering it for up to the first 5,000 units ($75 million) and it has made a visible difference.

A similar TIRZ incentive with boundaries at Riverfront, Ross, N/S Ervay, and Corinth St, for example, might lead to a lot of good and not many regrets. It might also be more cost-effective than us trying to manage demand-attraction by converting more and more developable blocks to parks.


FWIW, Dallas has already given out WAY more than $75 Million in subsidies for downtown residential development.

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I45Tex
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Re: Downtown Progress

Postby I45Tex » 03 Jul 2021 17:12

True. And I think Houston at the time was especially aware of our relative success with getting the Mercantile complex done, a very complex redevelopment effort by Forest City. Part of Houston's success may have been economic timing --

https://www.eia.gov/todayinenergy/image ... 3/main.png

But 5000 residences is a lot so it *seemingly* got a lot more people off of the sidelines than we have managed to do, so that is at least worth examining. Downtown Houston is not much more centrally located now than DTD is... we could conceivably pay many million to build and then maintain each park, or for the same price give a small but useful nudge to several different buildings getting built. Each strategy will have its own longterm pros, cons, and, I guess, unknown points of diminishing returns based on the growth cycle in real time.

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Tucy
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Re: Downtown Progress

Postby Tucy » 07 Jul 2021 11:27

CBRE 2nd Quarter 2021 Office Market Report:

Dallas CBD had net absorption of 86,479 square feet.
Total vacancy stands at 31.2%.
Total availability: 37.9% (that's more than 10 Million square feet available, almost 9 Million of which is Class A)
Class A space availability is 40.1%

Uptown/Turtle Creek: negative absorption of 72,836 square feet
Total vacancy: 21.2%
Total availability: 23.3% (that's almost 3 Million square feet available, almost 2.5 Million of which is Class A)

Greater Downtown (CBD +UT/Turtle Creek): net absorption of 13,643 square feet.
Total vacancy: 28% (more than 11.25 Million square feet)
Total availability: 31.9% (almost 13 Million square feet)

With almost 1.25 million square feet under construction, at this absorption rate, greater downtown is sitting on a 250-year supply of office space ;-) Anyone still wondering why developers are not rushing in to build spec supertalls?

The total DFW market had negative absorption of 322,137 square feet. On the plus side, the Dallas CBD was one of only two submarkets on the Dallas side of DFW showing positive absorption (the other being Richardson/Plano).

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Re: Downtown Progress

Postby Tnexster » 07 Jul 2021 21:44

Hmm, interesting. Went in to work today and decided to run out for lunch. Streets were dead, walked by the National just because I wanted to see it. Looked very nice but dead. Lots of the old usual places are gone, and the burger place we used to frequent was open but very sparse. Not that there weren't people around but its night and day. When I visited my building a year ago I was able to park 20 feet from the elevators, today I was still able to park 20 feet from the elevator.

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Tucy
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Re: Downtown Progress

Postby Tucy » 20 Jul 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

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

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

End of 1st Q 2021 vacancy:
CBD: 23.3% direct (down from 23.9 at 1st Q, up from 22.4% at YE 2020); 27.7% w/sublets (up from 26.2% at YE 2020)
Uptown/Turtle Creek: 15.0% direct; 17.3% w/sublets

User avatar
Tucy
Posts: 1258
Joined: 19 Oct 2016 12:50

Re: Downtown Progress

Postby Tucy » 21 Jul 2021 16:31

JPMorgan Chase is apparently leaving Chase Tower for a smaller space at 1900 N Akard.

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

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quixomniac
Posts: 280
Joined: 21 Oct 2016 21:24

Re: Downtown Progress

Postby quixomniac » 21 Jul 2021 17:11

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

Does this mean we can change Chase tower back to its original lighting?

LongonBigD
Posts: 420
Joined: 25 Oct 2016 13:40
Location: Knox District

Re: Downtown Progress

Postby LongonBigD » 21 Jul 2021 18:58

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.

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kozzy
Posts: 12
Joined: 26 Feb 2019 08:04

Re: Downtown Progress

Postby kozzy » 21 Jul 2021 21:00

eburress wrote:Legendary Dakota's Steakhouse in downtown Dallas reopens with new boss:

https://dallas.culturemap.com/news/rest ... 9jBXvzkKO8


I’m extremely excited about this. Probably more than I should be!

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kozzy
Posts: 12
Joined: 26 Feb 2019 08:04

Re: Downtown Progress

Postby kozzy » 21 Jul 2021 21:03

quixomniac 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

Does this mean we can change Chase tower back to its original lighting?


I hope so. You can barely see it at night now.

User avatar
Tucy
Posts: 1258
Joined: 19 Oct 2016 12:50

Re: Downtown Progress

Postby Tucy » 22 Jul 2021 09:52

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.


According to the article, they have (had) more than 190,000 square feet across a bunch of contiguous floors, all of which is listed on LoopNet as being available Oct 2022.

User avatar
dzh
Posts: 79
Joined: 14 Dec 2016 20:24

Re: Downtown Progress

Postby dzh » 23 Jul 2021 07:38

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).

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THRILLHO
Posts: 221
Joined: 26 Oct 2016 21:20

Re: Downtown Progress

Postby THRILLHO » 23 Jul 2021 13:08

If it only takes 40 years for a skyscraper to lose its appeal it makes me wonder why anyone would ever build one at all. That's a hell of a lot of floor space to be saddled with if you cant find tenants.
Planning from the beginning to eventually turn them into residential/hotel is the only way it makes sense to me if they really do have such a short shelf life.

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Addison
Posts: 400
Joined: 22 Nov 2020 17:13

Re: Downtown Progress

Postby Addison » 23 Jul 2021 13:14

THRILLHO wrote:If it only takes 40 years for a skyscraper to lose its appeal it makes me wonder why anyone would ever build one at all. That's a hell of a lot of floor space to be saddled with if you cant find tenants.
Planning from the beginning to eventually turn them into residential/hotel is the only way it makes sense to me if they really do have such a short shelf life.


Real estate developers aren't concerned about what happens 40 years from now. Many of them won't even be alive and property changes onwership so much that they're confident the building can be flipped for a profit to the next foo...I mean highest bidder when it's no longer a new & shiny place they can squeeze high rent payments from (long before 40 years).

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dzh
Posts: 79
Joined: 14 Dec 2016 20:24

Re: Downtown Progress

Postby dzh » 24 Jul 2021 14:01

I mean all the new buildings that are Class A in the urban core, generally seem to lease up. Hence why I’m starting to think that it’s maybe time to convert these old trophy buildings into apartments and hotels. Much easier said than done, obviously.