It’s not just relocations that are boosting absorption numbers; existing tenants are expanding and taking up more space, too. That’s why vacancies are tightening, even with new construction that’s underway. Here we look at the top five office, industrial, and retail leases across North Texas during the past three months. As always, data is provided by Xceligent Inc.
“The North Dallas/Plano/Frisco office submarkets should continue to see unprecedented growth in 2016. All of the growth factors that have been in existence over the last 24 to 36 months are still firmly in place.”
— Randy Garrett, Principal, Transwestern
“The HR directors now have a huge say when it comes to leasing space and making sure it maximizes the experience for employees. You used to never see them. Now they’re on the tours, day one.”
— Dale Ray, Principal, Avison Young
“It is safe to say that the major Dallas-Fort Worth metrics will remain positive, with lower vacancy rates, above-average absorption, and rental rates on the rise until new construction is complete.”
— Gary Lindsey, Managing Director, Newmark Grubb Knight Frank
“The retail market in North Texas is the strongest I have seen it since I have been in the business. Land prices and, as a result, retail lease prices, have skyrocketed in the past two to three years.”
— Michael Walters, Division President, Falcon Realty Advisors
1. FANNIE MAE
Size: 330,000 sq. ft. at Granite Park
Tenant reps: Randy Cooper and Craig Wilson with Cushman & Wakefield
Landlord: Granite Properties
Details: The mortgage giant will consolidate three different facilities into one location in Plano, where it will occupy all of Granite Park VII, a new building in the park at the southeast corner of the Dallas North Tollway and State Highway 121.
Size: 200,000 sq. ft. at Park District
Tenant rep: Phil Puckett, CBRE
Landlord: Trammell Crow and Met Life, represented by Dennis Barnes, Celeste Fowden, and Clay Gilbert with CBRE
Details: The accounting and professional services firm will occupy floors 12-19 of PWC Tower at Park District, leaving about 300,000 sq. ft. available in the 20-story office building, part of a mixed-use project being developed off Klyde Waren Park between Pearl and Olive streets in Uptown.
3. SUNOCO LP
Size: 121,000 sq. ft. at 8020 Park Lane
Tenant reps: Dan Harris, Randy Cooper, and Craig Wilson of Cushman & Wakefield
Landlord: Northwood Investors, represented by Trey Smith, Ward Eastman, and Johnny Johnson of Cushman & Wakefield
Details: This subsidiary of Energy Transfer Partners moved its headquarters from Philadelphia, taking full occupancy of the new Park Lane office building along North Central Expressway.
4. ETHOS GROUP
Size: 100,000 sq. ft. at The Irving Music Factory
Tenant reps: Andy Leatherman and Brad Selner, JLL
Landlord: The ARK Group
Details: Opening in 2017, The Irving Music Factory at Las Colinas is a walkable mixed-use development anchored by an Alamo Drafthouse Cinema and Live Nation concert hall and many other retail venues. The privately held training and consulting company will fully occupy the project’s office tower.
5. MAXIM INTEGRATED INC.
Size: 81,500 sq. ft.
Tenant reps: Sharon Morrison, Jim Hazard, and Saadia Sheikh with E. Smith Realty Partners
Landlord: Cawley Partners, represented by Jeremy Duggins and Addie Ludwig
Details: The tenant will occupy part of the first floor and all of the third and fourth floors of a six-story, 200,000-sq.-ft. building under construction along the Dallas North Tollway in Addison.