Commercial Real Estate Continues to Thrive in Dallas

By: Richard Soto

As 2008 gets underway, there is good news in the Dallas commercial real estate market. Major corporations are either relocating their operation centers to the Dallas area from other parts of the nation, or are reconfirming their success in Texas by renewing long-standing leases, choosing to remain in the area rather than relocate elsewhere.

One major event that will catapult Dallas into the crÃ?me de la crÃ?me of influential corporate design centers is the planned opening of the Dallas Center for Architecture. This 9,000 square foot structure will provide a combination of office space, design area, conference rooms, and a gallery. This innovative design concept will make it one of only a few such architectural design centers in the United States.

Industrial Development Continues to Thrive

Major distribution centers continue to expand and develop in the Dallas region, driven largely by the presence of the Dallas/Fort Worth International Airport. Early reports in 2008 show industrial development to be at its highest level in seven years, while the vacancy rate remains low.

Good news occurs on both sides of the coin. With the area's 642 million square feet of available industrial space, businesses looking to relocate to Dallas are still able to negotiate advantageous leases. The multitude of choices available in industrial real estate combined with a high quality of living standard in the Dallas area makes it a prime location for corporate repositioning.

Long Term Leases are Inked for Major Companies

General Information Services, Inc. (GIS) and Four Seasons, Inc. has already been long-term lease holders in the Dallas area. Four Seasons occupies a 9.3 acre distribution center and a 415,000 square foot combined office and warehouse building. A new long-term agreement has ensured their ongoing presence in Dallas.

GIS will be adding 22,558 square feet of office space to their already expansive 24,875 square feet. GIS will be using their new office space to update their data area, including a new 24/7 data center.

Diverse Industry in Texas

Not only is Dallas one of the biggest employment centers in the United States, but it has often been referred to as 'The Silicon Prairie' due to the large numbers of high tech corporations moving into the area. This trend has continued through 2007, and the demand for office space remains high.

In addition to tech companies, Dallas is home to other industries such as transportation, manufacturing, defense, finance, construction, and real estate. The city ranks sixth in the nation for the number of Fortune 500 companies located in the region, including financial giant ExxonMobil. Other companies of note who call Dallas home include Texas Instruments, 7 Eleven, Blockbuster, and Southwest Airlines.

The availability of commercial property is diverse, from manufacturing and industrial space, to office and retail locations. Many investors consider the Dallas market to be a sound financial investment in terms of both commercial and residential real estate.

In addition to the growth of the commercial real estate market, Dallas has the highest growing influx of trained professionals of any major metropolitan area in the nation, making it a highly desirable area for corporations to find new talent.

The overall outlook for the commercial segment of Dallas real estate continues to look bright well into 2008 and beyond.

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