Commercial real estate in Dallas Texas has been a significant economic contributor to the DFW area. Since the founding of Dallas by John Neely Bryan in 1841 the city grown into a population of over one million three hundred thousand people. Dallas now has the third largest concentration of fortune 500 companies in the United States. With this growth and corporate prominence the demand for commercial real estate Dallas is very high.
With recent major corporate relocation and expansion announcements the demand for commercial real estate is at a record pace. State Farm has recently opened their new campus in Richardson and Toyota, Federal Express and Liberty Mutual currently have their campuses under development in Plano. Frisco presently has over five billion dollars of commercial real estate development underway. Large office parks are being purchased by major office investors.
Commercial Real Estate Dallas Texas Renovation
These are just a few of the Dallas suburban markets that are having extreme grow. However commercial real estate Dallas Texas is also experiencing a revitalization. Many older projects are being redeveloped or replaced with new commercial buildings. A good example of Dallas building owners repositioning their developments is the West End Marketplace, a 133 year old building that has seen many uses.
Originally the building was the home of the Brown Cracker and Candy Company. The company office in the building and also manufactured there. They made cookies, peppermint sticks and other treats. When the Westend Marketplace opened in 1986 the building served as a multi-screen movie theater and the Planet Hollywood location.
The West end marketplace was vacant for over ten years when Planet Hollywood closed. Like other areas of commercial real estate Dallas Texas is being revitalized. Plans are presently on the books for this vacant eight story to be transformed into modern office space. The developer is Granite Properties. One of Dallas premier landlord’s and developers.
This renovation is just one example of many that are presently occurring in Dallas because of the strong demand for commercial real estate. Recently there is activity around the old Dallas High School building that has been vacant for decades. While the plans haven’t been announced this eighty thousand square foot building could be part of a larger project that would take an unoccupied building and transform it into an asset for Dallas.
Commercial Real Estate Dallas Texas Transitions To New Use
While some former retail and industrial buildings are being transformed into office use. Some former commercial office buildings are being removed from the Dallas inventory because their use will no longer be commercial. A primary example of this transition is the old Butler Brother’s Building in Downtown Dallas.
The Butlers Brother’s Building was built in 1910 as a warehouse by Butler Brothers from Chicago. It was expanded in 1917 and 1932. In in 1951 it was renamed the Merchandise Mart of the Southwest. Over time this business moved to Stemmons Freeway when Trammell Crow build the merchandise mart.
Eventually the building was vacant for years. An attempt was made in 2006 to convert the property to condominiums but that effort failed. Now a new investor is taking this former commercial building and is converting it to a 270 room hotel. This is very positive for Dallas since this building has been vacant for at least ten years and it was across from Dallas City Hall.
These are just a few examples of the exciting events that are occurring around commercial real estate in Dallas Texas today. I wonder if John Neely Bryan is pleased with what he started in 1841. I imaging that he cannot believe what happened when he build his little log cabin.