Not many years ago the Downtown Dallas office space market was struggling. Today it is experiencing a dramatic resurgence. After a recent tour of the market I was impressed with some of the new and prospective projects for Downtown Dallas reaffirming the demand for downtown Dallas office space.
Significant Downtown Dallas Office Projects
- Statler Hilton
- Dallas High School
- Perot Downtown Tower
- Hall Arts
- 1401 Elm
- 1402 Main Street
These are a few of the active projects in the Dallas CBD. Here are some of the exciting plans.
Statler Hilton – 1914 Commerce Street
the 19 story former Statler Hotel has been vacant for years. It has been a hole in the Dallas CBD. As a child I used to attend many functions at the hotel when it was the destination hotel for many dignitaries and Dallas social events.
Centurion American Development Group is planning to spend $175 million dollars to rebuild the former Statler Hilton and surpass its former slender. The design is going to include condominiums and and upscale hotel. It will be a significant addition to the downtown Dallas office market. Executives will be able to live in downtown Dallas and office their as well.
Dallas High School
The Dallas High School was build in 1908 and it contains approximately 80,000 sure feet. The property has been vacant since. Jack Matthews has been involved renovation of the Sears and Roebuck Company warehouse and store. He also was a participant in the development of the downtown Omni Hotel. He is planning on closing on this project within the next two months.
Perot Downtown Tower
Hillwood Development is working on the development of downtown Dallas first high rise tower since Trammell Crow developed Chase Tower. The project is going to have several potential designs so that it can appeal to different users.
KMPG Plaza at Hall Arts
This project is scheduled to open in the Summer of 2015. It is an eighteen floor tower in the center of the Dallas Arts District. Some of its major tenants are KMPG, Jackson Walker and UMB Bank. The total square footage of the tower is 500,000 square feet. It is the first phase of the Hall Arts project.
This buildings is clearly a Downtown Dallas landmark. It is a 1.3 million square foot 52 story high rise that is getting a 170 million dollar remodeling. The bidding process for the construction should be completed in the late fall of 2015. The tower will be ready for occupancy in the third quarter of 2016.
1402 Main Street
This is a 181,000 Square foot 27 story tower build in 1954. The new ownership is in the process of completely renovation the building. The renovations will include the lobby and the building’s mechanical systems.
Downtown Dallas Office Space Is In Demand
The downtown Dallas office market is having one of its best years in many decades. Downtown Dallas office space rents are increasing and giving investors the ability to create value by renovating exhausting office buildings or building new project. This activity will continue as log as the demand for quality office space remains strong.