What a difference eight years can make in the office leasing activity. In 2007 we entered a significant economic downturn. Office rental rates were hovering around $21.00 to $24.00 for Class “A” office space and Legacy West was mostly pasture land. Now the development of Legacy West office space is occurring at a fast pace.
It is incredible the amount of demand for office space in this market. Along with the office space demand is a significant increase in need for Plano housing. Twenty thousand office workers are coming when Toyota, Federal Express, Liberty Mutual and other supporting companies open their doors for business.
Legacy West Office Space Effects Plano
Obviously this is going to increase the strain on Plano’s infrastructure but it is also going to transform former grazing land into a thriving urban center. There are many fun venues that are going to support the new development in Legacy West. In addition to apartment residents and office workers this destination location will be a magnet for shoppers and leisure.
,As I stated in the beginning of 2017. In reality, Dallas office market is a landlord’s market. Office tenants with renewing lease in many Dallas office submarkets are experiencing sever sticker shock with much higher rental rates. Certainly some of Dallas less desirable office markets are now leasing at the former class “A” office rates we saw in 2007.
,The good news for Legacy West office tenants is that the quality of the office property available to them have every possible amenity. Most noteworthy, location is also spectacular. Take this property, One Legacy West. It is Gaedeke Group’s newest development. Additionally building is located directly across Legacy from Toyota’s North American Headquarters. Many new office buildings are located within walking distance of all the new retail and entertainment of Legacy West. It has every possible amenity an office tenant will need or desire.
The price tag is reflective of the quality of the new buildings being constructed in Legacy West. However if an office tenant can recover from the initial shock of the price tag for Legacy West office space they will realize they are getting a great value for their money.