Bisnow DFW 2014 Forecast: Day 2
The 2013 industrial market saw an influx of unprecedented, big 1M SF deals, said Majestic Realty Co development director Al Sorrels at Bisnow’s DFW 2014 Forecast at The Tower at Cityplace on Wednesday. With names like Amazon, Pepsico, BMW, and Whirlpool coming to Dallas, the market has turned into a big five industrial market. (Give us a minute to pick up all those names we just dropped.) The panel: Trademark Property CEO Terry Montesi, VanTrust Real Estate EVP Ran Holman, Parmenter Realty Partners central and Southwest region managing principal Steve Bronner, Al, City of Dallas economic development office director Karl Zavitkovsky, Granite Properties leasing director Robert Jimenez, and Mohr Partners chairman & CEO Bob Mohr.
CBRE’s Burson Holman, Ran, VanTrust Real Estate’s Mary Margaret Toon, CBRE’s Shannon Brown, and VanTrust’s Paul Rowsey. Ran says the Far North Dallas submarket is as big as Uptown and downtown combined as well as bigger than Fort Worth and the Mid-Cities combined. And, the triple-net quote for rent is becoming more the rule than the exception.
Don’t plan on a downtown grocer moving in any time soon, Karl says. There’s a lot of downtown shoppers, but most are hitting CVS for the things they need that day; they’re not dropping $100 to $200 on grocery shopping. (Speaking of which, we need razors, milk, dish soap... )
Steve says Parmenter was one of 28 potential buyers for The Tower at Cityplace. The late '80s-era 1.2M SF property has rents in the mid-$20s/SF, a bargain compared with the rest of Uptown. Parmenter plans to improve the wayfinding and the signage to make navigating the tower and parking much easier (especially for the first-timers to the property). He says a block of up to 200k SF can be put together for a tenant, too.
Here’s Benton Cook’s Jared Benton and Bryan Cook hanging with event sponsor Bury’s Grayson Hughes and Michael Klein. Bury has grown to become a full-service consulting firm offering clients a suite of services including engineering, landscape architecture, planning, construction administration, surveying, and sustainable solutions. Bury's services touch a broad range of market sectors and boast a unique project portfolio.