Where's the Office Market Action?
The market is slowly heating up, with a handful of submarkets dominating, says Cushman & Wakefield senior director J.J. Leonard (here with his family). One of his top picks: Las Colinas. Among the deals: city council approval to move on the $165M Irving entertainment complex, as well as about half the Urban Center buildings changing hands, such as the recent Fortis acquisition (The Point in Las Colinas and the proposed Water Street mixed-use development). Knock on wood, the office leasing market's steady growth trajectory could have some sustainable momentum to carry it through the next three years, J.J.says.
J.J. also sees development in Freeport for the first time in years. (Local carpenters can finally get back to their intended jobs--though neighborhood kids will miss all those amazing treehouses.) Recently, J.J. got the listing on the NEC Corporate Campus. With more than 500k Class-A space at Hwys 114 and 161, it's the only building of its type with that much campus space. He tells us the covered parking, on-site amenities, and visibility add to its appeal. AAA also bought the Gateway complex in the Freeport area and plans to move in next year. On the development front: build-to-suits continue to dominate, although he says the spec office projects in Frisco, Uptown, Legacy, and Las Colinas should be able to be absorbed if kept at a reasonable pace.
