5 Real Estate Takeaways From Downtown Dallas Inc's State Of Downtown Survey
Earlier this month, Downtown Dallas Inc released the results of its comprehensive study of Downtown Dallas, which analyzed everything from multifamily floor plates to retail options. The study compiled data from nearly 800 respondents who live, work and/or play Downtown. It broke the submarket down into Downtown proper (as defined by I-35, I-30, I-45/US-75 and Woodall Rogers Freeway) and greater Downtown (which encompasses surrounding districts such as Uptown, Deep Ellum, The Cedars, Victory Park, etc.) DDI president Kourtny Garrett and CEO John Crawford interpreted some significant findings.
Multifamily Needs Diversity
More than half (51%) of Downtown residents live in a two-person household. One-quarter live alone and 24% live in a three or more person home—and 58% of Downtown residents rent. Multifamily developers should recognize the large number of families living Downtown and diversify floor plans, Kourtny (above) says.
Parking's Still Tough, But Other Transportation's Appealing
When visiting Downtown from other areas, 35% say parking is an issue. Kourtny is quick to point out that 65% do not say parking is an issue, but she recognizes the need for improved parking solutions. The survey shows that while 99% of visitors drive to Downtown, they often use DART, Uber, bikes or their own two feet to travel around after parking.
Downtown Needs A Dedicated Grocery Store
The Whole Foods in Uptown (above) and Tom Thumb coming to The Union still don't cut it for Downtown residents. 67% of respondents want a full-service grocery store more than any other type of retail. Despite John's excitement over the eight grocery stores in greater Downtown and the 10 7-Elevens Downtown, residents want a full-service grocery within the CBD.
… And Wants Lots Of Other Retail
Other top retail wishes include a general merchandise store, convenience and small format grocery stores, department stores, home improvement and hardware stores, and pet care, supplies and boarding. (40% of Downtowners own a dog.) The Drever (pictured) at 1401 Elm will have 27k SF of retail and restaurants.
Restaurants Reign Supreme
John counts the 94 restaurants that will be open Downtown by the end of 2016 a major victory. And the survey shows Downtown workers will make good use of them. 80% of workers leave the office to eat at a restaurant at least once per week, and 27% eat out every day. Two-thirds of people drink or eat dinner after work once a month or more. Dining remains the most popular activity Downtown, followed by visiting green space, museums and concerts.