How Fort Worth Office Stacks Up
Fort Worth’s CBD is a small office market (about 11M SF total) that is subject to large occupancy swings, says Sundance Square prez/CEO Johnny Campbell. According to Transwestern office stats, the CBD has moved from about 8% vacancy in the past three years to almost 12% vacancy at the end of 2013. Some of that can be attributed to the new space coming online, but Johnny says the occupancy swings tend to be short lived. Sundance Square’s 4M SF (all types) are about 93% occupied, he tells us.
Contributing more Class-A office space (1.2M SF) to the CBD, Spire Realty Group just opened the 314k One City Place (former Tandy Center) earlier this year after massive renovations, including the addition of double-pane, solar-protected glass, port-technology elevators, a fitness facility, and a conferencing facility. (Its sister tower, Two City Place, is more than 93% leased.) The first big tenant, Texas Capital Bank, recently signed a 19k SF lease with lobby retail space and the entire second floor. Six spec suites are in the works and Holt Lunsford Commercial leasing reps are in talks with prospects for more deals.