A 65K SF sublease has hit the market in Las Colinas, representing the latest in a series of companies opting to forgo office space in the prominent DFW suburb.
Homepoint Financial, which has an office at 11511 Luna Road, joins at least 14 firms that have put their Las Colinas office space up for sublease as of late, with offerings ranging from 52K SF to 236K SF, according to data provided by Partners Real Estate.
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The submarket — known colloquially as The Headquarters of Headquarters — is celebrated for its ability to attract Fortune 500 companies, including Wells Fargo, which is in the midst of building its $445M regional headquarters there.
In this case, though, that same contingent of business is driving the area’s elevated sublease activity, said Steve Triolet, Partners’ senior vice president of research and market forecasting.
“Las Colinas has a higher-than-average concentration of headquarters and larger office users,” Triolet said in an email. “Those large companies — typically publicly traded — have shown they are more likely to put excess space on the market during downturns than smaller, private companies.”
DFW currently has 11M SF of available sublease space, 20% of which is concentrated in Las Colinas. This is second only to Far North Dallas, which accounts for 24%.
Other companies putting their Las Colinas space on the sublease market include Allstate Insurance, which has a 236K SF offering; Mr. Cooper, which has 88K SF listed; and Frontier Communications, which is looking for a tenant to take over its 75K SF space.
As of the second quarter, sublease availability in DFW represented 4.3% of total inventory and 15% of total availability, according to CBRE. Eighteen companies added their space to the market in Q2, with offerings ranging from 20K SF to 440K SF.
The vast majority of listings were concentrated in suburban submarkets, per CBRE.
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