Office 2016 Forecast: Denser, Urban & Amenitized
Dallas office is in demand, and there’s no slowdown expected. Look at Liberty Mutual, State Farm, Raytheon: all mammoth office projects for big names. That’s why we’re stoked to host Bisnow’s Dallas: 2016 Economic Forecast (sign up here) on Dec. 1 at the Sheraton Dallas Hotel, offering insights on what’s ahead.
Event panelist KDC VP Colin Fitzgibbons (between NorthMarq Capital's Marcus Walther and Cushman & Wakefield's Cribb Altman at the TREC Giving Gala on Thursday) tells us 2016 looks to be much of the same. That means denser office populations, desire to be in urban locations (not necessarily in Uptown/Downtown), heavily amenitized and access to public transportation. Those are the kinds of projects where KDC excels.
Colin is hoping to chase down some more big build-to-suit projects, with 60 acres of potential office between State Farm (pictured), Whole Foods and Raytheon at CityLine in Richardson. On that site, KDC could add another 2M SF of office development, he tells us. There’s another 60 acres in Legacy West in Plano between Liberty Mutual and FedEx Office Services that could house two or three more office buildings and some residential, if the market dictates, Colin says.
The majority of big office deals Colin has seen are consolidations with expanding companies that had some sort of existing DFW presence. Most know there is a great labor pool here and how business-friendly the region is. The exception: Toyota. Colin says it’s tricky to forecast the market because a lot of the larger deals feel like they’ve materialized out of nowhere. Not that he’s complaining; he says he would love to see another Toyota drop into this market. When he’s not chasing deals, he’s chasing his three sons (pictured, 6-year-old Patrick, 4-year-old Conor and 1.5-year-old Declan.)