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Entries Tagged as 'Dallas Office Space'

Dallas Office Space - Office Market Conditions and More

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Dallas, or “The Big D”, is the ninth largest city in the United States, and the third largest in the state of Texas.  Downtown is the hub of Central Dallas, with several hot spots such as Uptown, and West Village.  East Dallas is a trendy arts area close to Downtown.  The newer area of the city, Midtown, is currently undergoing construction of new restaurants, retail businesses, and apartments.  South Dallas contains large amounts of undeveloped land, due to slow growth in the area. 

Dallas is well known for its culinary cuisine, which includes barbecue, Mexican and Tex-Mex, and several top ranked steakhouses in the nation. The city is also home to a thriving arts community spanning across many districts throughout the downtown area, including the Arts District, City Center District, and Deep Ellum. 

Texans love their sports, and Dallas is home to many professional teams, spanning all four major leagues: NFL, NBA, MLB, and NHL.  The city has several sports stadiums and arenas to accommodate all of its teams, including AT&T Stadium, Texas Stadium, and Reunion Arena.  The number of stadiums makes Dallas a good candidate for the 2020 Summer Olympics.  If you are more of a participant than a observer, Dallas offers many recreational activities such as fishing, hiking, biking, and camping. 

The economy of Dallas is anchored by the telecommunications and engineering industries and is home to 12 Fortune 500 companies.  According to Forbes Magazine 2011, Dallas is also home to 17 billionaires.  In addition, the city has more retail shopping outlets per capita than any other in the U.S. and is the nation’s third most popular destination for business travel. 

The Dallas office space and commercial real estate market traditionally has a high vacancy rate, and was at over 23% in the first half of 2013.  Although, this rate is expected to gradually drop over the next few years.  As for asking rental rates, they increased in Q1 2013.  Dallas is expected to continue to be a leader in the economic recovery and a desirable city for expansion and relocation for businesses.

Sub-Market

Total Vacancy (SF)

Avg. Asking Rent ($ SF)

Downtown

Class A:    6,774,052

Class B:    1,688,743

Class A:    $24.31

Class B:    $18.62

Suburban

Class A:    11,434,527

Class B:    13,862,626

Class A:    $22.96

Class B:    $17.50

Source: Jones Lang LaSalle Office Statistics, Dallas, Q2 2013

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By: James Osgood

Dallas Office Space , Office Space

Expand your Office Space Without Leasing More Space

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This is a blog post from one of our Local OfficeFinder Memebers in the Dallas Office Market.

"Nearly everyone enjoys the success of an expanding business. More work, clients and employees allow your business to not only become more successful, but also make a greater impact on your field.

But rent is expensive. It's usually the 2nd-highest expense for most companies. Wouldn't it be great is you could grow your business without taking on the financial burden of expanding office space?

Well there are several simple and cost-effective alternatives to expanding which can be implemented within the perimeters of your existing office.

Rearrange. It seems simple enough, but you’d be surprised how much more efficient you can arrange your office. Your office layout may not be set in stone, so explore a redesign of the layout of your space - remove walls, move or replace the furniture to promote density where extra space is underutilized or unnecessary. Rearrange the layout of cubicles. Cubicles are designed with flexibility in mind, so use them to your advantage rather than arbitrarily partitioning your employees. 

Open. Collaborative spaces not only take up less square feet, but they can also promote a more creative and efficient workplace. This is especially true of younger workers who don't want to be isolated in private offices. The social aspect of an open plan where they can talk to each other throughout the day can make a big difference in their happiness in the office. My son recently passed on an offer from another company which included a very large salary increase primarily because the office environment of the new company was very quiet, staid and basically boring. Not everyone will feel this way, of course, but with a generation of workers who have spent a considerable amount of time socializing, studying and working in Starbucks, the buzz of an open environment is preferred. 

ClusterSalespeople are often not in the office much. Instead of dedicating offices or desks in an open layout to each individual person waiting for the occasional visit, condense them into a shared work area. A few shared desks for use as-needed by your on-the-go sales team can save a lot of space and not take away any of the resources. With a shared workspace in place, you can cycle employees between working at home and working in the office. This adds a new dimension of flexibility while allowing for less or reallocated office space. Dynamic office situations such as these can break up monotonous ruts and give a new energy to an office and your employees.

You don't always need more space to expand your business. Sometimes all you need is a new plan.These suggestions may not work for every business and that's okay. It may only take an architect or furniture expert to review your situation to provide solutions other than just taking on more office space. Better to pay an architect, contractor and/or furniture dealer once than to pay the landlord every month for years."

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By: James Osgood

Dallas Office Space , Office Rental , Office Space , Office Space Design

National Office Space Update & Office Tenant Strategies PodCast

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National Office Update & Office Tenant/ User Strategies PodCast
Original Air Date:    4/2/11

Very informative broadcast about the office market and office space strategies for office space tenants.

"The office user show provides a national office market update and best practices for corporate office users. Chris Macke, Senior Real Estate Strategist with CoStar Group provides an update on national office market performance including top cities for investment and markets prime economically for corporate headquarters. He also shares market advice for office users and expectations for 2011 and 2012.

Show host Michael Bull and industry leading guests cover current topics important for office users including strategic lease provisions for tenants, protecting lease rights before foreclosure, prevalent lease situations in this economy and the guests share best practices when renewing leases and securing new locations.

If your company uses office space or you advise companies that do, you will find this show very informative and enlightening."

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Dallas Office Space Market Overview

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Dallas, Texas, a thriving business hub, is part of the Greater Dallas-Fort Worth metro region and home to over six million people from a multitude of cultures. Office space for lease in Dallas can provide any business, whether expanding or start-up, a great location for enterprise.

Over 20 four-year universities and colleges are located in the Dallas-Fort Worth metropolitan area, providing an abundance of graduates skilled in all arenas of business and skilled labor. This city’s cost of living is typically slightly below the national average and much lower than the major metro areas along the west coast and eastern seaboard, making it a great place to live. The Dallas Fort Worth International Airport is a major airline hub and offers direct and connecting flights anywhere you could wish to visit.

Dallas offices include the homes of 24 Fortune 500 companies. Projections indicate that the year 2013 may well see a Gross Area Domestic Product of $389 billion for this area.  Dallas is considered a great place to live and work.

People often think that Dallas office space is mainly oil and gas tycoons or others associated with that industry. This is simply not the case; Dallas-Fort Worth is one of the richest high-tech regions that it is often considered the Lone Star State’s “Silicon Prairie”. There are also large bases in finance, real estate services, insurance, biotechnology, information technology, and manufacturing.  Transportation, warehousing, and logistics are growing markets.
 
Currently, the rental office space in the Dallas Fort Worth metro area is a total of just over 226 million square feet. The average vacancy rate is 20 percent and the annual cost for office space averages $18.22 per square foot. New construction of commercial real estate spaces is significantly down due to the plentiful vacancies available.
 
Small businesses account for nearly 80% of the businesses in Dallas-Fort Worth. These small businesses employ about 40% of the workforce and play a key in the growing tax base.  Small business is defined as having less than 20 employees.

The economy in the DFW metro area is quite stable making commercial real estate is very popular for establishing and conducting business, weathering economic ups and downs much better than many other cities.
 
The commercial real estate market in Dallas is so strong that the year 2010 ended on a positive note as deal volume and tenant confidence combined to buoy leasing activity.  With so many metro areas in extremely soft commercial markets, this is a significant signal that Dallas-Fort Worth will be going strong during the upcoming economic recovery period. The Dallas metro area ranked as the 11th most active real estate investment market in the U S during the past year.  With economic improvements beginning to appear in many larger cities, you can expect DFW to be on the forefront of growth since it is one of the most resilient markets in the country, experiencing smaller impacts from economic downturns than less diverse metro areas.

If you are considering opening a satellite office, Dallas office space is both plentiful and affordable. You are certain to find the commercial office space which meets your needs. If you are starting a small business in Dallas or Fort Worth, you’ll find office spaces suitable for small companies and plenty of space to grow into as your operation expands.

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The Nation's Strongest Economies

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POLICOM releases annual rankings for the 366 metropolitan areas and 576 so-called micropolitan areas nationwide.

The Top Ten Economies

1.Seattle-Tacoma-Bellevue, Wash.
2. Washington Metropolitan Area
3. Denver-Aurora-Broomfield, Colo.
4. Houston-Sugar Land-Baytown, Texas
5. Sacramento-Arden-Arcade-Roseville, Calif.
6. Salt Lake City
7. Des Moines-West Des Moines, Iowa
8. San Diego-Carlsbad-San Marcos, Calif.
9. Madison, Wis.
10. Dallas-Fort Worth-Arlington, Texas

With their stronger economies, these are the office space markets that we would expect to lead the recovery.

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