Dallas is the ninth-largest city in the United States and the third largest city in the state of Texas. Considered the financial hub of the Southwest, Dallas’ growth has been spurred by high-tech companies, manufacturing and service industries. Dallas commercial real estate has found homes for Southern Methodist University, Love Field Airport, Neiman Marcus and a branch of the Federal Reserve Bank. At over 18,000 acres, the Dallas-Fort Worth International Airport is the nation’s third busiest and a major regional economic engine.
Founded in 1841, the economy of Dallas is mostly based on the banking, commerce, telecommunications, computer technology, energy and transportation industries; only New York City and Houston are home to more Fortune 500 companies. The population of Dallas has been estimated at 1.3 million. It is the largest economic center of the 12-county Dallas-Fort Worth-Arlington metropolitan area, which has a population of nearly 6.5 million people.
Office space in Dallas has given homes to companies of all sizes; it has an abundant array of vacancies for all companies to choose from. The Dallas-Fort Worth Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city of Dallas has 12 Fortune 500 companies, and DFW as a whole has 23. Additional companies headquartered in the Metroplex include Southwest Airlines, American Airlines, RadioShack, Neiman Marcus, 7-Eleven, Brinker International, AMS Pictures, id Software, ENSCO Offshore Drilling, Mary Kay Cosmetics, Chuck E. Cheese’s, Zales and Fossil. Corporate headquarters in the northern suburb of Plano include HP Enterprise Services, Frito Lay, Dr Pepper Snapple Group, and JCPenney. Many of these companies–and others throughout the DFW metroplex–comprise the Dallas Regional Chamber.
Dallas office space provides tenants with plenty of space to choose from. Much of the vacancy is concentrated in a few key areas, including downtown Dallas, Las Colinas, and along LBJ Freeway and Stemmons Freeway. The business districts that have seen some of the highest recent leasing volumes – West Plano, Frisco, the North Central Expressway corridor and Uptown – have less office space to fill. Major companies are starting to scout the market for corporate campus deals and large leases.
Now is the time for tenants in the Dallas office space market, major changes are coming in the ways that leases are negotiated. It may be easier for tenants because owners and landlords may soon not be in the position to turn away potential tenants.
Ready to start your search? Then visit http://www.buildingsearch.com to view hundreds of Dallas office space listings.
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