Dallas-Fort Worth Market Update: Additions to the Pipeline
More than 6.7 million square feet of office space was underway across the Metroplex as of May, according to CommercialEdge data.
Office construction activity remained strong across Dallas-Fort Worth in May, according to CommercialEdge data, also witnessing some additions to the development pipeline. The Metroplex had more than 6.7 million square feet of office space underway across 33 developments, with 21 of them slated for a 2021 completion.
Most projects will add 6.4 million square feet of traditional and creative office space to stock, with only 238,000 square feet accounting for medical office buildings. The Platinum Corridor North and Uptown/Oak Lawn continued to be the most active submarkets in terms of construction activity when compared to April, accounting to nearly 3.1 million square feet of space.
Two new developments, totaling some 218,000 square feet, broke ground in May. The largest of the two is also a premiere for the Dallas’ suburb of McKinney, as Kaizen Development Partners kicked off construction on the city’s first speculative office building, with delivery expected next spring.
The eight-story development is part of the first phase of District 121, the $250 million mixed-use development spanning across 18 acres at the corner of State Highway 121 and Alma Road. Upon completion, District 121 will encompass 520,000 square feet of office space, 40,000 square feet of retail, a 0.7-acre green space and several restaurants, as well as a hotel.
CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here.
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