{"id":1004546396,"date":"2021-08-12T12:43:05","date_gmt":"2021-08-12T20:43:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004546396"},"modified":"2022-12-08T19:02:10","modified_gmt":"2022-12-09T03:02:10","slug":"inside-stream-realtys-power-surge","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/inside-stream-realtys-power-surge\/","title":{"rendered":"Stream Realty\u2019s Power Surge"},"content":{"rendered":"

Stream Realty Partners turns 25 this year, and the milestone coincides with stepped-up activity across the firm\u2019s diverse business lines. In June, Dallas-based Stream unveiled plans to develop a 325,000-square-foot mixed-use project in Charlotte, N.C., in a joint venture with The Durban Group. Meanwhile, Stream was also awarded leasing and management responsibilities for Campbell Centre, an 870,000-square-foot Class A property in Dallas\u2019 Central Corridor.<\/p>\n\n\n

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READ THE DIGEST<\/a><\/div>\n<\/div>\n\n\n

On the industrial side, Stream represented Clarion Partners and Crow Holdings in leasing a 1 million-square-foot distribution center in Fort Worth<\/a> to HomeGoods, the off-price household furnishings retailer. Stream\u2019s investment management business comprises some $2 billion in assets through commingled funds, joint ventures and wholly owned properties.<\/p>\n

The company is also on the move geographically. Earlier this year, Stream expanded to Nashville, the latest addition to a coast-to-coast footprint that ranges from Atlanta and Dallas to Los Angeles. Chris Jackson, who has served as president since early 2020, and Dan Harris, managing director for office tenant representation, recently talked to Commercial Property Executive<\/em> about office market trends, the impact of COVID-19 and company strategy.<\/p>\n

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Stream Realty Partners was recently tapped to lease and manage Campbell Centre, an 870,000-square-foot, Class A office property in Dallas\u2019 Central Expressway Corridor. Photo courtesy of Stream Realty<\/p><\/div>\n

What trends are you seeing right now in the office markets where Stream is active? <\/strong>For example, how about Austin, Dallas, Los Angeles and your other locations\u2014what\u2019s standing out right now?<\/strong><\/p>\n

Harris: <\/strong>Dallas and other core markets that Stream has a significant presence in continue to rebound. Albeit slowly, with increased cases of COVID-19, most companies have a plan to re-integrate into the office. Be it a hybrid work-from-home\/in office<\/a>, or 100 percent back to the office, steps are being taken to reintegrate. None of our clients have abolished their plans for their office, but many are in a talent and employee retention war as employees seek roles that match their desired setup.<\/p>\n

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READ ALSO:<\/strong> Dallas Tops US List for Industrial Pipeline<\/a><\/p>\n

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For a real-time scenario, Preston Center\u2014a Dallas submarket that encompasses some 5 million square feet of office space\u2014is seeing a distinct flight-to-quality trend and vacancy is tight. Occupiers are having to compete for newly delivered space\u2014a trend that has not trickled down to other cities, but we anticipate that this may take place over the next year.<\/p>\n

How are end-user expectations changing? <\/strong><\/p>\n

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Dan Harris, Stream Realty, Managing Director<\/p><\/div>\n

Harris: <\/strong>Flight to quality trend and employee retention war. Companies are universally acknowledging there is a fight to keep talent and get new talent. Buildings are honing \u2026 amenities and services to remain competitive in the marketplace. There is the non-tangible flexibility of the workforce and what competitors are seeing from employment options.<\/p>\n

What are the factors that are driving occupier demand? <\/strong><\/p>\n

Harris: <\/strong>Term commitments. We are still coming out of a pandemic. We are still unsure of how companies will rebound. Long-term commitments may have been standard course of business pre-COVID-19, but they are now under more scrutiny.<\/p>\n

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READ ALSO:<\/strong> Demand for Specialty Product Boosts Office Sector<\/a><\/p>\n

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In the conversations I\u2019m having with CEOs about their real estate needs, the leverage the tenant creates is more substantial now.<\/p>\n

To what extent will occupier needs likely drive either new development or significant owner investment in upgrading office properties?<\/strong><\/p>\n

Harris: <\/strong>There have been major modifications from a sanitary standpoint. But very few buildings and\/or spaces are being rebuilt or \u2026 reconfigured to accommodate the pandemic. I see our country and states addressing it in other ways, like vaccinations and new protocols and processes to address crisis situations like the pandemic.<\/p>\n

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Stream Realty arranged a lease with HomeGoods for a 1 million-square-foot distribution center at Carter Park East in Fort Worth, Texas. Stream represented the owners, Clarion Partners and Crow Holdings. Rendering courtesy of Stream Realty<\/p><\/div>\n

Recently Stream announced that it is establishing a presence in Nashville. What is the attraction of that city\u2019s office market?<\/strong><\/p>\n

Jackson: <\/strong>Stream opens additional offices in markets that are emerging and\/or have strong urban financial centers. Nashville has proven to be an emerging market with its strong job market and talent pool, as well as its pro-business approach to development.<\/p>\n

Essentially, it\u2019s the strong market fundamentals: a strong commercial real estate market, growing population, diversified economy, reasonable cost of living (and) low taxes. \u00a0(Other factors include):<\/p>\n