Last week, Dallas Morning News editor Steve Brown wrote a piece about the number of companies relocating from Downtown Dallas across the freeway to Uptown, calling Dallas’ new “main street” Woodall Rodgers Freeway. Big 4 accounting firm, PwC, announced last week that they would be leaving “Downtown proper” for a Trammell Crow/MetLife’s new Park District project. PwC is among several tenants who have decided to relocate just outside of Downtown such as: McKinsey & Company, Vinson & Elkins and Gardere.
There is no doubt that keeping these businesses in the general area will only help Downtown in the long run as the gap between Downtown and Uptown continues to shrink due much in part to the popularity of Klyde Warren Park. However, what does this mean for companies that currently office in the CBD or that are considering relocating to the CBD? Opportunity!
Downtown Dallas remains the office market where companies can lease Class A space with countless amenities at a much better value. As the tenants listed above leave large vacancies, companies who do not have the need for an Uptown address will see that their occupancy costs in the CBD are much less than across Woodall Rodgers. With several buildings trading hands in the past 12 months such as Ross Tower, 2100 Ross and Comerica Bank Tower and others in the pipeline, Landlords in Downtown will continue to improve their properties, making Downtown an excellent solution for companies who want to lease quality space without the sticker shock of Uptown.