Downtown Dallas, while a small geographical area, is comprised of over 30,000,000 SF of Office Space.
The Arts District:
The Arts District area of Downtown Dallas contains buildings within close proximity to the Arts District and along Ross Avenue. This segment of the Downtown office market is categorized with the lowest vacancy and correspondingly, the highest rents within the “loop” averaging around $28/SF. Following the development of Klyde Warren Park, which has narrowed the gap between Downtown and Uptown, many view The Arts District as an extension of Uptown. Hot restaurants in the area include Stephan Pyles which is relocating to KPMG Plaza at Hall Arts in 2016 and Dakota’s at Ross Tower named after the dakota stone used to construct the building. Office users searching for blocks of space over 20,000 sf who are not willing to pay the premiums associated with brand new office product, can find large vacancies in Class A buildings in this area of Downtown. In addition, their employees will enjoy close access to food trucks, free workout classes and other free activities that Klyde Warren Park offers.
The Western Core:
The Western Core includes buildings quintessential to the Dallas Skyline such as Dallas’ tallest office building, Bank of America Plaza and Renaissance Tower. Historically, the buildings in this market have a very high concentration of law firms due to close proximity to the Dallas Courthouses. Office users will enjoy some of the largest buildings in Downtown with extensive tunnel system retail and food courts. In addition, 16,000 sf of restaurant space in front of the Omni Hotel will be completed in 2016 and will include Biergarten, Coal Vines, Hererra’s and Little Katana. The new retail combined with the renovation of the former Belo Building, 400 Record, have really brought resurgence to this sector of Downtown.
Deep Ellum/Fair Park:
The Deep Ellum/Fair Park area has gained popularity recently as more companies desire non-typical office space. The largest owners in the area are 42 Real Estate, Westdale, Madison Partners and The Gibson Company. While there is still some vacancy in the area, opportunities for office users are limited due to the desire for a retail resurgence in Deep Ellum. Popular retail destinations include The Angry Dog, Pecan Lodge, Trees concert venue, and the Twilight Lounge. Office users can expect less amenities within their building and leases that have many differences compared to a full service office building. New developments such as The Epic will increase office supply in the area.