Dallas-Fort Worth Market Update: Strong Development Activity
- Apr 28, 2021
As of March, approximately 4.2 million square feet of office space was underway in Dallas-Fort Worth, according to CommercialEdge data. Out of 34 developments, 24 are expected to come online this year.
Platinum Corridor-North was the most active submarket in March, with more than 1.8 million square feet underway. Of the seven developments in the area, the largest is a 540,000-square-foot project dubbed Chase Tower. The project is set to be the tallest building in JPMorgan’s 250-acre campus at Legacy West. The second most active submarket was Uptown/Oak Lawn, with five projects totaling 1.4 million square feet.
Despite an uncertain 2020, authorities’ decision to classify construction as an essential service during the lockdown has helped developers deliver assets and make a smooth recovery in 2021. According to CommercialEdge data, the metro completed 23 properties totaling roughly 3.2 million square feet in 2020.
The largest development in the Metroplex as of March was the second phase of Charles Schwab’s campus in Westlake, Texas. The 620,000-square-foot addition broke ground in December 2018 and was designed by Dallas-based Corgan Architects. Upon completion, scheduled for this year, the property will encompass two buildings. Located on 59 acres at 3101 Schwab Way, the site is adjacent to Phase I, a 555,000-square-foot office building completed last year. When finished, the campus will total 1.2 million square feet.
CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here. We included properties of 25,000+ square feet in our research.