Dallas Project to Include More Offices, Fewer Condos
- May 12, 2008
Dallas’s massive CBD mixed-use project, Victory, will include more office space and less condominiums and hotel rooms, said Hillwood’s Development Co.’s chairman, Ross Perot, Jr. According to a report in Friday’s Dallas Morning News, Perot told a meeting of the National Association of Real Estate Editors that “what’s working in Victory today is office.” A 43-story skyscraper, to include a Mandarin Oriental hotel, luxury condominiums, office space and retail, has been postponed. Hillwood and Hines are co-developing One Victory Park, a 20-story office tower at Victory. According to a report on the Dallas-Fort Worth office market from CB Richard Ellis Inc., the Metroplex has enjoyed 14 consecutive quarters of positive net absorption, and the market’s first quarter performance kept pace with 2007. Net absorption reached 650,000 square feet in the first quarter. Office rental rates increased by $0.21 per square foot during the quarter, to $19.29 for the entire market. Vacancy did show a slight uptick, however, rising by 0.1 percent, which the report attributes to vacant space delivered to the market via new construction.