State of Downtown
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2018 OFFICE MARKET State of Downtown Downtown Dallas is the largest employment center in North Texas with over 135,000 employees (and more than 250,000 in the city center) that work in diverse industries. Renewals, expansions, and relocations contribute greatly to Downtown’s improving occupancy statistics. Downtown Dallas, Inc. (DDI) is a private, nonproft organization serving as the primary advocate and champion for Downtown, ensuring that Downtown grows as a vibrant center of urban life, recognized locally and globally for the quality of its business, hospitality, entertainment, living, and cultural environments. Most High-Tech 135k 250k+ #11 City in the World Employees Employees in City Center #1 Top-Ranked (By Revenue) +15k Metro for Attracting 20 Public & Private Employers Technology Jobs Skilled Talent Added Last Two Years 9 400k TOP FIRMS SQ FT Property Management Startups Coworking Technology 24 TOP FIRMS Hospitality Legal Architecture Government 8 7 TOP FIRMS TOP FIRMS Advertising Banking Accounting Healthcare CLASS A CLASS B CLASS C 34M+ 29 Buildings 41 Buildings 50 Buildings Square Feet 23,655,618 Square Feet 6,798,278 Square Feet 1,819,837 Square Feet “With its growing population, prime business climate, and great energy, Dallas is everything we want in a city. We are encouraged by the interest and excitement we’ve seen, which is why we’ve opened three ofces in Dallas this year. We are especially excited to play a role in the revitalization of Downtown, which is one of the reasons why we opened our largest Dallas space in Thanksgiving Tower, which also serves as our Southern headquarters.” – Adam Wacenske, General Manager, WeWork Sources: CoStar, Dallas Business Journal, Business Insider, Emsi downtowndallas.com / @DtownDallasInc / #MyDTD 2018 OFFICE MARKET State of Downtown $26.23 2017 $25.64 VACANCY RATES 2016 Year Vacancy Year Vacancy 2010 23.60% 2014 23.10% 2011 24.80% 2015 22.90% $23.67 2015 2012 26.90% 2016 23.20% $22.96 2013 25.40% 2017 23.70% 2014 $22.24 2013 Rents are $20.75 on the rise 2012 $20.93 $20.07 2008 2011 $19.66 2009 $19.13 2010 GROSS ASKING RENT (PER SQ FT) Renovations to update common areas, and add outdoor spaces, ftness centers, restaurants, and more help to attract and retain talent. 50 RECENT RENOVATIONS Companies Relocated Bank of America Plaza Ross Tower or Renewed Leases St. Paul Place One Main Place in 2017 Fountain Place AT&T Discovery District Adolphus Tower 1910 Pacifc 400 Record 2100 Ross Thanksgiving Tower One Dallas Center Trammell Crow Center 717 Harwood “We know a lot of corporations have looked to the suburbs for sprawling campuses, and we like the feel of an urban campus. Our employees do too; it’s a great way for us to attract talent, which is really important for a technology company like AT&T. We like it, our chairman likes it, our employees like it.” Peterson credited collaboration with DDI and the City with AT&T’s ultimate decision to stay Downtown and invest in what’s being called the AT&T Discovery District. – Michael Peterson, Regional Vice President of External Afairs, AT&T Source: CoStar downtowndallas.com / @DtownDallasInc / #MyDTD 2018 OFFICE MARKET State of Downtown Reliable & Redundant Power: Multiple power substations feed the Downtown Dallas electrical network with Need + 2 power to all Downtown buildings. It is virtually impossible to have a power outage in Downtown Dallas. HOW DOES DOWNTOWN SCORE? Proximity matters: Employee satisfaction greatly improves when closer to amenities like museums, parks, and restaurants. 40+ 100+ 400+ 300+ Parks and Music Venues, Museums, Restaurants Shops and Plazas and Galleries and Bars Stores “We’ve had a presence in Texas for more than 30 years, and relocating our corporate headquarters to Downtown Dallas meant we would beneft from a business-friendly economic environment that enables us to capitalize on the company’s high-performance culture and workforce. Our new HQ location ensures access to top talent and geographically positions us with access to our valued clients and partners around the world.” – Steve Demetriou, Chairman and CEO, Jacobs Engineering Source: Dallas Business Journal downtowndallas.com / @DtownDallasInc / #MyDTD.