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State of the Market / Updated June 24, 2020 to Our Downtown Stakeholders

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State of the Market / Updated June 24, 2020 to Our Downtown Stakeholders Downtown Dallas & COVID-19 Downtown Dallas / State of the Market / Updated June 24, 2020 To our Downtown Stakeholders, The livelihood and success of Downtown Dallas, as well as downtowns across the country, is critical for the economic health of our city and country. The top priority for Downtown Dallas, Inc. (DDI) is the health and well-being of Downtown’s employees, residents, and visitors in light of the national outbreak of COVID-19, as well as doing our part to help stop the spread of the virus and end the pandemic. Since the beginning of the outbreak, we have been working closely with our local partners and following recommendations from the Centers for Disease Control and Prevention (CDC), Dallas County Health, and the City of Dallas. Furthermore, supporting business continuity and positioning Downtown Dallas to be an international model for recovery is top of mind. We MUST protect the last 25 years of investment in the heart of our city, support business continuity in this “new normal,” and position Downtown Dallas as an international model for recovery. As the economy advances phased reopening efforts, DDI continues to work diligently to support the Downtown marketplace with tools and information to support rapid recovery. In that spirit, our Economic Development and Research teams have put together this updated State of the Market resource with valuable insights on the Downtown market pre-COVID, with additional information on current market impact, challenges, and signs of strength. Kourtny Garrett President & CEO Downtown Dallas, Inc. 2 Downtown Dallas / State of the Market / Updated June 24, 2020 Downtown’s unprecedented growth 12k+ has led to robust market sectors Residents spanning multifamily, commercial office, hospitality, retail, and 50 restaurants. Residential Properties Taken individually, the analysis of each sector builds an overall market snapshot to inform both the current state of the Downtown market, as well as opportunities to enhance and sustain Downtown’s terrific success. 139 Commercial Currently, in Downtown Dallas, over 12,000 people are residing Office Buildings in 50 residential properties that include apartment towers, condominiums, and townhome developments. Additionally, we are watching the performance of 139 commercial office buildings and 26 hotels in Downtown, while monitoring the status of retail, 26 restaurants, and over 100 active construction and development Hotels projects within the immediate area. The analysis and insights within this State of the Market Report will break down each of these crucial market sectors to provide 100+ up-to-the-minute data to aid in continued realization of the great Active Construction & vision that is Downtown. Development Projects As of the publication date, the State of Texas is implementing a staged reopening. We will continue to monitor and update on how this phased approach is impacting our Downtown businesses. 3 Downtown Dallas / State of the Market / Updated June 24, 2020 East Quarter MULTIFAMILYMULTIFAMILY Over the past 20 years, Downtown has seen incredible growth in multifamily development, growing from just 200 residents to over 12,000. Available products include a variety of rental, condominium, and attached single family products. Downtown has been fortunate to lie within the center of a top-performing multifamily market, consistently setting the bar for multifamily starts nationally. As of today, the DFW market has over 20,000 units of multifamily on the cusp of being delivered and approximately 1,800 of those units are under construction within Downtown, specifically defined as the geography located within the surrounding freeway loop. 4 Downtown Dallas / State of the Market / Updated June 24, 2020 Historically, new multi-family deliveries in the City Center* have The Drakestone enjoyed a steady rise in market asking rent per square foot, from $2.85 in 2015, and closing at $3.15 for units delivered in 2019. Rents in the area had begun to flatten as almost 3,000 units were delivered in 2019. Market Asking Rent Per SF Courtesy of CoStar, Downtown Core Geography $1.80 Forecast $1.75 $1.70 $1.65 $1.60 $1.55 $1.50 15 16 17 18 19 20 21 22 23 © 2020 CoStar Realty Information Inc. 06/18/2020 The local economy in Dallas, and in particular Downtown, has shown an unusual resilience to larger economic shocks, such as the 2008 financial crisis. While there was a notable slowing in rent growth and new starts, Downtown performed significantly stronger than its national competitors, partly due to the sheer diversity of employment sectors that make up our corporate environment. Downtown has continued to see steady rent collections and slowed but continued leasing activity. As more employers continue to expand re-openings, Downtown leasing activity is also expected to continue to increase. 5 *Defined as The 360 Plan geography, or approximately Downtown Dallas / State of the Market / Updated June 24, 2020 2.5 miles from the center of Downtown. As we continue to monitor the current economic Atelier Flora impacts associated with COVID-19, we look to our national CRE research institutions for insight and modeling. Current conservative modeling from CoStar is forecasting a potential $.09 cent per square foot drop in asking rent, though to date we have only seen a flattening, rather than a decrease to overall rent growth. By the end of the second quarter, as new units come online, a rise toward recovery continues to be expected by the end of 2020. The largest multifamily sector impact to date has been seen in reported investment transactions. Reporting shows an approximate 80% decrease when compared to the same period in 2019. While this may be a cause for caution, this ultimately presents an opportunity for parked capital to flood the market as certainty continues to improve. As a particular bright spot, construction within Downtown continues to proceed. The construction throughout the City Center* consists of AMLI Fountain Place primarily market rate and above, consisting of class A and units with asking rents for one- bedroom units averaging over $2,000. Within Downtown, projects already under construction are maintaining their projected openings this year, including 300 Pearl, AMLI Fountain Place, The National, and Atelier Flora Lofts. Downtown has also benefited from surgically implemented workforce housing development such as The Galbraith at 2400 Bryan, delivering 217 units across a range of income levels helping to support a diverse market with a variety of housing options across multiple income levels. 6 *Defined as The 360 Plan geography, or approximately Downtown Dallas / State of the Market / Updated June 24, 2020 2.5 miles from the center of Downtown. With our finger on the pulse of the specific Downtown Dallas Due to the projected delivery of significant class market, we see Downtown’s multifamily stock performing with A units, the average asking rent for Downtown considerable success. According to CoStar, the City Center’s* existing Core apartments show a continued steady residential properties are still performing solidly at 91.4% occupancy with increase in per/ft asking rents over the next two over 57,000 units being tracked. years. Significant projects contributing to this gain are AMLI Fountain Place with 350 units, Atelier Market Asking Rent Per SF Courtesy of CoStar, City Center* Geography $1.90 in the Arts District with 419 units, 300 Pearl in the Forecast Dallas Farmers Market with 336 units, and The National at 1401 Elm with 324 units. $1.85 According to surveyed property managers and $1.80 landlords, Downtown properties have enjoyed a strong year with little residential turnover, which $1.75 continues to support a strong market health. Owner and manager feedback indicates a strong $1.70 trend to date of stable occupancy, and a lesser need for rent concessions to attract tenants. With $1.65 new buildings coming on-line this year at AMLI and The National, followed by Atelier, and more $1.60 15 16 17 18 19 20 21 22 23 multifamily construction starts in the East Quarter, Farmers Market, and nearby West Dallas, we © 2020 CoStar Realty Information Inc. 06/18/2020 anticipate a standard supply related adjustment to rent growth in our current properties for the near As multiple projects continue to deliver throughout the City Center* term, beginning to rise as properties stabilize and geography, we expect to see market rents respond within an demand for urban product continues to grow. approximately $.03 range reacting to the sheer number of new deliveries. CoStar continues to project declining rent growth in Q3 of this year followed by a slight increase into Q1 of 2021 then exponential increases to full recovery by 2022. 7 *Defined as The 360 Plan geography, or approximately Downtown Dallas / State of the Market / Updated June 24, 2020 2.5 miles from the center of Downtown. Though the economic impacts Sheraton Parking Garage of COVID-19 have proven to be a source of uncertainty for both multifamily owners and tenants, the sector as a whole has already begun to see steady performance due to generally stable rent collections and tenant retention programs throughout this crisis. 8 Downtown Dallas / State of the Market / Updated June 24, 2020 View from Pacific Plaza COMMERCIAL OFFICE The Downtown Core is the largest concentration of office space in North Texas; with over 33.6 million square feet of space and another quarter of a million square feet under construction in a relatively compact 1.1 square mile geography. Recent reporting periods have shown incredible commercial office performance in Downtown, exhibiting the advantage of the sheer available RSF within the overall geography in comparison to the limited space in surrounding markets. 2018 and 2019 led the entire North Texas region with over 650K square feet of positive net absorption. Taken in context, Downtown is the historic commercial center of the region.
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