Dallas-Fort Worth Market Update: A Steady Pipeline

Office construction across the Dallas-Fort Worth metro went calmly on in September, according to CommercialEdge. The Metroplex had nearly 5.4 million square feet of office space under construction, representing 2.0 percent of stock, 40 basis points below the national figure. The total pipeline, which also includes planned projects, amounted to 9.1 percent of stock.

Developments will add various types of office space to the metro’s inventory, with some 3.1 million square feet being slated for completion in the fourth quarter of 2021. The most active submarket, Uptown/Oak Lawn, will contribute 1.6 million square feet, followed by Las Colinas, with nearly 840,000 square feet underway.

September’s only addition to the metro’s office pipeline was a $250 million mixed-use development underway in Fort Worth’s Cultural District. Crescent Real Estate started construction on the 1.3 million-square-foot Museum Place on an 11-acre site located near the Will Rogers Coliseum. Upon its 2023 completion, the project will include a 170,000-square-foot Class A office component, a 200-key boutique hotel and 170 luxury apartments, as well as 100,000 square feet of retail.

In terms of planned projects announcements, some 1.4 million square feet entered the spotlight at CityLine, the 204-acre mixed-use development in Richardson, Texas. KDC intends to add three more office towers, dubbed Five, Six and Seven CityLine, at the intersection of the President George Bush Turnpike and Central Expressway. At full build-out, CityLine is slated to encompass 5 million square feet of office space, 3,925 multifamily units and two hotels, as well as numerous shopping and dining venues.

CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here.