What's Next for Dallas Office?
Corporate relos. Downtown tower transactions. All eyes are on Big D as the entire region booms. (Are you ready for your closeup?) We wanted to learn more (and share it with you), so we’re planning Bisnow's fifth annual Dallas State of the Market at the Westin Galleria on May 29. Here’s a taste of why Dallas is on the global radar.
We started in Downtown where transactions, redevelopment, and conventions are molding the city’s future, says Downtown Dallas Inc prez and CEO John Crawford (left, with our DFW reporter Tonie Auer at a Hall Arts event last summer). John says the next three to five years are critical in moving the ball down the field to make Downtown Dallas the premier destination to work, live, play, and invest. He gave us a glimpse of the landmark projects that will transform Downtown.
1) Redevelopment
John says there are numerous important projects happening that will literally change the face of Downtown. We made him pick four. His list: privatization of the Dallas Farmers Market, and the redevelopment of 1401 Elm, 1600 Pacific, and the Statler Hilton. Honorable mention: the recent expansion of The Joule Hotel, which added retail, restaurants, a spa, and more changed the face (or maybe it was the eyeball) of Main Street. These examples demonstrate the strength of public-private partnerships, he says.
2) Transactions
When office buildings change hands, it’s usually a positive thing, as the new owners generally spend money in upgrades, deferred maintenance, and renovations, John tells us. (Buildings aren't like cheap sneakers, you don't buy them just to knock around in.) These updates to the buildings help attract and retain a young, vibrant workforce for their tenants (and attract new tenants for that matter, much like we saw with Thanksgiving Tower and the newest corporate HQ of Santander). That is most certainly the case with the recent trend of these buildings changing ownership, John says.
3) Conventions
John says conventions bring the spotlight to Dallas from a national perspective while local merchants benefit from the travelers’ dollars. Coming up next month: the Annual Conference of Mayors and (held for the first time in the US) the New Cities Summit. More than 30,000 will converge at the National Baptist Convention (with maybe some green and gold from Baylor). We can’t forget that the region is also bidding for the 2016 Republic National Convention. (No word on whether we have a chance at the My Little Pony convention any time soon.) John says Dallas is one of only six cities hosting the site selection committee. (We should know more later this spring if Dallas will receive a full site visit by the committee, he says.) John will be among the featured speakers at the Dallas State of the Market event. Register now.
