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Originally Posted by TexasPlaya
Maybe... but 1 year ago the vacancy rate was reaching 30% and that 30% was primarily due to Class C and some Class B as you say?
http://dallas.bizjournals.com/dallas...8/daily10.html
I would imagine that this sort of project would be built in phases. However, even with the Art District area being "hot" isn't there still a lot of new construction in the VP/Uptown area that isn't doesn't have a high occupancy? It seems like everywhere many projects get put on hold and canceled but this one is moving forward?
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I think quoting a stale article that is a year old concerning vacancy rates in any city, much less Dallas, is more than a bit disingenuous.
I personally think that because you are from Houston the year old headline says what you want to hear, but the reality of things today and going forward is very much different.
The vacancy rate has gone down over the last year in Dallas' core CBD, from the close to 30% to around 25% now (of which the bulk of that is from Class C and Class B ).
As an aside, the positive of that situation is that the Dallas core CBD is increasingly creatively reusing the space in the vacant older buildings for wonderful developments - primarily residential developments which can only help build the core CBD that much more.
But it is not so much what has happened in the past year that is important but what is happening now and about to happen in the near future that intelligent business leaders are focusing on.
Here is a current article that discusses in detail what the current status is for Downtown Dallas and what is going on behind the scenes. I'm personally thrilled to read the incredible activities that have been going on behind the scenes that very well may lead to not only significant office space leasing by many multiple smaller relocations into Downtown Dallas but even super high profile relocations that are in the works.
Please read this article, in its entirety:
http://www.dmagazine.com/Home/D_CEO/...wn_Dallas.aspx
The article points out many specifics but one fact that is most interesting to this thread specifically is that Spire Realty Group is a Houston based development company.
Spire Realty Group of Houston is developing The Spire Dallas.
My personal guess is that Spire Realty Group of Houston evidently sees the handwriting on the wall (as the article clearly spells out) is why they are currently investing such a significant amount of effort, energy and money in Downtown Dallas.
I might suggest that if you have questions concerning why Spire Realty Group is pursuing their 11.3 acre, 1.7 million square foot office project plus residential and retail space in Downtown Dallas now instead of Downtown Houston you might call them locally in Houston to inquire.
I know people are so beaten down by all of the negative news, especially Houston in the last couple of weeks. Houston just received two blows that are really quite bad for the city.
First, Houston loses almost a billion dollars in Federal mass transit grant money just a week ago because of illegal activities of the Houston rail authority, putting Houston's much vaunted plans to inaugurate light rail on multiple routes behind by years.
I've read the posts of various Houston people wringing their hands on "how as a result Dallas will just continue to expand its already existing lead in mass transit over Houston".
And secondly just a few days ago, Houston received the negative news that hometown Continental Airlines is merging with United Airlines of Chicago and will be vacating its headquarters in Houston as a result. That will cost Houston a loss of prestige in a high profile corporate headquarters leaving the city and losing high paying corporate jobs.
Believe me, I wish only the absolute best for Dallas' smaller metro sister on the Gulf, Houston, because anything bad that happens to Houston affects the State of Texas which ultimately can have some affect on Dallas.
But I must tell you that it has been more than very irritating to hear the constant negative whine of people from Houston naysaying every positive development occurring in Dallas.
Please read the article with an open mind. It is quite informative on many levels to say the least.
And it is a current, contemporary article. Not a stale year old article.