PHOTO BY: JUSTIN TERVEEN
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THE DISTRICTS

DOING BUSINESS

Explore all the upcoming projects happening in Downtown Dallas and discover the economic vitality of our city’s center.

A Business Overview

From a resurgence of corporate relocations to residential, hotel and commercial development projects, CEOs, developers, and small business owners are all finding value in having an address Downtown. Just this past year, over 90 developments have been announced or have begun construction.

In fact, Dallas has become one of the best places to do business. This year, Forbes named Dallas the fifth best big city for jobs, the fourth best city for young professionals, and the third fastest growing American city.

With high scores in living environment, quality of workforce, and tax and regulatory environment, as well as proximity to important assets like DFW Airport, Love Field, and the Inland Port, Downtown Dallas is considered an epicenter of domestic and international investment activity.

Did You Know?

Downtown Dallas currently has:

  • 135,000 employees in the city center
  • Over 9,000 residents in the city center
  • Over 45,000 residents in the greater downtown area (as defined in the Downtown Dallas 360 plan)
  • Over 420 restaurants and bars
  • Over 170 shops

DEVELOPMENTS

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Market Information

As a region, North Texas has been reported by several national surveys as one of the top growth markets in the U.S. for the 24-38 age bracket. Such news bodes well for Downtown Dallas, as research from CEOs for Cities shows:

  • In 1980, young adults were approximately 10% more likely than other Americans to live in close-in neighborhoods. By 1990, they were about 12% more likely. By 2000, they were 29% more likely. Today, young adults are 42% more likely that other Americans to live within three miles of the CBD.
  • Today, young adults with a four-year degree are 105% more likely to live in these close-in neighborhoods than other Americans.
  • 85% of millennials say they prefer urban living.
  • According to a report released by Progressive Urban Management Associates in spring 2014, global social, economic and cultural trends continue to favor center city development.
  • Demographic trends in the United States remain favorable to downtown development. The population is growing both older (aging baby boomers) and younger (emerging millennials). Both older and younger markets have fueled downtown population growth over the past decade and are poised to continue to populate urban environments, particularly in those cities that offer jobs, housing, amenities and activities that respond to their needs. America will increasingly become more culturally and ethnically diverse, creating an advantage for downtowns that welcome, accommodate and celebrate diversity.
  • American demographic analysis shows the rise of Generation X into leadership positions and the desire of Millennials to move toward urban cores. Corporations are taking note, chasing this talent pool into city centers, much like we are seeing in Downtown Dallas today with the addition of 5,000 jobs in the last quarter alone.
  • Women are also impacting a shift in the workforce, now outnumbering men in college enrollment and taking a larger role in the real estate industry, particularly in the Boomer bracket.
  • Education has never been more important to downtowns. The report challenges cities to pay particular attention to K-12 in their cores in order to attract and retain the young professional demographic.
  • The urban lifestyle is key to economic and social sustainability. Progressive Urban Management Associates reports that quality of life amenities are critical – public transportation, parks, trails, recreation and programs like bike and car share.
  • Global wealth (the emergence of China and India, in particular, as global economic centers), technology and social equity are global trends that are imperative to embrace as drivers of the new economy.
  • Broader distribution of information technologies is encouraging "bottom up" innovation from entrepreneurs around the globe. Downtowns are poised to continue to attract "creative" vocations if they can offer a business climate favorable to the incubation and growth of small dynamic enterprises.

The Downtown Dallas Advantage

  • Dallas is a major metropolitan city (ninth largest city and part of the fourth-largest metropolitan area in the nation) that makes it easy to conduct business and live. The newly revitalized Downtown Dallas area is the epicenter of the city.
  • For companies that operate nationally, yet are anchored on the east or west coast and/or in high cost locations, Dallas is ideal given its central location, with most major U.S. cities four hours or less away by air.
  • Massive renovations have taken place at Love Field Airport, just 10 minutes from Downtown. Southwest Airlines has added many direct flights as a result of the Wright Amendment being lifted.
  • DART's Orange line from DFW Airport Station to Downtown makes it one of only about a dozen airports in the U.S. with direct passenger rail connection.
  • Dallas is the #3 most popular destinations for business travel in the United States.
  • Dallas is in the top 5 media markets in the U.S.
  • North Texas' $300 billion annual economy is larger than that of many European nations.

Commercial Office

The Downtown commercial office market is generally defined by two primary submarkets, the Central Business District (CBD) and Uptown/Turtle Creek.

The Downtown CBD submarket is comprised of approximately 30 million square feet of multi-tenant office space, and contains more Class A space than almost any other regional submarket at over 20 million square feet. Class A product represents 75 percent of the total inventory. The Uptown/Turtle Creek submarket consists of approximately 11 million square feet of multi-tenant office space, with 87 percent classified as Class A product.

More than 50 companies relocated to or renewed their leases Downtown in the last year. According to Xceligent's Office Market Report, net absorption in the core was 480,555 square feet in 2015.

According to last year's Dallas Business Journal "Book of Lists", Downtown is home to:

  • 24 out of 25 of the largest law firms in North Texas
  • 20 of the top-ranked (by revenue) public and private companies in North Texas
  • Six out of the top 10 largest architectural firms in North Texas
  • Seven of the 10 largest advertising and marketing firms
  • Five of the top 25 employers
  • Seven out of the top 10 largest commercial property managers
  • 12 of the top 16 largest patent law firms
  • Seven out of the 10 largest North Texas accounting firms


For a list of recent corporate relocations, please contact us at info@downtowndallas.com or 214-744-1270 (available to DDI members only).

Retail

Many of Downtown's districts are flourishing with news of leases, groundbreakings, and openings. Last year, we saw over 50 new restaurants/bars open and this year, 67 new restaurants have either opened or been announced in Downtown. And with all the recent retail openings, there are now over 170 places to shop.

Residential

More than 45,000 residents call Downtown Dallas home, over 9,000 of whom live in the urban core. Occupancy remains strong. In the core, stabilized rental properties quote occupancy rates of more than 93 percent.

The Downtown resident is primarily of the “young professional” demographic between the ages of 25-36. However, an “empty nester” component is also present as more baby boomers look to downsize and transition into an urban environment. There is also a growing sector of families.

At the end of 2015, more than 5,500 units, including 2,085 in the urban core, were under construction in the 15-district Downtown area (as defined by the Downtown Dallas 360 plan). Units range from rentals and condos to lofts, luxury apartments, and townhomes. These 5,500+ units will translate to an estimated additional 6,500 residents.

For an inventory of housing units, please contact us at info@downtowndallas.com or 214-744-1270 (available to DDI members only).

 

Resources

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