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DFW Office Leasing Gaining Momentum

DFW: Office leasing in North Texas is gaining momentum. Net office leasing in DFW totaled nearly 660,000 square feet in the third quarter, Transwestern, a commercial property company, says in a new report. The activity is being fueled by businesses moving to North Texas and by more existing local workers returning to the office after being homebound during the pandemic. Transwestern has projected that with that trend businesses have occupied more than 3.3 million square feet of Dallas-area office space in the past year. Most of that net leasing has been seen in Frisco and downtown Dallas. But Transwestern said that declines are evident in other parts of the Metroplex, particularly in Las Colinas, LBJ Freeway and Richardson. In addition, more than 10 million square feet of sublease office space remains on the market. Even so, developers and builders have nearly 7 million square feet of office space under construction in North Texas.

DFW: Billingsley Co. is bullish on McKinney. The Dallas-based developer is planning its next major multifamily project in the Collin County city after successful developments in Cypress Waters and Austin Ranch. The new project will be a $120 million, 58-acre development to be called The Chase at Wilson Creek.  It will be on the property north of U.S. 380 and west of U.S. 75 that the company has owned for more than 15 years. There will be 17 residential buildings, a parking garage and three buildings dedicated to amenities. The project is scheduled to start before the end of the year. DFW has more than 50,000 new apartment units under construction, the country’s top-paced apartment sector.

DFW: Trammell Crow Residential is expanding its plans for its Brinkmann Ranch rental community in Frisco. The Dallas apartment builder bought more than 100 acres in a larger development that once was the Brinkmann Ranch and was purchased by Landon Development of Plano several years ago. Trammell Crow Residential, which is doing all the apartment units at the development, has major plans for its property. It includes a first phase of 12 three-story apartment buildings with a $118 million price tag. Now, in another phase at Coit Road and Eldorado Parkway, Trammel Crow Residential is looking to build 82 units in two and three-story townhome buildings. That project is valued at $53 million. It will begin by the end of the year and open sometime in the latter part of 2024.

TEXAS: Missed out on the lake house buying craze during the pandemic? Now may be a good time to start looking again if you have the cash and, now, the desire and time to spend at a lake home. During the pandemic, homeowners rushed to buy second homes in rural, mountain and lake areas across the country as living and working remotely became a way of life. Over the past year, that lake place buying craze has diminished as the world returns to normality and amid higher home and property prices nearly everywhere. Now the listings for lake homes and lots are up. In Texas, the biggest lake market in the country, home and lot listings surged from 8,500 in the first quarter to 12,945 last month. That’s from a report by Lake Homes Realty, an Alabama brokerage that markets and sells lake properties in 34 states. Lake Michigan and Puget Sound had the highest number of lake property listings in the country, but Lewisville Lake was third with 1,289 listings. Also noteworthy were Lake Ray Hubbard with 838 listings and Cedar Creek Lake with 813 listings.

LA LA LAND: A die-hard Johnny Cash fan walked the line and paid above list price for the six-acre property the singer once owned in the hills of Ojai, north of Los Angeles. Cash built the 4,500-acre, five-bedroom, 4.5-bath ranch-style home with his wife Vivian in 1961. The couple lived there for several years but divorced in 1966. Vivian kept the home and Cash married June Carter in 1968 and moved to Nashville. The home was sold several times, with the last owners paying $739,000 for it in 2003. The new owner paid $1.79 million—$55,000 over list price—for the property. The home still has some of its 1960s feel, including a curved brick fireplace and wagon-wheel chandeliers in the living room, a wood-paneled studio, a wall-mounted turntable and two primary suites. Cash used one of the suites to sleep most of the day because he was up writing and playing music most of the night. The property also has a large pool and spa, gardens, cypress trees and large live oaks. No word though if there is a ring of fire on the property.

COPYRIGHT © 2022. Allie Beth Allman & Associates, a HomeServices of America, Inc. company. All Rights Reserved.

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