By Larry Denisoff, President-Corporate Real Estate
Dallas, and the entire D-FW market, is fortunate to have municipal, county and state leadership that supports infrastructure improvements. As a result, we’ve got strong office corridors throughout the metro area, and each is performing well. One huge jobs and development generator has been the Dallas North Tollway, which starts in downtown Dallas and runs north for more than 32 miles. Its ability to spur commercial, retail and residential growth has earned it the nickname “The Platinum Corridor.”
In urban Dallas, the Uptown market is one of the strongest submarkets, in terms of occupancy and rents. A below-grade eight-lane freeway divided Uptown from Downtown. To bring Uptown and Downtown together, a public-private partnership raised around $110 million for a 5.4-acre deck park – now named Klyde Warren Park - that spans the freeway. The park, opened in 2012, has been a home run.
Rents for downtown office projects near the park jumped 30 or 40 percent or more. The park, and the activity it brings to the area every day, has spurred major office, high-rise residential and retail growth.