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Downtown Dallas Emerges as the Big Winner in 2018's Office Rental Race

As Reported by The Dallas Morning News

When the fourth-quarter office leasing numbers for North Texas were finished, the big surprise wasn't just a surge in leasing.

The really eye-popping result in the new data was that Downtown Dallas topped the entire Dallas-Fort Worth area for net office leasing.

Expanding and relocating business tenants net leased more than 354,000 square feet of space Downtown in the fourth quarter. That's more office leasing that West Plano and Frisco and more than in the Telecom Corridor, according to the latest office survey from commercial property firm CBRE.

What more proof do you need that the Downtown real estate market has its mojo back?

For years, Downtown was the net loser in the competition for office tenants as companies exited the central business district for the 'burbs.

Sure, Las Colinas, Legacy business park and the Telecom Corridor still get most of the big office deals.

But in the final months of 2018, it was time for Downtown Dallas to run up the score with new business moves.

The surge in leasing Downtown was strong enough that the central business district wound up as the top office absorption market for all of 2018, too, with more than 650,000 square feet of net leasing.





Recap of Downtown Dallas, Inc.'s 2019 Annual Meeting & Luncheon Presented by East Quarter

Downtown Dallas, Inc. (DDI) held another successful Annual Meeting presented by East Quarter on January 31st that featured an update on the big wins for Downtown in 2018 and laid out DDI’s vision for the new year. “We’re entering this new year with so much optimism. Our team’s focus is on hard work, evolving strategies, and action. We’re challenging ourselves to be forward thinking, creative, and nimble – all to make a difference that you’ll see on the streets every day,” said DDI President and CEO Kourtny Garrett.

The crowd of 1,000 elected officials, stakeholders, and more heard about recently and soon-to-be completed developments changing the face of Downtown and got an update on DDI’s bold initiatives like the continuation in 2019 of our early morning outreach engaging the homeless population to assist in identifying appropriate services and programs. Todd Interests also revealed plans for the East Quarter of Downtown in development now that will include creative office space and restaurants with a concept from Nick Benavides. View the video by clicking here.

DDI’s Board of Governors and Board of Directors for 2019 was voted on and approved, and Dr. Tim Moonen with The Business of Cities presented his keynote address Dallas and its Downtown, A Global View. Click here to see Dr. Moonen's presentation.  Dr. Moonen said of the city center, “This means cities must do more than have a good business climate. They also need to foster eco-systems, cluster specialization, and develop an all-round business reputation and brand. Downtowns are fundamental to this.”

Dr. Moonen also highlighted high-speed rail and the decision to locate the Dallas-Fort Worth station Downtown as a real game changer for the continued growth and success of the Downtown core. He also suggested vigorous investment in branding and telling the story of Downtown’s victories and potential, which DDI is in the process of doing through a robust economic development campaign we plan to roll out soon.

To see Kourtny Garrett's presentation from the Annual Meeting, please click here.  And you can view our 2018 Annual Report here.




Downtown Dallas' Livability: What's Mattered Most in Revitalization and What's Yet to Come

As Reported by Bisnow

In recent years, the story of Downtown Dallas has been one of epic change, from a 12-hour business district to a 24-hour urban core. That has helped attract residents and corporate relocations, but there is still more to be done.

More change is ahead as the DFW region becomes the nation's third-largest metro and takes its place on the international stage as a business and cultural hub, according to the speakers at Bisnow's Rise of Downtown Dallas event.

In the last 15 years, there has been roughly $6B in investment in Downtown Dallas, and 70 commercial and residential projects are underway now. In 2018 alone, there was more than 668K SF of net commercial absorption in Downtown, rounding out a strong year for the Metroplex as a whole.

About 12,000 residents now live within the highway loop, up from virtually none within living memory, and there are 52 acres of new green space Downtown, with more parks on the way.

Why such a surge? Livability: new amenities, parks, grocery stores, restaurants and other retail, the speakers said. Over the last decade or so, Downtown has evolved from a commercial district into a neighborhood.

Downtown has also evolved into greater Downtown — a growing residential and commercial district well beyond the loop. The momentum started 20 years ago and now it is irresistible, speakers said.




City Staff Reveals its Response to TxDOT's Plan to Widen I-30

As Reported by D Magazine

On Monday afternoon, Dallas city staff presented a series of recommendations that push back against TxDOT’s plan to expand Interstate 30 east of Downtown. The city’s transportation department will suggest burying the interstate to reconnect the neighborhoods that it ripped apart. It will tell the state not to make the highway any wider or higher than it currently is. It will call for the frontage roads to be re-thought, to incorporate “complete street” elements that would allow for safe walking and slower speeds. And it will urge the state to build connections over the freeway that would be safe for pedestrians to walk or bike.

These so-called “guiding principles” were created in response to a draft plan to expand Interstate 30 that TxDOT sent the city in May. Its proposals were in line with what highway engineers have done since their jobs were created: it wanted to widen and expand the freeway and its frontage roads from Downtown to U.S. 80. This drafted plan seemed to fly in the face of the forward-thinking CityMAP study that TxDOT itself created in 2016, which was supposed be a guide for how to redesign or replace the hulking highways that tore Dallas apart. It also ignored Downtown Dallas, Inc.’s 360 Plan, which aimed to restitch the neighborhoods in the city’s core. The City Council adopted Downtown Dallas, Inc.’s plan as official policy in 2017.

The 360 Plan never suggested expanding the freeway, and traffic numbers don’t support widening it either. After Downtown Dallas, Inc. got a whiff of TxDOT’s plan, they drew up a white paper for the City with a list of recommendations. They’re reflected in the presentation.

“TxDOT’s plan would be a restarter for us,” said Kourtny Garrett, the president of Downtown Dallas, Inc. “The impact of its project is going to stretch into planning for rail, for the Cedars … it stretches into the Farmers Market and it would’ve been very significant in its impact considering the way those areas are developing.”

Now, eight months later, City staff revisited the tenets of CityMAP and took direction from the 360 Plan as well as the High-Speed Rail Station Zone Assessment, which set guidance for the infrastructure needed near where the rail will depart near Downtown Dallas. The City’s recommendations would strike down nearly everything the state’s highway engineers presented. No adding lanes to the freeway, no widening of the frontage roads, no expanding overpasses or exit ramps, and no raising it above grade around Fair Park.

Click the 'More Info' button below to read the full article.





See How Much Downtown Dallas Has Changed Over the Last 100 Years

As Reported by CultureMap Dallas + Downtown Dallas, Inc.

The new year tends to bring on feelings of nostalgia, along with the urge to look back at what once was and compare to what exists now. Like a good before-and-after picture parade, it's fun and a little bit humbling to see how places have grown over the years, especially a bustling metropolis such as Dallas.

Settled by John Neeley Bryant in 1841 and formally incorporated as a city in 1856, Dallas has seen its share of change over the decades. Many of the landmark buildings in Downtown Dallas have undergone similar journeys, with some seeing drastic reinvention and others sprucing up to recapture the glory of days gone by.

Downtown Dallas, Inc. has provided a wealth of historic images that show just how much Downtown has grown recently. From vintage shots of the Dallas Farmers Market in the 1940s to a glimpse at our cityscape before Klyde Warren Park and the Dallas Arts District, take a trip down memory lane by clicking the 'More Info' button below and exploring the photo gallery.





Sheraton Dallas Downtown Hotel Unveils 4 Restaurants and a Coffee Bar

As Reported by CultureMap Dallas

The Sheraton Dallas Hotel in Downtown Dallas has unveiled five new food and beverage concepts as part of its ongoing multimillion-dollar renovation.

Part of Marriott International, the Sheraton is the largest hotel in Downtown Dallas and has been undergoing an extensive renovation of all public areas, guest rooms, and meeting and convention space.

The Sheraton Dallas has been at the forefront of Marriott's move to transform the Sheraton Hotels & Resorts brand, with a design strategy that emphasizes community, collaboration, and experiences.

In December, they appointed a chef to oversee their culinary program: Zeb Hartline, who most recently served in a similar capacity over multiple restaurants at the Gaylord Texan in Grapevine.

The five new eateries offer a taste for every palate. Three have already opened; the additional two will open by early February.

Click the 'More Info' button to read about all the concepts!






RED Development: Huge Salesforce Lease Takes Uptown's New Union Office Tower to the 90 Percent Mark

Hoque Global: Developer Hopes Mixed-Use Project South of Downtown Dallas Will Be SoGood for the Area

Todd Interests: East Quarter Preview Video









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