With corporate relocation talks heating up in North Texas, the Dallas Business Journal decided to start a new series we're calling Relocation Station.
Each article within this series will spotlight a different city, neighborhood or submarket within the Metroplex, identifying what opportunities exist in each area for a company looking to expand or relocate to North Texas.
To determine these opportunities, the Business Journal will rely on previous reporting, websites like LoopNet and conversations with local stakeholders to create a list of sites that are primed for a corporate relocation.
These sites will include vacant land sites, proposed projects, under construction projects and existing buildings with at least 50,000 square feet of contiguous office space available. Some users could be looking for less than 50,000 square feet, but we've chosen the number simply as a base.
This inaugural Relocation Station starts us off in downtown Dallas, an obvious starting point for any company looking at North Texas for the first time. Within downtown's approximately 1,000 acres lies nearly 27.3 million square feet of existing office space, according to CBRE. The area also has hundreds of thousands of square feet under construction and dozens of parcels available for future development. In fact, within a two mile radius of downtown lies 86 acres of developable opportunities, says Kourtny Garrett, president and CEO of Downtown Dallas Inc.
"I would argue that's unlike any other market in the country, to have that much developable acreage within an urban center. That was one of the things that was particularly attractive to Amazon," said Garrett.
Due to the many options that were available downtown, our list includes just 14 properties that are ready to host a big corporate relocation. The list includes eight land sites, one project currently under construction and five existing buildings with the largest available contiguous footprints. Though many existing properties have at least 50,000 square feet of contiguous space downtown, choosing just the top five meant some notable towers like Bank of America Plaza, Chase Tower and Comerica Bank Tower did not make the cut.
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