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Hartman has recently announced two leasing transactions in Texas:
20/20 Communications, Inc. renewed 2,228 square feet at 1333 Corporate Drive in Irving. In the transaction, 20/20 represented themselves and Allison Fannin represented the landlord, Hartman Income REIT.
Carey Asset Management renewed 3,313 square feet at 12221 Merit Drive in Dallas. In the transaction, Carey Asset Management represented itself and Alex Houston represented the landlord, Hartman Income REIT.
Earlier this month, CBRE announced plans to relocate its Dallas HQ from 2100 McKinney Ave. to the building next door that once housed its now-obsolete flexible workspace concept, Hana, in Dallas’ Klyde Warren Park.
According to CoStar News, CBRE will move into the space at 2121 N. Pearl St. in the coming months and will occupy 67,000 square feet in the building.
It was reported that CBRE had originally planned to build a new tower in Uptown Dallas, but plans remain on hold due to the current cost of undertaking planned projects.
“We still believe it’s one of the best office sites in America,” CBRE CEO Bob Sulentic told the Dallas Morning News. “And that site is going to get built. It’s a 700,000-square-foot office building, and it doesn’t make sense right now. But we still need to have a global headquarters.”
The new building was expected to be developed by Dallas-based Trammell Crow Co., CBRE’s U.S. development arm, and the project will be reconsidered when office market conditions are right, CBRE told CoStar News.
For now, CBRE’s Dallas advisory and Trammell Crow Co. employees will continue to work out of its existing office at 2100 McKinney Ave.
CBRE confirmed their global HQ will likely be housed at 2401 McKinney Ave. in the future, as construction of a new building will take several years once a decision is made to break ground.
Partners Real Estate, one of the largest independent commercial real estate firms in Texas, arranged a 41,335-square-foot lease for Texas Installs, LLC located at 5800 Tri-County Parkway in Schertz, Texas.
Partners’ Chris Caudill and Troy Martin represented the tenant, Texas Installs, LLC in the transaction. Nick Prater with 4M Realty Company, represented the landlord, FHS Associates, San Antonio, LP.
Texas Installs, LLC is an appliance installation company headquartered in Houston. They have experienced a tremendous amount of growth and needed to expand their operations into the South Central Texas market.
Hiffman National, a leading commercial property management firm whose portfolio comprises 130 million square feet of office, industrial and retail space across the U.S., has been retained by Fort Worth, Texas-based real estate fund manager Woodside to manage its newest acquisition at 12012 Wickchester Lane, in the heart of Houston’s Energy Corridor.
Hiffman National will provide the six-floor, 110,000-square-foot office building with day-to-day operational oversight, tenant service, property maintenance, engineering and capital improvement oversight.
“Woodside has an incredible track record of repositioning suburban office buildings like this one as high-quality, high-value tenant space options,” said Hiffman National Senior Vice President, Sun Belt Region Jim Tainter. “In addition to vacancy upgrades and extensive capital improvement plans this year, Woodside has adopted a comprehensive spec suite program to provide move-in ready space for office occupiers of all sizes. As Houston’s office market continues to improve, it’s the updated, high-quality space with professional property management that will attract and retain tenants.”
As more workers gain the freedom to work from wherever they’d like, the number of coworking spaces across the country continues to rise, with a new report showing that the number of such working spaces in the United States has now surpassed 5,600.
CoworkingCafe reported that the number of coworking spaces in the United States hit 5,612 as of March of this year. And these spaces are no longer confined to urban cores. Coworking spaces are now opening in busy suburban areas, too.
According to CoworkingCafe, coworking space stock added up to more than 113 million square feet across the country as of March. That’s good for 1.67% of the total office space in the United States.
Compare that to 2010: Back then, JLL reported about 12 million square feet of coworking space across the nation. That equals a tenfold growth of this sector during the last 12 years.
Much of this coworking space, of course, is clustered in Manhattan, Los Angeles, Washington, D.C. and Boston. But cities in the Midwest and Texas are seeing a rise in coworking spaces, too.
CoworkingCafe reported that the Minneapolis-St. Paul market had 74 coworking spaces as of March for 1.39 million square feet, while Kansas City’s 52 coworking spaces took up 1.37 million square feet. Nashville was home to 68 coworking space for 1.42 million square feet.
Chicago, of course, had the greatest number of coworking spaces in the Midwest, with CoworkingCafe reporting 235 spaces for 6.24 million square feet.
Coworking spaces are common in Texas, too. CoworkingCafe reported that the Dallas-Fort Worth market had 225 coworking spaces for 4.34 million square feet, while Houston had 180 for 3.67 million square feet. Austin’s 71 coworking spaces covered 1.62 million square feet.
How much do these coworking spaces cost? CoworkingCafe reported that the national median rate for open workspaces stood at $134 a month as of March, while dedicated desks went for a median rate of $326 a month.
JLL Capital Markets has closed the sale of and arranged the acquisition financing for Hartland Plaza, a 184,128-square-foot, Class A office asset located in the prime urban core of Austin, Texas.
JLL represented the seller, CIM Group. Additionally, JLL worked on behalf of the buyer to arrange acquisition financing for the transaction.
Built in 1984 and renovated in 2004 and 2017, the four-story Hartland Plaza is 92% leased with 4.4 years of WALT. The building is occupied by a diverse mix of 35 tenants that span 14 different sectors. Notable tenants include AQUILA, Zello, Rev, Munsch Hardt Kopft & Harr and Discovery Practice Management. The property includes a total of 633 parking spaces, which offers a ratio of 3.47 spaces per 1,000 square feet.
Situated at 1717 W. 6th St., Hartland Plaza sits at the intersection of West 5th and 6th Streets and MoPac (180,000 VPD), allowing convenient access to both the affluent neighborhoods of West Austin, including Tarrytown, Rollingwood and West Lake Hills, and Downtown Austin. It is within walking distance to over 15 bars and restaurants, Lady Bird Lake, the Roy and Ann Butler Hike and Bike and more first-class amenities. Additionally, Zilker Park, the University of Texas at Austin, Rainey Street and SOCO District are all within a 10-minute drive.
