Craig Hall's 200,000-square-foot Frisco office building will open in early 2014. (Hall Financial Group)
Last week?s big news was about the industrial building market.
This week it?s the office market?s turn with two large Dallas-area projects in the works.
Crescent Real Estate and Craig Hall?s new office tower deals couldn?t be more different.
Crescent?s Uptown development is an urban mixed-use project that will be located on Dallas? busy McKinney Avenue just north of downtown.
Craig Hall?s planned building is up in Frisco on the Dallas North Tollway ? just a stone?s throw from the Stonebriar Center mall.
The building?s are almost 20 miles apart and are dramatically different architecture styles.
But they have something in common.
The 8-story Hall Office Park building and the 20-story Crescent project on McKinney are both located in two of the only locations in North Texas where such new developments are likely to succeed.
Both Uptown and the Frisco/West Plano markets have quickly filled up their office space coming out of the recession.
There?s only about a 14 percent office vacancy in Uptown, and the market is even tighter ? 8 percent empty ? in Frisco and West Plano.
With demand for office space picking up, developers in both areas will be scrambling to get new buildings delivered in time to make leases before tenants opt for nearby business districts that have more available office space.
Crescent Real Estate's Uptown office and retail building will open in 2015. (Hall Financial)
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