Written by Matt Hogsett, Brokerage Associate
Dallas’ West End is 67 acres of history under the microscope of real estate players.
Its humble beginnings as a trading post flourished into a busy sector up until the 1960s. As Dallas sprawl crept north, residents and companies began moving with it leaving the old buildings empty for years.
About ten years ago, things began to shift. The West End began to benefit from the continued resurgence to Downtown. A major factor that aids in the West End’s rebirth is the light rail DART line that cuts through the district and provides easy access for tenants and tourists alike.
This growth must be considered and calculated which is why organizations like the Dallas Entrepreneur Center (DEC) and Dallas Innovation Alliance (DIA) work so hard to preserve as well as progress. Their focus is on the ‘end-user’ and how to effectively grow a ‘smart city’.
The recurring theme of the West End seems to be innovation and rehabilitation. Dallas can have a nasty reputation of cutting down old buildings on Saturday mornings. Due to the duress of people like Trey Bowles of DEC, DIA, and private companies moving in to the area, demand for preservation has provided for retrofitting the buildings for modern day use.
Goff Partners has acquired a handful of West End properties with the desire to attract young professionals. Culture is becoming increasingly important to companies recruiting millennials. Creative, open-plan offices with saved wood floors and original brick are attractive to potential tenants looking to make Downtown Dallas their home.
Technology companies, marketing, ad agencies, architectural firms, young law firms and swaths of start-ups find identity with the relaxed fit of the West End, which so starkly contrasts from the buttoned up skyscrapers just down the street.
It comes as no surprise that the revitalization in the West End produces revitalized rents and lease structures. A few years ago companies leased office space for mid to low teens per square foot plus electric are now seeing renewals come in at low twenties per square foot plus triple net expenses. These rate hikes will no doubt continue as new and exciting development projects complete and spaces fill up.
If you’ve been a longtime tenant in the West End click here to read up on how to handle your expiring lease.