The South Tower at DFW Business Center offers executive spaces and totals 67,652 square feet.

Commercial Real Estate

North Texas’ Key to Corporate Relocations: DFW Airport

The airport is responsible for $37 billion in annual economic impact and continues to draw commercial real estate development.

It may come as no surprise that Dallas-Fort Worth International Airport is one of the main reasons why companies choose to migrate to North Texas. That’s according to John Terrell, vice president of commercial development at DFW Airport. “It’s what every single corporate relocation from around the world and domestically has named as either their No.1 or No. 2 reason for relocating to this region,” he said. “[It’s] the accessibility to the rest of the world because of DFW Airport.”

With more than 17,000 acres of land, the airport handles over 21 million square feet of buildings, excluding the terminals. Today, the airport has commercial developments happening in areas like Bear Creek Park, International Commerce Park, Passport Park, among others—attracting office, hospitality, and mixed-use business to the area. One recent project, a 75,000-square-foot youth sports facility, has already begun construction with hopes of opening in late August or early September.

Terrell explained the importance of the airport at a joint luncheon between CREW chapters of Dallas and Fort Worth on Wednesday. He and James Spaniolo, president and CEO of the North Texas Commission, were featured guest speakers at the event. Terrell was the first to speak, giving an overview on what the airport has to offer in terms of commercial development.

“Commercial development at the airport didn’t exist until 2005,” Terrell said. “So, what you had was thousands of acres that were vacant in the middle of one of the best economies and regions in the world that had no plan for what it was going to do in the future.” He added that the airport now operates like a city, producing a land-use plan every several years to guide development in the area.

Both speakers noted that the airport is responsible for $37 billion of annual economic impact. “Thank goodness in the early ’70’s this airport came together to become the economic engine of the future for the region of North Texas,” said Spaniolo.

While the airport doesn’t sell property, it does lease land and buildings, like the host building for the event, the DFW Business Center. The center is being leased to Menyon Capital Partners, with Younger Partners working on Menyon’s behalf to lease the North and South Towers.

“This building and the building immediately on the north side, is one of the best located for any company who wants to do business with the airport or has a need to fly internationally,” Terrell said. “There isn’t a better strategically located building, or more convenient, than this building right here.”

The building offers 7.5 parking spaces per 1,000 square feet. The South Tower totals 67,652 square feet, and the North Tower totals 47,788 square feet. Once the building is 50 percent leased, a full-time security guard will be provided during business hours. A tenant lounge, fitness center, and an outdoor green space are planned for construction. “We have space here, space to grow,” said Spaniolo. “The construction crane is the mascot of North Texas.”

Comments