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Commercial Real Estate

CRE Briefs: DFW Industrial Market Soars in Second Quarter

Plus: New co-working space opens in the Harwood District, Centurion American announces largest mixed-use project to date, and more.
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DFW industrial space
Mega Market Every $1 billion in e-commerce sales translates to about 1.25 million square feet of industrial space. Courtesy of Hillwood

The second quarter of the year saw over 122.6 million square feet of industrial product leased across the nation, with Dallas-Fort Worth continuing to see unprecedented growth, according to JLL’s recent Industrial Outlook Report.

Some local key findings highlighted in the report include:

  • Demand realized in this quarter with 9.1 million square feet of absorption and 16.6 million square feet in signed leases indicates the continued strength of the current market cycle
  • The 32 million square feet of space under construction set a new quarterly record for activity, with 45.7 percent of build-to-suit projects located in the traditionally speculative South Dallas submarket
  • Market-wide asking rates have increased 20 percent since Q1 2018, with less than 15 percent of the 93.9 million square feet delivered since currently available.
Nomad Suites, new co-working space in the Harwood District, currently features four leasing options.

HARWOOD INTERNATIONAL GETS INTO FLEXIBLE WORKING SPACE

With the popularity of flexible office space on the rise, Harwood International has introduced its own version of co-working to the 19-city block Harwood District.

Move-In Ready Suite at Harwood No. 7. Photo by Shoot2Sell.

“As companies and their teams make their way back into the office, Harwood has seen an increased demand in teams seeking more flexible terms, and we are uniquely positioned to cater to growing companies,” says Hannah Mesh, leasing manager, Harwood International. “If a company is just needing a few desks, we have a place for them. But, if they plan to expand over the next two years, we can find a solution in either an existing building or one soon to be developed. We offer multiple options for leases because we understand that no two businesses are alike, but the desire for flexibility is universal.”

The new coworking space, Nomad Suites, currently features four leasing options. Hot Desks provide convenience to individuals seeking a place to office a few days out of the week. Dedicated Desks offer a reserved station and desk area. For teams looking for a more personal atmosphere, Private Offices and Enterprise Suites are designed to fit those requirements.

The Scovell Scholarships, which are valued at $4,000 each, were awarded to 15 students from North Texas during a special reception hosted at Hyatt Regency Dallas earlier this summer.

Scovell Scholarship Foundation DISTRIBUTES $60,000 IN SCHOLARSHIPS

Now more than ever, it is important to support students, especially amid the economic uncertainty gripping the nation. According to a 2021 Junior Achievement USA and Citizens study, this past college semester saw a record decline in student enrollment, mostly due to financial reasons.

Scovell Scholarship Foundation’s 2021 scholarship honored recipients from across the DFW – all 15 of whom received $4,000 in support, for a total of $60,000 awarded. 

The scholarships were given in memory of  Field Scovell, aka “Mr. Cotton Bowl,” and his wife of nearly 50 years, Mary, both of whom had a passion for young people and education.

“We are privileged to honor these outstanding young leaders who excelled in the face of extraordinary challenges over the last year,” said Scott Lavender, president of the Scovell Scholarship Foundation. “Their perseverance was nothing short of inspiring, and the flexibility they demonstrated will surely serve them well in their educational pursuits and beyond.”

Centurion American Announces Massive Residential Community

The city of Celina has been recently recognized as one of the fastest-growing areas in North Texas and the entire country. Centurion American Development Group, led by Mehrdad Moayedi, announced its largest development in the DFW outlier city.

The Farmers Branch-based company is set to break ground on Legacy Hills later this year. The mixed-use development will be located near the intersection of Legacy Drive and Celina Parkway.

The 3,200-acre development will include a broad array of residential and commercial facets, including 7,000 single-family residential homes, 4,100 multi-family units, 100 acres of commercial development, a 27-acre sports park, and much more.

Rex Glendenning, CEO of REX Real Estate, brokered the acquisition for Centurion American and has been an integral part of the process.

Hillwood Communities team celebrates a big win at the McSAM Awards.

Hillwood Communities Takes Home 10 McSAM Awards for Second Consecutive Year

Hillwood Communities, the award-winning master-planned community developer, based in Dallas, was honored with 10 McSAM Awards during a ceremony hosted by the Dallas Builders Association.

Among the list of awards received are several honors recognizing Hillwood Communities Pecan Square development in Northlake, Texas, including Master-Planned Community of the Year, People’s Choice Community of the Year, Best Welcome Center, Best Community Amenity, and Lifestyle Program of the Year. It is also the third consecutive year Hillwood Communities has earned the Lifestyle Director of the Year award.

 

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