“This purchase will let us accelerate our flexible office solutions in one of the best business locations in the country. The quality of the location and the building is outstanding,” McCann tells GlobeSt.com. “We see a tremendous amount of potential for our core business, moveable walls, standing desks, lighting and storage, as part of commercial property build-outs, and purchased the property to showcase that. With all the companies moving to the Irving/Las Colinas area, the space will be a great new option for start-ups and fast-growing companies who want a more modern, flexible office environment.”

The increase in availability is still moderate, according to a report from last year by Savills Studley. The usual suspects have the lowest vacancy rates: Far North Dallas, Uptown, Richardson and Las Colinas. Tenants seeking bigger blocks in the most sought-after submarkets such as Uptown, Frisco and Plano still face competition for space from other firms. That said, the market is starting to see some of the familiar build-and-poach phenomenon that prevailed in prior cycles. Properties such as Cypress Waters are drawing tenants from other buildings. The complex already snared CoreLogic (from Westlake and Richardson) and Brinker International consolidated from four locations. Las Colinas has captured several significant leases in recent quarters, but will lose a major corporate tenant to Cypress Waters, says the Savills Studley report.