Watters Creek East is a two-story 164,866-square-foot office/industrial asset on Millennium Drive.
ALLEN, TX—The Dallas-Fort Worth industrial market continues its run of record-setting growth in this cycle. The first quarter of 2019 picked up where 2018 left off, with significant positive absorption, asking rents staying in line with expectations, and construction and deliveries continuing at a record pace, according to a first quarter report by JLL.
Indeed, demand for space remains competitive, with net absorption in the range of quarters from the past couple of years. Although net absorption was outpaced by deliveries, 40% of new construction was preleased.
Construction starts have gone from a plateauing stage to a sharp uptick in not only the exterior submarkets, but several in the core thanks to in-fill development and redevelopment. Several tenants in the market with similar requirements could easily bring vacancy down with speculative projects constructed with short turnaround times for occupancy.
Vacancy rates remain just lower than this cycle's average in most submarkets, with the exception of South Dallas. Although there were no new deliveries in this quarter, several large requirements would drop vacancy in the primarily big-box submarket.
“This quarter marks the 23rd consecutive quarter of at least 1 million square feet of space delivered,” Nick Thomas, JLL Research, tells GlobeSt.com. “With an increase in construction this quarter, the current streak in this cycle will continue past 2019. The 7.1 million square feet delivered in Q1 was more than any other market nationally.”
In the for-lease category, Watters Creek East is a two-story 164,866-square-foot office and industrial asset located at 600 Millennium Dr. in Allen, TX, in the Northeast Dallas submarket. One of its unique offerings is a 6-acre site adjacent to the facility for potential expansion.
The property has visibility from the North Central Expressway, access to neighboring high-profile corporate headquarters and onsite high-tech infrastructure, including access to fiber networks, heavy power and a chilled water system. The infrastructure allows the facility to accommodate a variety of users including high-tech, light manufacturing, lab and R&D.
JLL was recently selected as the exclusive leasing partner for the property. JLL senior vice president Melissa Holland, senior vice president Chris Doggett and vice president Chris Stout are leading the marketing and leasing efforts.
“With immediate access to several major highway systems, a variety of nearby retail amenities and, most importantly, an abundance of high-tech labor, Watters Creek East is a unique industrial asset ideally situated to capitalize on the unprecedented growth of our region,” said Holland. “This industrial asset complements the resounding institutional quality of ownership.”
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
