Office Snapshot – Quorum/Bent Tree
Key Takeaways:
- Just up the Tollway, Cawley Partners is building Fourteen555, a project that will include two, six-story, 240,000 SF buildings. The first building at Fourteen555 broke ground in May 2017 and is expected to complete in Q3 2018.
- Rent levels in Quorum/Bent Tree are in line with those in other close-in suburban Dallas submarkets like Office Center/West LBJ, East LBJ Freeway, and Richardson. Rent growth has remained positive. However, most rent increases have taken place in 3 star assets, while 4 & 5 star rent growth has been flat as of late.
- Vacancies are nearly 700 basis points below their recessionary peak. This will change soon, because JPMorgan Chase is scheduled to move from its International Plaza location to Legacy West. If it isn’t backfilled, roughly 350,000 SF will open up at the end of 2017. More moveouts are scheduled in 2018, when Fannie Mae plans to leave International Plaza to consolidate its regional operations into a 300,000 SF build-to-suit in Granite Park, also in the Upper Tollway/West Plano Submarket.