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Fort Worth was originally established as a military outpost and later grew into a center for cattle trade and transportation. While it’s Western heritage still runs deep, Fort Worth has grown into a major economic hub and is home to many large companies, american at and contemporary architecture museums, and a network of parks and recreational space.
The Fort Worth commercial real estate market has traditionally offered favorable conditions for small business owners looking to avoid skyrocketing rates in other DFW neighborhoods. The market is known for having strong sublease availability but in recent years the supply of subleases has began to shrink. For this reason business owners looking to lease office space in Fort Worth should rely on an experienced commercial broker to negotiate the best rates on direct leases. Tenants are advised to act fast on Fort Worth office space to secure the best deals.
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Southside Fort Worth is known for being a massive hub to the medical industry and several industrial companies. It features a variety of options for office and industrial space across all of the major office space classes. The average size for traditional office space averages between 1,500 and 3,000 sq ft whereas industrial space primarily falls between 3,500 and 5,500 sq ft.
Rents in Southside Fort Worth depend on the location and building class. Businesses can find traditional office space averaging anywhere from $18 per square foot to $34 per square foot. Industrial space in the area is at a lower price point, falling between $8 per square foot and $15 per square foot.
Near Southside is a 1,400 acre district that provides the area with a distinctive, offbeat spirit as well as several renovation projects that are adding to the already substantial residential neighborhoods nearby. These types of efforts are improving the work/live/play ethos that plays such a significant role in attracting talent to an area, especially with the pivotal millennial and Gen Z employee segments.
Commercial real estate in Alliance attracts a range of industries that includes everything from retail and distribution to data centers and industrial companies. The complexion of the local market reflects that diverse appeal with a variety of space sizes primarily in Class A industrial, Class B office, and retail space. The recent spike in demand for office space throughout Alliance has created low vacancy rates with rents that can average up to $35 SF depending on the location and space type.
The commercial real estate market in Alliance is also experiencing a rapid transformation and expansion to meet new demand. Amazon recently announced a new logistics air hub near Alliance Airport that will create 5,000 new jobs upon completion in 2019. Several development projects are also either under construction or currently planned for the booming I-35W corridor to further expand the 2.3 million SF of retail space already in the immediate market. Companies and their employees enjoy ample parking with light traffic compared to most of the Metroplex.
Dallas-Fort Worth (DFW) was originally established as a military outpost and later grew into a center for cattle trade and transportation. While it’s Western heritage still runs deep, Dallas-Fort Worth has grown into a major economic hub and is home to many large companies, american at and contemporary architecture museums, and a network of parks and recreational space.
The Dallas-Fort Worth commercial real estate market has traditionally offered favorable conditions for small business owners looking to avoid skyrocketing rates in other DFW neighborhoods. The market is known for having strong sublease availability but in recent years the supply of subleases has began to shrink. For this reason business owners looking to lease office space in Dallas-Fort Worth should rely on an experienced commercial broker to negotiate the best rates on direct leases. Tenants are advised to act fast on Dallas-Fort Worth office space to secure the best deals.
Companies of all shapes and sizes are drawn to Arlington for the many benefits an address within its borders offers. Businesses can expect to find massive industrial pockets off of Highway 360 that represent over 30% of all the industrial product within the Metroplex. The city also features a significant amount of Class A+ through B- office space particularly off of I-30 and I-20. Arlington also houses a vast inventory of retail space concentrated in massive retail strips on Collins Street, Parks Mall at Arlington, and Arlington Highlands.Businesses will find a variety of sizes averaging anywhere from 2,000 to 7,000 sq ft with rents around $22 per square foot. Tenants in Arlington typically don't have to worry about parking with the possible exception of game day at AT&T Stadium. The most significant changes occurring in the city's commercial real estate market over the next few years involve the completion of the new baseball stadium in 2020 and the adjoining Texas Live! project. This ambitious mixed-use development is adding several restaurants, entertainment venues, retail locations, and hotels to the heart of DFW in Arlington.
Denton is a city with a large geographic footprint that serves it well as its commercial real estate inventory expands at a rapid pace. A variety of companies and industries flock to the city as demonstrated by commercial vacancy rates around 13% for office and below 10% for industrial space. The west side of Denton is popular with manufacturing companies with Peterbilt being one of the area's largest employers.
Businesses will find nearly 8 million sq ft of traditional office space between Denton and neighboring Lewisville. Space size averages 2,500 sq ft at rents around $23.50/sq ft in mostly garden office complexes. The area features some multi-tenant, multi-story buildings closer to Denton's core as well but only 200,000 sq ft or so of Class A inventory.
Industrial space ranges between 5,000 and 10,000 sq ft with rents averaging $5/sq ft for distribution space and $9/sq ft for flex space. Downtown Denton has limited free and paid parking but businesses will find ample parking everywhere else which will serve companies well as the city continues to expand rapidly. Several retail developments at 380 & 35, 380 corridor, and the Golden Triangle Mall along 288 are quickly transforming the immediate area into a financial powerhouse for the Metroplex.
Businesses can expect to find a tremendous variety of space sizes with rents that average $29 per square foot for Class A office. Parking can be challenging in the area with only paid or valet parking throughout Downtown but tenants often have the option to pay for lease parking. Both the inventory of commercial real estate and parking could dramatically change in the future with the development of a few ambitious projects.
Most notable is the Panther Island Project that could add 800 acres to Downtown Fort Worth, effectively doubling its size. The project would include 12 miles of new waterfront, significantly upgraded infrastructure, substantial housing, and 3 million square feet of commercial real estate. The Stockyard redevelopment plan as well as several new apartment complexes also paint a bright and impressive picture of Downtown Fort Worth's future.
Its proximity to the airport makes DFW Freeport a desirable location for distribution and logistics businesses. The designated Foreign Trade Zone (FTZ) within the area also provides unique financial benefits for area tenants, especially for companies seeking tax benefits on foreign goods.
Businesses will find significant warehouse and traditional office space in DFW Freeport. The area boasts over 70 million sq of industrial space, 2.5 million sq ft of manufacturing, and 7.25 million sq ft of flex and true, heavy distribution space. Rents average $4.50/sf for distribution space, $10/sq ft for flex, and $7.50/sq ft for manufacturing. Vacancy rates for warehouse properties are below 10% with manufacturing space below 1% vacancy.
Businesses also have several multi-tenant, multi-story office buildings to choose from that are mostly comprised of Class A- and Class B space at about $23/sq ft. The area also features about 5 million sq ft of true Class A space in multi-tenant, high-rise buildings. Tenants won't have any parking issues as sufficient on-site parking is available throughout the area.
Flower Mound attracts businesses from large logistics hubs to local small businesses and everything in between. Medical professional services have a particularly large presence in the city's commercial space along with assorted retail, office, and industrial companies. The majority of the available inventory consists of professional single-story office and retail space but companies can find executive suites and medical space as well.The average office size falls between 1,000 and 2,000 sq ft with rents ranging between $15 and $35 per square foot according to location and type. The average price point across the city is approximately $21 per square foot. The Shops at Highland Village is a notable exception to that with rents going well into the $40 range. Parking is abundant throughout Flower Mound and tenants can generally expect on-site parking. The Results Center is a 5,000 sq ft Class A office building and the only significant traditional office complex development within city limits at this time.
The Forest Hill community within Fort Worth houses companies from several different industries. Medical, industrial, and retail businesses are the most common to the neighborhood but a large variety of office types and sizes make it attractive to nearly any industry. Businesses can expect to find an abundance of Class C office space along with warehouse and flex options as well as second-generation retail space.
Most of the inventory consists of small to midsize garden offices that average between 1,500 and 3,000 sq ft with industrial space averaging approximately 15,000 sq ft. Rents throughout Forest Hill vary greatly depending on location and space type, ranging between $14 and $25 per square foot. A few industrial parks are under development to expand the inventory for commercial space in the area. Parking is abundant throughout Forest Hill and rarely a concern for tenants.
Grand Prairie has traditionally been known as an industrial powerhouse within the Fort Worth area. While this continues to be true, the city is also experiencing significant growth on the retail side. Much of this expansion is due to the development of a new IKEA in the city. Companies can expect to find mostly Class B buildings and office space that average 2,000 sq ft in size.
Rents vary by location and office type but average $20 per square foot for office space, $4.75 to $7 per square foot for industrial, and approximately $11 per square foot for flex space. Parking is abundant throughout Grand Prairie and has never known to be a concern for tenants. The majority of commercial development centers around retail centers and entertainment attractions.
The commercial space in Grapevine is generally segmented by its location within the city. While its western boundary features office space that's focused on the medical industry, its southern border is primarily industrial given its proximity to DFW Airport. Grapevine’s largest employers match that segmentation with much of the workforce concentrated within the airport facilities, tourism-based organizations, and the medical industry.
The bulk of Grapevine’s commercial real estate features Class A, Class B, and warehouse space with a substantial amount of retail inventory found throughout the area. Industrial space averages 20,000 sq ft with rents of roughly $8 to $10/sq ft plus nets between $3 and $4/sq ft. Traditional office space in Grapevine is similar to surrounding cities with sizes averaging 2,500 sq ft and rents between $20 and roughly $25/sq ft plus nets around $8 to $10/sq ft.With the exception of Downtown Grapevine, most tenants won't find any parking issues within the city. Significant expansion and redevelopment is occurring across Grapevine that will only further its appeal as a destination through family-oriented projects and attractive mixed-use developments. Great Wolf Lodge is currently in the midst of an $11 million renovation and an 11-acre mixed-use project will soon break ground directly across from the popular Grapevine Station complex.
Commercial space in Lewisville attracts companies from a wide range of industries, primarily medical, office, industrial, and retail businesses. The city features a significant inventory of retail, medical, and smaller traditional office space mainly in suburban Class B+ and A- office types as well as industrial facilities.
Like many surrounding cities, Lewisville features smaller floor plates with traditional office space averaging 2,500 sq ft and industrial properties averaging 50,000 sq ft. Businesses in need of larger sizes can find industrial space as large as 300,000 sq ft within city borders. Rental rates fall between $11 and $35 per square foot depending on the location and product type, averaging roughly $23 per square foot across the city.Tenants can expect abundant parking that's usually on-site and typical of the general area. The 324-acre Realm at Castle Hills project on State Highway 121 west of Josey Lane is a notable development in Lewisville that will add a significant amount of office space, retail, restaurants, and apartments to the city’s commercial and residential real estate inventory.
The HEB section of Greater Fort Worth is in the midst of a significant revitalization. A wide variety of companies flock to this area of mid-cities to take advantage of its economic rebirth as well as affordable price points. Much of the commercial space inventory consists of warehouse, standalone suburban office space, multistory Class B, Class C, and a few Class A buildings. Along with a significant amount of flex space, HEB naturally attracts everything from professional service firms to tech startups with its array of commercial space types and reasonable rents.
Office space averages between 2,000 and 2,500 sq ft in HEB with industrial properties around 5,000 sq ft and retail space closer to 1,700 sq ft. Rents vary according to the type of space with traditional office averaging $18.50 per sq ft, flex space ranging from $10 to $12 per sq ft, true distribution space around $5 to $6 per sq ft, and retail from $30 to $35 per sq ft.
Companies can expect to find ample parking throughout the HEB/mid-cities region that will serve local businesses well as revitalization and expansion plans progress. Much of that redevelopment centers around 183 and Highway 26 corridor. Significant road improvements and a comprehensive cleanup initiative over roadside signage are also key components of the region’s extensive efforts.
North Richland Hills offers companies a diverse mix of commercial real estate that appeals to a variety of organizations and industries. Much of the city's recent spike in popularity stems from businesses leaving Keller-Lake-Grapevine in search of lower rents and availability of space. That space primarily consists of warehouse, suburban office, multistory Class B and Class C, as well as a few Class A buildings.
North Richland Hills also offers some value-add offices and some flex/industrial properties on the southern end of the city. Office space closer to the northern border features attractive suburban office complexes, retail, and corporate HQ space. Average sizes and rents vary by type with traditional office space averaging 2,200 sq ft at $18.50 per sq ft and industrial space around 7,000 sq ft at $10 to $12 per sq ft. True distribution space is closer to the $5 to $6 per sq ft range. Retail space averages 3,000 sq ft with rents around $20 per sq ft on the southern end of the city and roughly $30 to $35 per sq ft on the north side.Companies should expect to find plenty of parking throughout North Richland Hills as well as a healthy development push. City Point is a 125-acre plan development that will serve as an office and employment hub and ultimately add 400,000 sq ft of additional office space to the city. Significant transit-oriented developments (TODs) around the Iron Horse and Smithfield TEXRail stations bring the benefits of mixed-use projects that enhance the ever-important work/life balance for the local workforce.
Southlake is a quintessential suburban town that mixes several professional-oriented complexes with an appealing lifestyle. Several large financial firms have a significant presence in Southlake along with sales offices from a variety of Fortune 500 companies. Southlake is also a draw for the medical industry to further extend the area’s far-reaching draw across many economic sectors.
Businesses can expect to find several multistory office buildings and garden office complexes throughout Southlake that primarily feature Class A and A+ office space. The area also boasts a growing co-working space movement and substantial retail space to form a well-rounded foundation of commercial properties.
Southlake office space skews towards the smaller side of the spectrum with space averaging between 2,500 sq ft and 4,000 sq ft. Rents vary according to location and the type of space with garden office complexes averaging roughly $20/sq ft plus nets and space within multistory buildings approximately $30/sq ft plus nets. The nearly 3.2 million sq ft of existing office space has a vacancy rate of 18.5% whereas Southlake’s almost 4 million sq ft of retail space has a much lower vacancy rate of 4.2%.Parking is typically not an issue in Southlake as most office facilities have ample on-site parking. The area continues its rapid growth typified by the impressive Southlake Town Square development with its appealing multiuse mix of office space, dining, and shopping options. High personal income levels will also continue to drive further residential and retail development as well as additional corporate parks throughout Southlake.