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Plano tower fetches record price as real estate trends continue

Recent action in the Dallas-Fort Worth commercial real estate market has shown a continuing demand and a trend towards higher sale prices for prime suburban properties.

Earlier this year, we noted that office leasing activity in Dallas-Fort Worth was on the increase, resulting in increased rents and decreasing vacancies. Businesses looking to establish a base in the region have been short on options for affordable rental space. As such, new developments have attracted interest from commercial landlords looking to meet the demand – and prices are skyrocketing as a result.

In Dallas, the market for commercial real estate has been booming. Uptown is a particularly hot area, with this year’s sales of the 17Seventeen McKinney tower and 2000 McKinney office building fetching record prices of over $500 per square foot.

Earlier this month, this trend reached the northern suburbs when the new Legacy Tower, located on the east side of the Dallas North Tollway, was bought for almost $140 million. According to reports in the Dallas News, the purchase by Boston-based Intercontinental Real Estate Corp. constitutes a value of over $400 per square foot, making it the highest price per square foot ever paid in the area.

Almost all of the building has already been leased to tenants such as UBS, Crestron Electronics and Murchison Oil & Gas Inc., with demand showing no signs of slowing. With the commercial real estate market in such a strong state, the region looks to be set for continued growth. Rising prices and rental costs may prove too expensive for local and smaller businesses, however, and it remains to be seen whether a balance can be struck between attracting new arrivals and supporting those already doing business in the area.

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