By Younger Partners Research Director Steve Triolet
No one statistic tells the whole story of a market and this is certainly the case for Far North Dallas in regard to office net absorption in 2019. While Far North Dallas is one of the key submarkets for the DFW you wouldn’t be able to tell that from the net absorption statistics for 2019 (YTD). While net absorption is a currently a negative 216,331 square feet for Far North Dallas, the gross absorption (all of the move-ins, whether leased or owner-occupied excluding move-outs is the highest in the market at over 2.5 million square feet).
This is another example of new properties drawing tenants away from old inventory to newer construction. In the case of Far North Dallas, key move-outs from HPE and DXC Technology both leaving 5400 Legacy to go into Platinum Park and Cityline, respectively, resulted in over 1 million square feet of net absorption. For those not aware, 5400 Legacy is the former EDS/Perot and Hewlett Packard headquarters and at 1,587,458 square feet is currently the largest contiguous block of vacant Class A space in the US.
The other two submarkets that stand out in 2019 from a gross absorption standpoint also include large levels of new construction. Mid-cities has the new American Airlines campus that just completed construction and Las Colinas has several Cypress Waters projects and Pioneer Natural Resources which is scheduled for completion before the end of the year.
Dallas-Fort Worth is one of the fastest growing metropolitan areas in the U.S. and that means infrastructure challenges. Today’s research features Uber Air. It is the fourth part of Younger Partners’ exploration of the various infrastructure options and how they will impact the region. Today features
Younger Partners welcomes CRE veteran Greg Hoffman to the brokerage team. He comes to Younger Partners from Colliers International, where he served as senior vice president. The 40-year veteran of commercial real estate in Dallas will continue working with both office tenants and owners.
“Greg Hoffman is a well-respected in the industry and is one of the hardest working brokers I know. We expect him to continue doing great things at Younger Partners,” says Younger Partners’ Moody Younger.
Hoffman specializes in tenant and landlord representation for office and office/tech properties across the country, but especially in the Greater Dallas area, with an emphasis on office buildings in the North Dallas and LBJ submarkets. His experience includes handling income property acquisitions and dispositions, development, and general brokerage.
“My clients can continue to expect personalized, no-nonsense representation from me,” Hoffman says. “I’m excited to make this transition to Younger Partners. The company culture was very appealing to me as well as the strong leadership and management of Moody Younger and Kathy Permenter.”
Since 2010, Hoffman has participated in more than 650 transactions totalling almost 5 million square feet. For the past 10 years, he has leased about a dozen buildings for a national landlord’s portfolio and has acted as broker and asset manager while selling 16 buildings for another ownership group.
At one point in his career, he handled real estate transactions for Texas Instruments coast-to-coast. He has also played a role in disposing of multiple properties across the state for Baker Hughes.
Other clients have included CRT Properties, CMD Realty Investors, Merit Texas Properties, DRA Advisors, Colonial Properties Trust, and Crest Holdings.
Hoffman and his wife, Patricia, have been married for 38 years and have three children. He added his first grandchild to the family this year. He’s an avid sports fan and you can find him cheering on the Southern Methodist University Mustangs, the Dallas Cowboys and the Texas Rangers.
D CEO announced its Dallas 500 recipients at a reception last night and we’re proud to congratulate Younger Partners Co-Founder Kathy Permenter for being selected to this illustrious list of business leaders chosen by D CEO.
D CEO, the business title of D Magazine Partners, revealed the 500 leaders featured in the 2020 edition of the Dallas 500 on Nov. 4 at an exclusive reception at the Meyerson Symphony Center. Now in its fifth year, the publication is the culmination of months of research by the editors of D CEO, who base selections on extensive contacts in local business circles and hundreds of interviews.
The Dallas 500 publication provides an engaging, personal look at people at the top of their game in 53 prominent industries. For 2020, 336 of last year’s Dallas 500 were brought back, including Mark Cuban, Ross Perot Jr., Lyda Hill, and Jerry Jones. That means 164 new individuals were added, including Younger Partners Co-Founder Kathy Permenter.
“Making the Dallas 500 is no easy feat in a market as large and vibrant as North Texas,” said D CEO Editor Christine Perez. “Those featured in our 2020 edition are at the best of the best; they play an integral role in driving the local economy.”
Congrats to Younger Partners Co-Founder Kathy Permenter for her 2019 NTCAR Stemmons Service Award nomination
Younger Partners celebrated Halloween in style complete with costumes ranging from rock stars to pirates and our annual chili cook-off.
Younger Partners is honored to be among the 2019 sponsors for CREW Dallas. Here’s Kathy Permenter and fellow CREW leaders at a special CREW Dallas sponsor reception at the new Scott + Reid offices in Addison on Oct. 29.
Congrats to YP’s Kathy Permenter for her selection as a DFW Power Woman. Bisnow writes about Kathy’s path to entrepreneurship. You can also hear her speak at the Bisnow DFW Power Women event on Nov. 12
Younger Partners Co-Founder Moody Younger talked commercial real estate this morning at the Commerce Street Investment Conference at SMU’s Bush Presidential Library. Moody was among an illustrious group of speakers from oil companies to investment advisors.
The fifth annual Freddie Lee Chandler Memorial Dove Hunt raised about $6,500 from its annual fundraising event at the end of September. The fund provides scholarships for select high school graduates of Throckmorton High School.
The annual fundraiser is led by Younger Partners’ Jerry Averyt, Silver Oak Commercial Realty’s Russ Webb and Don Crocker to honor their late friend, Freddie Lee Chandler. Freddie was from Throckmorton and the scholarship is a way to honor him. He was an avid outdoorsman, so it only makes sense to host a dove hunt as the fundraiser, Jerry says.
About 125 hunters participated in the event, which included a visit with Throckmorton native and beloved former Dallas Cowboy and TCU alum, Bob Lily and his wife, Ann, and their son, Mark.
Dallas-Fort Worth is one of the fastest growing metropolitan areas in the U.S. With that comes growing pains, especially in infrastructure. Today’s research features the second and third part of Younger Partners’ exploration of the various infrastructure options and how they will impact the region. Today features Alliance Airport and Intermodals.
Click below to read the full report.
Of the almost 200,000 square feet of overall office net absorption taking place in the third quarter of 2019, over 90% was directly attributed to co-working companies, including new locations for Common Desk, WeWork, Hana and Spaces, says Younger Partners Research Director Steve Triolet.
While this level of concentration is not expected to carry over into the fourth quarter (American Airlines, Pioneer Natural Resources and Tenet Healthcare all have large pending move-ins), co-working has been a significant portion of overall net absorption over the past two years and is likely to remain a significant factor for the foreseeable future (including pre-leasing of under construction projects like Weir’s Plaza).
The slides show up-to-date additional information on the major co-working concepts and co-working versus executive suite data.
Younger Partners Co-Managing Partner Kathy Permenter made her radio debut Aug. 23 on KRLD CEO Spotlight, hosted by David Johnson, on KRLD 1080-AM. Kathy talked about the newly released third edition of The Book, which details the historical landscape of North Texas real estate. Listen to the interview here. #YoungerPartners#WhatWeAreMadeOf#MadeOfLeaders
A who’s who of commercial real estate leaders gathered Wednesday at Turtle Creek Park for a celebration honoring the release of the third edition of “The Book.” Filled with stories of perseverance and innovations, “The Book” highlights the developments and the legendary figures whose extraordinary vision and real estate prowess shaped North Texas. Among the eight-member team who worked on “The Book” are Younger Partners’ Robert Grunnah and Kathy Permenter.
See what Steve Brown has to say about it in the Dallas Morning News.
Dallas-Fort Worth is one of the fastest growing metropolitan areas in the U.S. With that comes growing pains, especially in infrastructure. In the coming weeks, Younger Partners is exploring the various infrastructure options and how they will impact the region. We’re starting off with two planned light rail projects, the Cotton Belt and the D2 Subway.
Click below to read the full report.
Younger Partners’ Scot Farber moderated a lively panel of experts debating new development, transportation issues and the lack of affordable housing at Bisnow DFW’s 121 Corridor event Thursday morning. Check out event coverage here.
#YoungerPartners #WhatWeAreMadeOf #MadeOfExperts
Younger Partners welcomes CRE veteran Jerry Averyt to the brokerage team. He comes to Younger Partners from Henry S. Miller Brokerage, where he served as senior vice president in the office and industrial division. He worked with clients in both office and industrial areas as well as in investment properties and land sales.
“I’ve known Jerry for years and always admired his skill and work ethic. He’s an extraordinary broker and we anticipate great things as he joins our team,” says Younger Partners’ Moody Younger.
Averyt has negotiated more than 550 lease transactions totaling more than $100 million. His 42 years of experience encompass marketing, planning, real estate finance, and property management.
“It has been a privilege to work for Henry S. Miller for more than 19 years, but this change helps me re-energize my efforts and working with Moody and Kathy Permenter will be a great move for me,” Averyt says. “Kathy has the drive to make the big deals and Moody does a great job with the organization. They complement each other and create a dynamic that achieves success. I’m ready to hit the ground running, serving clients and generating new business,” Averyt says.
Averyt’s 42-year real estate career began in 1977 with Vantage Companies, primarily specializing in the development and leasing of new office properties. After 14 years with Vantage, Averyt worked for CB Commercial and Centre Development Company. He also spent five years at Grubb & Ellis.
Major corporate clients Averyt has been privileged to represent include: BP Capital/T. Boone Pickens, Newmark Homes, Magic Logix, Staubus & Randall, Reed Fire Protection, Cecil Benefits Group, Crawford & Co. Insurance, Elliott Electric, Lubbock National Bank, Tidwell, Swaim, & Associates, SoftLayer, and AOMI.
The Andrews-native has been married to his wife, Terry, for 25 years. He has two older daughters from a previous marriage, Schuyler and Ashley. He and Terry have a son, Wren, who is a grad student at Texas A&M. He also has two grandchildren, 16-year-old grandson, Merrick, and 13-year-old granddaughter, Avery. In his free time, Averyt loves to hunt, fish, play racquetball, ride horses, and travel.
For the past five years, the Younger Partners International Group has been working with Chinese investors both here in the states and from China via an active and successful global investment team that includes Nan Li, Elaine Xu, and long-time broker, Sam Kartalis.
This summer, the International Group was honored to receive the Golden Eagle Award for commercial real estate in Houston from the Golden Eagle Real Estate Alliance (AGEEA). The AGEEA members are primarily entrepreneurs from the U.S., China, Korea and Singapore from a variety of real estate-related industries that include finance, development and technology. The organization provides both a platform and network for Asian-American and especially Chinese-American investors to connect with U.S. commercial real estate experts and resources.
The Golden Eagle Awards ceremony was attended by around 1,000 investors and professionals and featured Houston Mayor Sylvester Turner, Congressman Al Green and AGEEA leaders including the very influential Southwest Realty Group Chairman Kenneth Li and IBMG Group Chairman and CEO Jacky Li. Both are business leaders and have played a large role within the China General Chamber of Commerce and the Asian Real Estate Association of America. Younger Partners and its International Group were recognized and honored for service excellence in commercial real estate.
The awards recognized local and international real estate professionals and developers with the added goal of attracting additional real estate resources from China and other overseas markets to the Texas real estate market. We were incredibly flattered to get this recognition for our International Group as the Golden Eagle Top Brokerage and Property Management Company. Nan and Elaine were honored as Golden Eagle Top Agents and Sam was presented the Golden Eagle Real Estate Outstanding Service Award. “It was very humbling as Nan, Elaine and I have focused our time and energy on growing this platform for Younger Partners,” Sam says.
The Dallas CBD has seen a surge of projects that should help continue to transform it from a traditional office center to a live-work-play district with an abundance of amenities to draw people back into the urban core. One of these prominent, community-driven projects is the development of Pacific Plaza. This project has been in the works since 2006 when the land was acquired for $9.1 million with bond funds. This community park project will be entirely funded by the non-profit Parks for Downtown Dallas and will showcase both green spaces for activities as well as park amenities for guests.
We are excited to see this project unfold as Younger Partners has a prime leasing property overlooking the Pacific Plaza development. Our office space leasing, Republic Center, will have a front-row seat to this community development and is a highly desired location for leasing tenants. The new development is also near Fountain Place, a property that we sublease.
Visit the full article here to learn more about the Pacific Plaza development: https://parksfordowntowndallas.org/pacific-plaza/