Quorum/Bent Tree Commercial Real Estate Market
Located along the Dallas North Tollway between the LBJ Freeway and President George Bush Turnpike, Quorum/Bent Tree is one of the metroplex’s primary office nodes. Its location allows tenants to tap into the highly educated workforce that resides to the south in Uptown and the Park Cities as well as to the north in Plano and Frisco.
The Quorum/Bent Tree submarket emerged in the 1980s when its inventory grew by 10 million SF, accounting for nearly 40% of today’s total RBA. Occupancies have taken a major hit in recent years, but most of that was due to JPMorgan Chase and Fannie Mae moving to new build-to-suits in Upper Tollway/West Plano.
The submarket has experienced negative net absorption since Q2 2018. Recent vacancies include 96,300 SF at 16675 Addison Road and 68,700 SF at 3350 at 3350 Boyington Dr., while leasing has been relatively flat during this period. A few key leases occurring in 2019 include 29,000 SF at 15455 Dallas Pkwy and 25,000 SF at 153303 at N Dallas Pkwy.
The submarket includes the town of Addison, with a residential population of about 15,000 but a daytime population estimated at more than 100,000. Addison also features a number of amenities that support the area’s office employers.
The town’s 4.35 square miles contain more than 170 restaurants and 20-plus hotels. Furthermore, the Addison Airport has an annual economic impact exceeding $735 million, and plans exist for nearly $200 million in upgrades over the next few years.
Another amenity unique to Addison is the town’s wireless network which provides businesses and residents internet access for a nominal fee.
Property types are as follows:
Office 390 Buildings/24.2 MSF
Warehouse 31 Buildings/4.8 MSF
Medical 22 Buildings/830 KSF
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