South Irving Commercial Real Estate Market
South Irving is a small submarket located directly south of Las Colinas, one of the most-prominent office nodes in Dallas-Fort Worth. South Irving does not have nearly the same amount of office inventory as the submarkets to the north and is instead home to a larger concentration of industrial properties.
D/FW International Airport is adjacent to the submarket, but office users seeking access to the airport typically gravitate to Las Colinas. One area to look out for going forward is the former site of Texas Stadium. The City of Irving, in conjunction with TxDOT, is working on a $39 million bridge, which will link the site with a to-be-built DART station on the other side of Highway 114. Hopes are that the bridge, which is expected to complete by 2019, will help spur developer interest in the city-owned site.
Only a few large-scale properties have delivered in recent years. This includes CEC Companies' 35,500-SF headquarters, which opened in 2016, and a 56,000-SF medical office building across from Baylor Scott & White Medical Center in Irving, which delivered in late 2018. Other than that, the newest construction and nearly all tenant moves involve spaces smaller than 5,000 SF. Tenant movement is also rare, and vacancies here structurally trend below the metro average.
The submarket took a hit in early 2019 when Bank of America moved out of its 77,000-SF building. Rents in South Irving didn’t reach their prerecession peak until 2016, and rents are still only about 10% above the prior peak.
Property types are as follows:
Office 230 Buildings/3 MSF
Warehouse 926 Buildings/22.2 MSF
Medical 11 Buildings/420 KSF
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