Uptown/Turtle Creek Commercial Real Estate Market
Uptown/Turtle Creek is the premier office submarket in Dallas-Fort Worth, boasting the highest rents in the Dallas office market. It offers all of the transportation, infrastructure, and amenity advantages of a CBD but has a more upscale class of office product than the Dallas CBD Submarket.
The submarket is the premier live/work/play environment, home to over 200 restaurants and 160 shops, making it one of the most pedestrian-friendly places in Texas. Nearly 75% of the submarket’s office product is Class A office space, and of that, several buildings are considered trophy assets. The tenant base is primarily made up of law firms, financial firms, and other professional services companies.
All of these factors, coupled with land constraints that are unique to this area, make Uptown/Turtle Creek an attractive submarket for institutional investors.
As tenants continue their flight to quality, the area has realized healthy leasing activity recently. For example, PwC Tower, a 494,000-SF office tower, delivered in 2018 experienced 158,000 SF of leasing activity since the beginning of 2019. The submarket has been a hotbed for new construction with 455,450 SF delivered in the past four quarters and 978,000 SF currently under construction. Even with all this new construction, the submarket is experiencing more rent growth than any other submarket in the metroplex.
Investment activity in the submarket has been robust in the past 12 months, with $68.7 million in sales and the highest sales price per SF. The sale of the Advincial Tower was the most recent significant transaction. The 147,000-SF building sold in March for $53 million.
The submarket should continue to perform well across all metrics in the long term. As companies are increasingly using their space as a recruitment tool, the submarket checks all the boxes.
Property types are as follows:
Office 310 Buildings/16.1 MSF
Warehouse 17 Buildings/3.8 MSF
Medical 8 Buildings/105 KSF
If you would like building specific information fill in our Free Uptown/Turtle Creek Commercial Space Report and submit it to us. We will respond quickly with valuable building information that you can use to locate your commercial space.
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