Optimistic outlooks

2 new reports toot Dallas-Fort Worth's economic horn amid COVID-19 recession

Dallas is poised for growth, post-pandemic.

The pandemic recession is definitely a downer. But Dallas-Fort Worth has recently received some much-welcomed economic praise.

A new report from commercial real estate services provider CBRE ranks DFW fifth among the seven tech markets that are best poised for growth. Silicon Valley ranks first. The report also places DFW at No. 7 for tech job growth in 2018 and 2019 (16.4 percent). Vancouver, British Columbia, comes in at No. 1 in the job category (29.2 percent).

Meanwhile, a new report from professional services firm PwC and the nonprofit Urban Land Institute places DFW among six “boomtowns” that are “attracting far more than their share of smart young workers.” The report also ranks DFW fourth among the top 10 U.S. real estate investment markets for 2021. Raleigh-Durham, North Carolina, ranks first, with Austin at No. 2 and Nashville at No. 3.

While the pandemic recession has pummeled DFW, the region has fared better than some of its Texas metro counterparts in many respects.

For instance, the September unemployment rate in DFW was 7.5 percent. By comparison, the rate was 6.4 percent in the Austin area, 7.8 percent in the San Antonio area, and 9.6 percent in the Houston area. Additionally, DFW ranks third among markets nationally for commercial property investment activity through the third quarter of 2020, with an estimated $13.5 billion in sales, according to CoStar Group.

“I think the DFW area will continue to be a center for growth once the pandemic is under control. The area offers a good mix of what companies are looking for, from workforce and infrastructure to a business-friendly climate,” Waco economist Ray Perryman said recently. “Clearly, the current uncertainty will place some plans on hold, but once the economy can return to more normal operations, the pattern of growth should resume.”

DFW’s business-friendly climate helped drive CBRE’s decision to relocate its headquarters from Los Angeles to North Texas.

Jeff Ellerman, the Dallas-based vice chairman of CBRE, recently told the Dallas Regional Chamber’s Dallas Innovates magazine that he’s optimistic about DFW’s growth heading into 2021.

“I believe that the pandemic will accelerate market trends that have already been in place. Companies and people will continue to gravitate to DFW, as it is a great place to run a business, has a very favorable cost structure relative to other large metropolitan areas, and is a great place to live and raise a family,” Ellerman said.

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Coworking News

New coworking space to open in Dallas' Oak Lawn neighborhood

Office Evolution

A coworking space is opening in Dallas in a central location: Office Evolution, a Louisville-based coworking chain, will open what a release says is a "state-of-the-art coworking space" at 3500 Oak Lawn Ave. #360 in Dallas at the southeast corner of Lemmon Avenue.

No details on what makes it state-of-the-art, but construction is ongoing and an opening is anticipated in mid-October.

Office Evolution was founded in 2003 as a shared workspace-coworking environment, cultivated on the principles of "Ohana," the Hawaiian tradition that references family working toward a common goal. (The founder was from Hawaii.)

The company started out in Boulder, Colorado, then relocated its headquarters to Louisville. It's an affiliated brand of United Franchise Group, and is part of The Vast Coworking Group, which specializes in franchising within the coworking industry. All of their locations are franchised.

The Dallas location is owned by franchisee Michael Pickering, a Dallas native who runs a family-owned indoor soccer facility in Dallas. (There are two other Office Evolution locations in the DFW area in McKinney and Southlake, owned by different franchisees.)

They're describing the Dallas location at 3500 Oak Lawn Ave. as "Turtle Creek," although its location at Oak Lawn and Lemmon really puts it at the epicenter of Oak Lawn. (To further complicate matters, the building previously and incorrectly described its address as "Uptown.")

It's a seven-story building in which the majority of tenants are doctor and medical offices.

Office Evolution rates include a coworking day pass for $25, plus "flex" office options starting at $200 a month for 20 hours, up to $550 a month for 80 hours.

Amenities of the building that are also accessible to Office Evolution customers include a front desk; a 1,000-square-foot fitness center; covered parking; and on-site security six days a week.

According to a spokesperson, Pickering and his team put $1.2 million into the renovation to transform the space, which occupies most of the fourth floor where it will span 9,240 square feet of space with 41 total offices — one of which is earmarked as an "on-demand office" for the professional on the go.

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