Sale of the Century: Relocating Companies Driving Dallas’ Seller’s Market Aug18

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Sale of the Century: Relocating Companies Driving Dallas’ Seller’s Market

Last week, Dallas, TX learned about the relatively rapid relocation of two Southern California companies to the KPMG Centre Tower at 717 Harwood in downtown Dallas. This is excellent news for the city and the office tower, both of which had been struggling to attract tenants in recent history.

Expecting to bring 1,450 jobs to the downtown area, software firm Active Network and fleet management company Omnitracs are both relocating to Big D from San Diego, California. The City in Motion will experience a lot of movement in September when both of the Vista Equity Partners-owned firms set their sites on the greener (and more affordable) pastures of Dallas, Texas. 

The city of Dallas and the state of Texas put together an incentive package that totaled just under $14 million. For all of their largesse, the city and the KPMG Centre Tower were provided with tenants who committed to a minimum 10-year lease. Both firms are also going to invest $3 million into renovation of their leased office spaces.

As reported in the Dallas Morning News, Hammond Perot, assistant director of Dallas’ economic development office, was understandably excited by the multi-million dollar deal stating, “It’s a banner day for us.” The Active Network/Omnitracs deal comes on the heels of another big coup for the city of Dallas, which recently inked a deal to bring noted finance firm Santander Consumer USA to the downtown area with 1,400 additional jobs for the area.

The favorable business conditions of the Dallas/Fort Worth metroplex are repeatedly validated by the many companies choosing to call North Texas their new home. The frequent news of this company’s or that company’s embrace of Dallas is a significant factor in the white hot seller’s market the Dallas-area residential real estate market is currently experiencing.

The current boom housing market is well into year two and is showing no signs of letting up. Residential property owners currently hold all of the cards, enjoying the perfect storm of housing demand and recent significant property value increases. Buyers, especially those relocated from areas of inflated property values like Southern California, find even the current Dallas property values affordable.

For those motivated to sell or interested in learning more about the state of the Dallas/Fort Worth housing market, a consultation with a realty professional is highly recommended.

Our Modtown Realty experts focus on properties in downtown Dallas and surrounding areas. Owners of a high rise condo on McKinney or Maple, or homeowners in the historic Lakewood and M Streets area as well as those in other prime neighborhoods in the Dallas area should seriously consider taking advantage of today’s market conditions. Call (214) 749-4700 to speak with a Modtown realtor today.