by Mark Daniel, Vice President of Partner Relations at RealMassive, A.B. Economics Stanford University
Using data available through the Dallas Central Appraisal District I have created a map showing the distribution of office space > 5 floors in Dallas.
The darker the zip code, the higher the total square footage. We will focus here on the three zip codes with the greatest amount of total square footage. First are the two darkest zip codes which include the CBD.
75201 and 75202 are located centrally and share a border as shown below.
Third is in the north Dallas area just north of 635 and bracketed by the Dallas North Tollway and I-75.
The top zip code, 75201, also has the greatest number of these buildings at 59. Looking at the composition by year built shows a dispersion of ages, though a disproportionate number built in the 80s, which are indicated by the “E” markers below.
In fact, the seven largest office buildings in this zip code were built in the 1980s including the following three:
Maps courtesy of Project Atlas
Click Here if you would like to request free access to the interactive version of the map which will allow you to look into each area in more detail. Notation displays address, year built, square footage, and most recent appraised value as shown above.
52% of all office stock is contained in the top 6 (out of 43) zip codes:
If we break all 419 buildings into “year built” we can view some interesting trends. Analysis of the distribution of construction across time is so dominated by the 1980s that all other decades pale in comparison:
Even the average size of these office buildings peaked with the boom in the 80s:
But it wasn’t the entirety of the 80s that saw the boom as shown below:
The average square footage delivered annually between 1981 and 1985 (of office over 5 stories) was more than everything delivered in the 50s and 60s combined and everything delivered in the 90s and in the 2000s.
The first bar below is the average annual delivery rate from 1981 to 1985 – that’s average per year, not total. The second is the 50s and 60s combined.
This construction boom was fueled by tax breaks, easy money, and foreign investment as outlined in an article from National Real Estate Investor.
Below is an animated heat map showing the geographic dispersion of these project over this same time period. Click Here to view the animation in a larger format, more slowly, and with the ability to pause.
Below is an animation showing geographic dispersion across the decades. Click Here to view the animation in a larger format, more slowly, and with the ability to pause.
There are several ways to look at this data. Click Here for free access to an interactive version of the above maps.
Click here to view the animations of Dallas Office Construction Trends from 1970 – 1989 and Long Term Trends from pre-1950 to 2000.
This data was compiled using data available through the Dallas Central Appraisal District. Maps provided courtesy of Project Atlas. Project Atlas comes pre-loaded with historical construction activity and current appraised values for commercial property types in your markets.