July 6, 2016
Dallas’ Klyde Warren Park, a five-acre, deck park straddling the eight-lane Woodall Rogers Freeway in Dallas, was developed to connect the Uptown submarket with Dallas’ Arts District and CBD. Though the park has created green space in the midst of a concrete jungle, a gulf still looms between the Uptown and CBD office markets.
According to a new study of CBD and Uptown office buildings by Jones Lang LaSalle, the downtown skyscrapers are between 16%-45% vacant. Meanwhile, the newer buildings in the Uptown submarket have vacancies less than 10%.
The divide can also be seen in rents; in Uptown, rents run about $48 per square foot. However, just to the south, in downtown, the average rent is just above $28.