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6275 W. Plano Parkway. Image courtesy of Billingsley Co.
Coworking provider Lucid Private Offices has signed a 31,000-square-foot lease at Billingsley Co.’s International Business Park in Plano, Texas. JLL brokered the deal on behalf of the landlord, while CRESA represented the tenant.
Previously known as WorkSuites, the flex office firm is set to occupy part of the fifth floor of the five-story, Class A building at 6275 W. Plano Parkway. The newly constructed structure is located within Dallas’ Platinum Corridor.
The property features 48,000-square-foot floorplates, walking trails and outdoor workspaces. Additionally, the building is adjacent to a 10,000-square-foot amenity center, comprising a fitness center, a tenant lounge, a mini market and conference rooms.
JLL Managing Director Trevor Franke and Vice President Gini Rounsaville negotiated the lease for the landlord, while CRESA Principal John Pelletier and Vice President Austin Studebaker represented the tenant.
Part of a broader community
6275 W. Plano Parkway. Image courtesy of Billingsley Co.
The 300-acre, mixed-use International Business Park is situated at the junction of Dallas North Tollway and President George Bush Turnpike. The campus incorporates 13 buildings with more than 1.7 million square feet of office space, accommodating more than 170 businesses and roughly 21,000 employees. Amenities at the property include 24-hour security, on-site management, a fitness center, conference centers, a basketball court and an abundance of green space for employees.
Slated for completion in March, the development’s second phase will add another 280,000 square feet of commercial space to the complex. The new building is the largest within the office park and is already 20 percent leased.
DFW’s surging office market
According to a Cushman & Wakefield office report, in the fourth quarter of 2022, the Metroplex’s overall office vacancy increased to 21.0 percent, due to companies downsizing their space. Class A product had the highest overall vacancy rate at 21.3 percent, Class B remained at 21.0 percent, while Class C properties had the lowest vacancy of 15.2 percent.
At the end of 2022, the Richardson/Plano submarket registered the third lowest office vacancy rate in metro Dallas, reaching 17.7 percent, outperformed only by Preston Center (10.0 percent) and Lewisville/Carrollton (16.0 percent).
According to the same source, in the the last three months of 2022, DFW’s office occupancy decreased for the second consecutive quarter. This contraction was generated by companies reducing their office footprint, due to hybrid work options and cost-cutting measures to lower expenses. Demand for Class A space is the main driver in the market, with nearly 2.7 million square feet of leases transacted in the fourth quarter of last year, representing 67.8 percent of all commitments made.
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