News Update
Hall Office Park to expand with new building: Construction scheduled to begin in early 2013
The new building, which is tentatively scheduled to open sometime in mid-2014, will be the 16th building in the office park. Photo courtesy of Hall Financial Group.
By Anthony Tosie, atosie@starlocalnews.com
Hall Office Park will be expanding soon, as Hall Financial Group has announced it will add a 16th building, with construction scheduled to begin in early 2013.
The building, which is tentatively set to open sometime in mid-2014, will be eight stories tall and about 200,000 square feet.
Kim Butler, director of leasing for Hall Financial Group, said the new office space is coming at a time when the area is limited on available space. Butler mentioned that while several corporate buildings are being built in the area, they're typically for corporate campuses.
"There are only two buildings that are under construction [in the Plano and Frisco area] that would be open for leasing by any tenant, and one of those is 157,000 square feet and the other is just over 50,000 square feet," she said. "So you can see there's very little office space that's being added to the market and plenty of demand from companies that are looking to relocate to Frisco as well as companies that are already here that want to expand."
Butler added that Hall Office Park is about 98 percent occupied and the overall market for office space -- consisting of Frisco and North Plano -- is about 94 percent leased out.
Jim Gandy, president of the Frisco Economic Development Corporation, agreed with Butler's sentiment and said the new office space comes at a time when it's needed in the city.
"Office inventory [in the city] is scarce -- we have some small suites available in existing office buildings, but there aren't many really large suites available," he said. "The delivery of this new building will give us a welcome product to work with to continue to bring more new companies to Frisco."
The new building will be built near an access road to the Dallas North Tollway, which will provide tenants with direct access to a major roadway.
Energy conservation was specifically considered when designing the building, which Hall Financial hopes will achieve a LEED standard.
An example of a design being implemented to achieve that standard includes a two-story atrium in the main lobby that will make use of natural light.
Butler stated Hall Financial has received a substantial amount of interest from companies looking to relocate to Frisco or simply move to a new building within the city.
"Interestingly, there are companies looking to relocate to the DFW area, and Frisco makes the top of that list every time," she said. "Most of the demand we're seeing is from the small-to-medium-sized companies as opposed to the very large corporations."
For Butler, one of the most important aspects of the new building is simply the location.
"The [most important thing about Frisco] is it provides is a strong talent pool of potential employees," Butler said. "Companies certainly want to differentiate themselves with the talent they have. The second thing is it's a great location for companies that need access to the airport. And there are a tremendous number of amenities in the area from hotels to quality retail -- many of the same factors people would choose to locate their home here."
Tony Felker, president and CEO of the Frisco Chamber of Commerce, said the building will also help existing corporate tenants in the city.
"Something that often goes unnoticed with something like this is anytime you add new office space you give existing tenants the opportunity to readjust to their office space needs if they need to expand," he said. "It's great news all the way around."
In addition to the new office space, a parking structure will be constructed in an adjacent lot.
Another adjacent lot is planned for a future office building, although the market will dictate when that site is developed, Butler said. That building would be similar to the 16th building, although it could be larger, she said.
The building, which is tentatively set to open sometime in mid-2014, will be eight stories tall and about 200,000 square feet.
Kim Butler, director of leasing for Hall Financial Group, said the new office space is coming at a time when the area is limited on available space. Butler mentioned that while several corporate buildings are being built in the area, they're typically for corporate campuses.
"There are only two buildings that are under construction [in the Plano and Frisco area] that would be open for leasing by any tenant, and one of those is 157,000 square feet and the other is just over 50,000 square feet," she said. "So you can see there's very little office space that's being added to the market and plenty of demand from companies that are looking to relocate to Frisco as well as companies that are already here that want to expand."
Butler added that Hall Office Park is about 98 percent occupied and the overall market for office space -- consisting of Frisco and North Plano -- is about 94 percent leased out.
Jim Gandy, president of the Frisco Economic Development Corporation, agreed with Butler's sentiment and said the new office space comes at a time when it's needed in the city.
"Office inventory [in the city] is scarce -- we have some small suites available in existing office buildings, but there aren't many really large suites available," he said. "The delivery of this new building will give us a welcome product to work with to continue to bring more new companies to Frisco."
The new building will be built near an access road to the Dallas North Tollway, which will provide tenants with direct access to a major roadway.
Energy conservation was specifically considered when designing the building, which Hall Financial hopes will achieve a LEED standard.
An example of a design being implemented to achieve that standard includes a two-story atrium in the main lobby that will make use of natural light.
Butler stated Hall Financial has received a substantial amount of interest from companies looking to relocate to Frisco or simply move to a new building within the city.
"Interestingly, there are companies looking to relocate to the DFW area, and Frisco makes the top of that list every time," she said. "Most of the demand we're seeing is from the small-to-medium-sized companies as opposed to the very large corporations."
For Butler, one of the most important aspects of the new building is simply the location.
"The [most important thing about Frisco] is it provides is a strong talent pool of potential employees," Butler said. "Companies certainly want to differentiate themselves with the talent they have. The second thing is it's a great location for companies that need access to the airport. And there are a tremendous number of amenities in the area from hotels to quality retail -- many of the same factors people would choose to locate their home here."
Tony Felker, president and CEO of the Frisco Chamber of Commerce, said the building will also help existing corporate tenants in the city.
"Something that often goes unnoticed with something like this is anytime you add new office space you give existing tenants the opportunity to readjust to their office space needs if they need to expand," he said. "It's great news all the way around."
In addition to the new office space, a parking structure will be constructed in an adjacent lot.
Another adjacent lot is planned for a future office building, although the market will dictate when that site is developed, Butler said. That building would be similar to the 16th building, although it could be larger, she said.
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