For JLL\u2019s Todd Burnette, this summer in Fort Worth was not a time to take a break.\u00a0<\/p>\n
\u201cThis is the busiest in the summer I can remember,\u201d said Burnette, who has been watching the Fort Worth office market for nearly a quarter of a century. \u201cThere was no slowdown.\u201d\u00a0<\/p>\n
That activity was reflected in JLL\u2019s latest third-quarter report<\/a> showing the market posting its fifth consecutive quarter of positive net absorption, which means more space was leased than vacated. The report also indicates declining vacancy and growing leasing activity.\u00a0<\/p>\n One fact to note was that while Fort Worth\u2019s Class A office market has been strong for some time, Class B properties are now strengthening.\u00a0<\/p>\n Both Class A and Class B properties are on track for their first positive year-end absorption totals since 2021, Burnette said.<\/p>\n \u201cThat indicates we have put the pandemic market behind us,\u201d he said.\u00a0<\/p>\n Highlights from the report include:\u00a0<\/p>\n Leasing activity increased both quarter-over-quarter and year-over-year, with more than a dozen new leases over 10,000 square feet signed in the third quarter.\u00a0 Additionally, Fort Worth has 377,041 square feet of office space currently under development, with 30% of that preleased. Future office development announcements are likely, Burnette said.\u00a0<\/p>\n One project nearing completion is Omaha, Nebraska-based Goldenrod Companies<\/a>\u2019s Van Zandt.\u00a0<\/p>\n The company recently held a topping out ceremony, signaling the completion of the eight-story structure\u2019s framework.\u00a0<\/p>\n The 250,000-square-foot mixed-use development is at 2816 W. Seventh St. The Van Zandt will feature 226 apartments, 95,000 square feet of office space and 10,000 square feet of retail, with a total project value of $145 million.<\/p>\n A second project from Goldenrod is around the corner. One University, at 1001 University Drive across from the Museum District, is expected to have its groundbreaking next month.\u00a0<\/p>\n The project is expected to have about 12,000-square-feet of street-level retail\/restaurant space along University Drive, 744 parking stalls, 116,000-square-feet of office space, about 260 multifamily units and a hotel.\u00a0<\/p>\n Aviation acquisition\u00a0<\/p>\n Fort Worth\u2019s Aeromax Group, a commercial and military aerospace aftermarket support company, has acquired Loutech, a manufacturer of precision aerospace machined components. This is Aeromax\u2019s second acquisition since being acquired by Chimney Rock Equity Partners. Terms of the transaction were not disclosed.<\/p>\n Headquartered in Chino, California, Loutech manufactures tight-tolerance electrical interconnects and fluid connectors for the commercial and military aerospace market.\u00a0<\/p>\n Tractor growth\u00a0<\/p>\n Grapevine-based Kubota USA has filed plans<\/a> for a new building at 1000 Kubota Drive. Set for completion in July 2028, the $10 million project will feature administrative offices, catering and training rooms.\u00a0<\/p>\n Do you have news for Bob on Business? Contact Bob Francis, business editor for the Fort Worth Report, at bob.francis@fortworthreport.org<\/a>.<\/p>\n
\nGoosehead Insurance signed the quarter\u2019s largest deal, renewing and expanding to nearly 250,000 square feet at The Terraces at Solana. The company is planning a $1.8 million project for a 15,000-square-foot renovation project, according to a Texas Department of Licensing and Regulation filing.<\/a>\u00a0
\nVacancy continues to trend downward.<\/p>\n