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Allen – just beginning to emerge as a new north Dallas commercial submarket

  • ​​Commercial submarkets take years to become established.  While office development in Legacy began in the early 1980s, it was not until 2000 that it began to take-off and not until 2010 before it really accelerated. 
  • As of the mid 1990s, only 5 million square feet of office had been developed in Legacy and almost no multifamily.  Today, it boasts more than 25 million square feet of office space and 12 million square feet of multifamily.
  • Interestingly, office development today in the 10 square miles that encompass Allen’s I-75 corridor (almost the same size as Legacy) looks a lot like Legacy did back in the mid-1990s.
  • Allen’s excellent fundamentals of strong regional access, already established apartment housing (which took until the mid 2000s to reach in Legacy), and available land for development puts it on a similar development path to Legacy – especially as companies look to the next growth locations (like Circle T Ranch and CityLine).
  • New projects will reinforce Allen’s evolution – especially around its core.  Other major mixed use projects closer to 121, like those planned by Howard Hughes and Hines, will stretch current submarket dramatically north.​

Source: JLL Research

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