This article originally appeared in the fall 2017 edition of the DFW Real Estate Review. An excerpt has been reprinted below.
At just five years old, Klyde Warren Park gets plenty of credit for the transformation that has occurred around its edges — new commercial and residential development, rising rents and property values, and a growing fan base that flocks to its myriad free events.
The park’s benefits are far-reaching: There’s the connectivity between downtown, Uptown, and the Arts District — a walkability that didn’t really exist in Dallas before the deck park was conceived and built. Klyde Warren’s green expanse of lawn and trees provides respite in a concrete jungle for nearby office and residential tenants.
“I don’t think anybody remotely realized the impact the park would have,” said Phil Puckett, who makes his living leasing office space in Uptown and downtown Dallas for CBRE. “It literally has become the epicenter of downtown/Uptown.”
One of the park’s biggest economic benefits has been its profound impact on commercial rental rates and property sales. Office rents skyrocketed in the first two years that park was open, rising between 30 percent and 60 percent, with the largest increases for those buildings immediately adjacent to the park, according to statistical data compiled by Puckett.
“Klyde Warren Park is really where the office market has shifted to from downtown,” Puckett said. “No one knew the impact and how great it would be.”
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