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Sunday, April 14, 2024

KPMG Subleasing 63K SF in Namesake Dallas Workplace Tower

Certainly one of North Texas’ largest accounting corporations is seeking to cut back its footprint at its namesake tower in downtown Dallas, including to the plethora of challenges stacked towards the area’s workplace sector. 

KPMG has put roughly 63,000 sq. toes up for sublease within the 19-story KPMG Plaza, at 2323 Ross Avenue, in Dallas’ Arts District, the Dallas Enterprise Journal reported. Cushman & Wakefield is advertising and marketing the house. 

The providing represents a couple of third of the corporate’s 207,000-square-foot occupancy within the 461,000-square-foot constructing.

“As our enterprise continues to develop within the Dallas metro market, we acknowledge the significance of usually evaluating our actual property footprint whereas fostering a productive and collaborative work setting for our individuals and can regulate as wanted,” a KPMG spokesperson informed the outlet.

The choice to sublease underscores a broader pattern amongst main company tenants, who’re reconsidering their workplace footprints amid the remote-work period, notably in downtown Dallas. Skilled companies agency Deloitte, as an illustration, just lately made plans to relocate from the previous Chase Tower on Ross Avenue to the 26-story 23Springs constructing in Uptown Dallas.

Financial institution of America is downsizing its Dallas footprint by greater than half in a transfer from downtown to Uptown. JPMorgan Chase and actual property agency CBRE have related relocation plans. 

The quantity of accessible sublease house in North Texas reached 11.2 million sq. toes on the finish of final yr, in accordance with Companions. However that determine has since declined, the outlet stated.

About 1.4 million sq. toes of sublease house is up for grabs between downtown and Uptown Dallas. North Texas’ workplace emptiness price climbed to 21.2 p.c within the fourth quarter, in accordance with Cushman & Wakefield. 

—Quinn Donoghue

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