The Elm Place Tower will reportedly soon close.
Dallas (WiredPRNews.com) – A skyscraper in downtown Dallas is set to close due to a significant decline in occupancy. As reported by KERA News, the closing of the 52-story Elm Place Tower, will make it the largest building in the downtown area without occupancy.
Dr. Terry Clower, an economist at the University of North Texas, is quoted in the report as stating of the low probability of the building re-opening, “One of the things that we’ve been seeing in downtown for a number of years now is older office buildings being converted into residential-type of properties. Having said that, I don’t know that there’s enough demand for residential sites to convert a million square foot of office space.”
As noted by KERA News, Clower further remarked that Dallas’ office vacancy rate is currently 30 percent or higher.
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