LBJ Corridor Flexible Space For Lease

BUSINESS SPACE IN LBJ FREEWAY

As the LBJ Freeway project wraps up, CRE experts foresee the area undergoing a rebirth. The average asking lease rate is still low when compared with other submarkets like Uptown and Preston Center. However, the rental rates are increasing and vacancies are decreasing. In 2014 LBJ Freeway experienced one of the largest increases in lease rates in North Texas, and the rates are expected to rise as the area is revitalized.

While the ongoing construction project proved to be a hurdle for retail leasing activity, brokers are starting to see a shift. Experts say that retail activity along the LBJ Freeway will continue to increase as the construction project reaches its end. With the Valley View Mall redevelopment project and other revitalization plans for the future, the areas surrounding the LBJ Freeway will also continue to increase in value.

A few Fortune 500 companies are headquartered around the LBJ Freeway including the Fluor Corporation, Atmos Energy, and Texas Instruments. Corner Bakery, ClubCorp, Brinker International, and Chili’s are all also located around the LBJ Freeway.

FACTS ABOUT LBJ FREEWAY:

• I-635, or the LBJ Freeway, is 37 miles long and is a partial loop around Dallas. The freeway was constructed in 1959 and was named after Lyndon B. Johnson. The freeway is also referred to as the Dallas Orbital or LBJ.
• The LBJ Freeway reconstruction project was one of the biggest and most intricate reconstruction projects in Dallas to date and only took 5 years since it was all worked on concurrently. The entire stretch of the freeway was under construction on a continuous basis.
• The LBJ Express Project widened the existing lanes, added paid lanes underneath the highway, and revamped the frontage roads. It is said that with the addition of the toll roads, traffic will always flow at a speed of 50mph regardless of the time of day.
• LBJ Freeway is the first freeway in Texas to implement toll express lanes, called TEXpress. The price of the toll fluctuates depending on what the flow of traffic is. Carpoolers and motorcyclists receive a 50% discount during weekday rush hours.