Whitestone REIT (NYSE: WSR) disclosed that it has inked a leasing contract at its Las Colinas Village property in the super-hot Dallas-Fort Worth market. After inking the leasing contract, the property level occupancy increases by 9.4%. Furthermore, Dallas portfolio NOI property level occupancy increases by 5.4%, and Dallas Property portfolio reached 1.5%.
Dallas Fort Worth market has claimed its pre-market position it possessed before the pandemic as it is continuously growing. One of the reports of the Wall Street Journal has disclosed that the workers across the U.S. have been working from the home during the Covid-19 pandemic, but in Dallas, more workers have been going through the office entrances than in any other major city.
The property of Whitestone in the region is also seeing an increase in the growth rate. In December 2019, the firm has bought the Los Colinas Village before the pandemic hit the region. The firm has bought the property because of its distinctive characteristics such as its location in a high growth market, its immediate nearness to various workers, occupancy lease-up possibilities, and built-in rent stairs.
Furthermore, Las Colinas Village is near one of the biggest commercial parks in the country. The CEO of Whitestone commented that the firm is delighted to ink this leasing. The additions of such nearby prominent and highly regarded residents like CityVet and 9Round will be significant foot traffic drivers going forward now that people are getting back into the nearby offices again.”