Irving, TX Office Overview
Irving commercial real estate subdivisions include the Cottonwood Valley, International Airport, and Irving Heights office submarkets. With a metropolitan population of over 6.8 million people, Irving is part of the enormous Dallas-Fort Worth metroplex. The 12,000-acre Las Colinas mixed-use master planned development and the adjacent Dallas/Fort Worth Intentional Airport all help to generate a strong demand for white-collar office employment in Irving.
As of mid-2017, the Greater Irving office market encompasses nearly 33 million square feet of existing office space in properties larger than 50,000 square feet. Both foreign and national companies are attracted to Irving's strategic geographic location and the region's highly skilled labor force, creating a continuous demand for Class A office space in the Irving metropolitan area.
Irving, TX Office Inventory Description
Irving is located northwest of Dallas and northeast of Fort Worth, putting the city right in the middle of one of the most dynamic markets in the U.S. As part of the Dallas - Fort Worth metroplex, Irving generates its share of the region''s nearly $318 billion annual gross metropolitan product. The demand for office space in Irving is robust. Roughly 25% of the office space in Irving is Class A or A+, while Class B office product contributes another 73% of inventory to the Irving commercial real estate market.
The Coppell office submarket of Irving continues to see some of the strongest demand for the Class A office space within its borders. Located just north of Irving between the I-635 and the I- 25E freeways this suburban office market is home to prestigious office buildings such as the 121 Corporate Park property, the 9111 Cypress Waters Boulevard office building, and the Coppell Commerce Center I & II on South Belt Line Road.
Irving, TX Commercial Inventory Breakdown
Total: 36,309,857 SF
By square footage range:
- 50k to 100k SF: 4,807,681 SF / 13.24% of total office
- 100k to 500k SF: 25,810,763 SF / 71.08% of total office
- 500k to 1M SF: 3,066,413 SF / 8.45% of total office
- > 1M SF: 2,625,000 SF / 7.23% of total office
- Class A: 14,371,409 SF / 39.58% of total office
- Class B: 19,010,607 SF / 52.36% of total office
- Class C: 817,841 SF / 2.25% of total office
Irving, TX Green Office Space
A survey of the top 30 major markets in the U.S. has shown that over the past 12 years the percentage of energy efficient office space in the U.S. has increased from just under 5% in 2005 to 38% by mid-2017.
While Irving itself hasn't made the list, the Dallas-Fort Worth metroplex ranks 17 th for green office buildings larger than 50,000 square feet. Within the metro area over 3% of these large office properties are LEED certified, over 10% are Energy Star Certified, and more than 12% are considered to be green buildings.
That's not to say that Irving isn't making its contribution to energy efficient office space. With over 400,000 square feet of space, The Point at Las Colinas office building is an excellent example of green office space in Irving. Located at 300 East John W. Carpenter Freeway in the Las Colinas office submarket, this Class A property boasts a LEED Green Building certification.
Irving, TX's Top Office-Using Sectors
The Class A office space and commercial real estate market in Irving is driven by a wide variety of business and industry, including high-technology, energy, and manufacturing.
- High-Technology – Verizon, Aegis Communications, Nokia, NEC Corporation of America, and Microsoft are just a few of the many companies that create demand for white-collar office use in Irving.
- Energy – Companies such as ExxonMobil, Energy Transfer Equity, and Vistra Energy are among the top office-using companies in the metropolitan area.
- Manufacturing – Commercial Metals, Fluor Corporation, NCH Corporation, and Southern Star Concrete are some of the many manufacturing companies headquartered in Irving.
- Corporate Offices – Among the numerous corporate office users in Irving are Caliber Home Loans, Envoy Air, Kimberly-Clark, Celanese Corporation, and LXI Enterprise Storage.
- Total Population235,648
- Male Population(49.8 %) 117,379
- Female Population(50.2 %) 118,269
- Median Age31.90
- Average Household Income$77,600
- Median Household Income$58,196
- Median Income Under 25$35,475
- Median Income 25-44$60,753
- Median Income 45-64$63,700
- Median Income Over 65$44,878
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