DALLAS — February 28, 2022 —The Texas office of Duke Realty Corporation (NYSE: DRE), the leading domestic only, pure-play logistics property REIT (Real Estate Investment Trust) in the United States, announces the execution of ten new lease agreements and renewals totaling 1,306,320 square feet of industrial real estate space during the 4th quarter of 2021. The activity includes a recently secured renewal and expansion with Genera Corporation, an automotive parts company, for 260,819 square feet of space and a new lease with Dynamic Glass Products, a leading supplier of privacy glass, for 116,980 square feet of space. As a result of this lease activity, Duke Realty’s Dallas portfolio of more than 17 million square feet of space is 100 percent leased and the company’s Houston portfolio only has one vacancy.
“Across the country, we are seeing historically high demand for industrial space from multiple demand drivers such as e-commerce and expanding inventory strategies as well as the traditional distribution of goods in the supply chain,” said Jeff Thornton, Duke Realty’s regional senior vice president and Texas market leader. “With a very strong regional economy in Texas and our selective locations near population density and key transportation corridors, our primary submarkets are realizing vacancy rates of two to three percent in Dallas and approximately six percent in Houston. Additionally, these key submarkets are experiencing growth in asking rents year-over-year of almost ten percent. Coupled with our state-of-the-art assets and operating platform, we are pleased to execute a number of leases with local and national customers.”
All activity includes:
- a renewal and expansion with Genera for 260,819 square feet of space at 600 Freeport Parkway, Coppell,
- a new lease with Dynamic Glass Products for 116,980 square feet of space at 611 South Royal Lane, Coppell,
- a new lease with SWS for 43,650 square feet of space at 3102 Miller Park South, Garland,
- a renewal with Valassis for 135,231 square feet of space at 801 Seaco Court, Deer Park,
- a renewal with Geodis for 158,940 square feet of space at 8210 Humble Westfield, Houston,
- a renewal with a global e-commerce retailer for 240,000 square feet of space at 8120 Humble Westfield, Houston,
- a renewal with DAP for 130,900 square feet of space at 3102 Miller Park South, Garland, and
- a renewal and expansion with Berlin Packaging for 219,200 square feet of space at 13788 West Road, Houston.
Duke Realty’s Matt Hyman, vice president of leasing and development and Bryan Parker, vice president of leasing worked with Carter Fournier at Westway Realty, Mark Russell at Newmark Real Estate of Houston, Patrick Rollins at CBRE, Conrad Madsen and Greg Nelson at Paladin Partners, Mike Brandon at ProVenture Commercial, Anthony Waltier at KBC Advisors, Andy Goldston and Scott Jessen at Citadel Partners, and Stephen Schneidau, David Eseke and Clay Balch at Cushman & Wakefield to secure these lease deals.
Currently, the company has 168,850 square feet of space available at 8221 Volta Drive in Houston, TX.