DALLAS – Demand for North Texas office space has expanded by about 50 percent this year, according to a new report from Cushman & Wakefield.
Net leasing in the Dallas-Fort Worth area totals four million sf through the first three quarters of the year, a sharp rise from 2.7 million sf at the same time last year.
Most of the office leasing this year has been in Richardson's Telecom Corridor, in Las Colinas and in West Plano and Frisco. Large office leases were made in recent months by RealPage, CoreLogic, GEICO Insurance and Toyota Insurance.
Average office rents rose by nearly 6 percent in the third quarter from last year. Asking rents for first-class buildings are at an all-time high of $27.88 per sf.
Nearly seven million sf of office space is currently under construction in DFW, about half of which is already leased.
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