|CBRE: DFW Office 4Q 2015 MarketView||CBRE: DFW Office 4Q 2015 MarketView||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=11755||2016-01-19T06:00:00Z|
DALLAS-FORT WORTH - The DFW office market experienced its 22nd consecutive quarter of favorable leasing fundamentals in 4Q 2015 and is poised for a strong 2016.
4Q 2015 amassed 605,714 sf of positive net absorption, bringing year-end 2015 to a record breaking 5.2 million sf, a remarkable 59.2 percent increase over the 3.3 million sf of net absorption amassed in 2014.
Average asking rents for all classes experienced an accelerated rate of growth, increasing by 5.9 percent year-over-year to $21.90 per sf.
Vigorous office demand kept vacancy down at 17.7 percent, a 70 basis point decrease from year-end 2014, and the first year vacancy has closed below 18 percent since 2008.
Market wide availability decreased by 20 basis points to 23.5 percent to close out 2015, which signifies the abundance of new tenant move-ins and expansions already slated for 2016.
The Bureau of Labor Statistics reports 3.0 percent new jobs growth year-over-year with 101,000 payroll gains in the DFW Metroplex, pushing unemployment down by 40 basis points to 4.0 percent year-over-year, far below the U.S. average of 4.8 percent and the state at 4.5 percent.
Moody’s Analytics predicts annualized employment growth of no less than 2.58 percent for each quarter of 2016, which is well within the healthy range of job expansion for DFW.
The key office-using sectors are expected to outpace the overall metro once again, with forecasted annualized growth of at least 3.45 percent for the next four quarters, lifted predominantly by the professional and business services sector.
|CBRE||Dallas-Fort Worth-Arlington||Office|| https://assets.recenter.tamu.edu/Documents/MktResearch/DFW_CBRE_Office_MarketView.pdf|
Visit DFW's Office Market Research to view the latest reports.