PMRG: Dallas office market 1Q 2015 | PMRG: Dallas office market 1Q 2015 | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=1229 | 2015-04-21T09:16:00Z | 2015-04-21T08:01:00Z |
DALLAS-FORT WORTH - North Texas added 132,400 jobs in the 12 months ending February 2015.
That represented an annual increase of 4.1 percent in employment, according to PM Realty Group’s (PMRG) 1Q 2015 Office Market at a Glance.
As a result of the job growth, the area’s unemployment rate has dropped 120 basis points to 4.4 percent over the prior 12 months and remains below the national average of 5.5 percent.
Driven by build-to-suit construction deliveries, the DFW office market recorded 1,528,516 sf of direct net absorption during 1Q 2015, increasing its trailing 12-month absorption count to nearly 4.7 million sf — the largest 12-month gain since 1Q 2001.
The office construction pipeline has increased 8.5 percent within the past year to nearly 6.0 million sf to continue its surge experienced since 2013. Only about 48 percent of this space has been preleased.
Largest Submarkets Ranked by Total SF
Submarket |
Inventory
SF (Total) |
Direct SF
Available |
Occ. |
Under
Const. |
Class A
Asking Rent
(per SF) |
Class B
Asking Rent
(per SF) |
Las Colinas |
28,239,660 |
6,661,091 |
82.1% |
0 |
$25.53 |
$19.88 |
Dallas CBD |
27,234,493 |
8,376,156 |
75.4% |
450,000 |
$22.85 |
$19.33 |
Quorum/Bent Tree |
19,050,238 |
3,366,389 |
84.4% |
0 |
$26.39 |
$18.10 |
East LBJ |
15,813,226 |
4,641,886 |
74.3% |
0 |
$22.87 |
$17.23 |
Upper Tollway/West Plano |
15,321,715 |
2,565,623 |
87.7% |
1,228,239 |
$28.93 |
$24.95 |
Richardson |
14,173,043 |
2,587,728 |
86.2% |
990,000 |
$21.96 |
$17.63 |
Central Expy. |
11,553,748 |
2,261,201 |
81.6% |
149,510 |
$25.07 |
$19.55 |
Total* |
221,585,656 |
47,052,899 |
82.5% |
5,960,285 |
$25.12 |
$18.83 |
*Includes all DFW submarkets.
See available 1Q 2015 office reports under DFW Market Research.
See Dallas office NewsTalk Texas.
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