JLL: Dallas Office Insight to statistics 1Q 2015

DALLAS – JLL has released its first quarter 2015 Office Insight for the Dallas market. Job growth has accelerated over recent months, resulting in near record-high absorption in early 2015.

Like much of the country, there was a notable uptick in job growth in the early part of 2015, with Dallas recording an annual 140,800 net job gain.

As a result of job growth, strong absorption moved the total vacancy rate to 19.0 percent, extremely low by historical standards. As vacancy declines, upward pressure on rates has continued, with average asking rates rising more than 5.0 percent over the past year.

A majority of the 1.9 million sf of positive net absorption in 1Q 2015 was driven by the completion of State Farm’s and the Richard Group’s built-to-suit projects.

Of the current 7.2 million-sf construction pipeline, there are significant additional built-to-suits, including Toyota, FedEx, seven-Eleven and Raytheon.

Despite higher rates and rate increases, tenants have been willing to lease and expand within Class A product. With the robust construction pipeline underway, this concentration on Class A space is expected to continue for at least the next two years.

See vacancy, absorption, inventory, direct vacancy, YTD completion and historic statistics for

• CBD
• Uptown/Oak Lawn
• Downtown
• Far North Dalla
• Las Colinas
• LBJ Freeway
• North Central Expressway
• Preston Center
• Richardson/Plano
• Stemmons Freeway

Here’s 1Q 2015 JLL’s Dallas Office Insight and Stats. 

For more 1Q 2015 reports see DFW Market Research.

See 1Q 2015 JLL’s Houston Office Insight and Statistics under Houston Research.