Apr 20, 2016
What’s circling around DFW? 7M SF of office deals, CBRE
DALLAS-FORT WORTH - There was a strong demand for office space in first quarter 2016, with nearly 1.6 million sf of real estate absorbed during the first three months of...
DALLAS-FORT WORTH – There was a strong demand for office space in first quarter 2016, with nearly 1.6 million sf of real estate absorbed during the first three months of the year—and nearly 7 million more sf of office deals still circling the market.
Some of the hot real estate markets—Uptown, Preston Center and Far North Dallas—have increased their rents substantially.
In Uptown, the average Class A asking rents were $41.43 per sf in first quarter, which is a 16.1 percent increase year-over-year, according to CBRE first quarter 2016 (1Q2016) data.
On average, North Texas asking rents jumped 4.5 percent year-over-year to $22.89 per sf, according to CBRE research.
There are 30 office developments under construction totaling 7.2 million sf of space, with 46.2 percent already pre-leased. The majority of the projects are located in Far North Dallas and Uptown.
"The market still feels strong and job growth looks good. There is still very much a value play in Dallas compared with other larger markets across the nation. Based on job numbers, Dallas is very much in expansion mode," Celeste Fowden, a senior vice president in CBRE’s Dallas office said.
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