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Uptown Dallas’ sees sky-high office rentsUptown Dallas’ sees sky-high office rentshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=131722016-05-17T05:00:00Z2016-05-17T19:45:00Z

​​​​​​​​DALLAS - Developers are asking for choice business digs in new buildings in the booming Uptown market.​


"Based on recent proposals, rents continue to skyrocket in these premier, existing assets—and are now coming in at around $52 per sf," said Walter Bialas, vice president with commercial real estate firm JLL.

"They also are essentially full in terms of occupancy, so limited space options exist," he said in a new report. "Combine that with the need to wait for 6 to 18 months for the new properties to be completed, and you have a unique situation where existing tenants and renewing tenants have few top-tier location options."

The sky-high office rents being quoted in some of Uptown's newest office developments are about twice the citywide average.

Since 2011, office rents in Uptown's prime buildings have shot up by almost 30 percent, according to JLL.

So far there's no sign of oversupply and a slowdown in rent growth.

"With a continued strong local economy for the next two-plus years, there is no sign of rents plateauing in high-demand locations," Bialas said.

See JLL's 1Q 2016 office report here​.​

Dallas Morning News
Dallas-Fort Worth-Arlington
Office
http://bizbeatblog.dallasnews.com/2016/05/dallas-office-rents-jump-the-50-mark-for-the-first-time-as-companies-head-uptown.html/

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