DFW Office Snapshot 2Q 2015: Cushman & WakefieldDFW Office Snapshot 2Q 2015: Cushman & Wakefieldhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=1792015-08-11T06:54:00Z2015-08-11T00:00:00Z

DALLAS-FORT WORTH - North Texas’ office market has boomed in the first half of the year, with twice the net leasing the area saw in 2014, according to the latest data from Cushman & Wakefield.

Expanding and relocating business rented almost 1.7 million sf of office space in the first six months of 2015. Overall office building vacancy rates dropped to about 16 percent — the lowest percentage of empty space since the 1980s.

The greatest net leasing totals were in Richardson’s Telecom Corridor, West Plano, Frisco and downtown Dallas.

Average office rents in the DFW area are up almost 5 percent from mid-2014. However, many markets are seeing even larger year-over-year gains in the cost of office space.

Markets with a lot of new construction — including Uptown and Legacy business park in Plano — are seeing average rents above $30 per sf.

DFW Office 2Q 2015 Statistics
Overall vacancy 18.1% 16.4% -1.7 pp*
Direct asking
rents (PSF/YR)
$21.19 $22.13 4.4%
YTD leasing
activity (SF)
8,358,080 6,917,457 -17.2%

*percentage point

Source: Cushman & Wakefield

Click here for the DFW Office Snapshot 2Q 2015 (PDF) also available at DFW Market Research.

Dallas Morning News
Dallas-Fort Worth-Arlington
http://bizbeatblog.dallasnews.com/2015/07/d-fw-net-office-leasing-doubles-this-year-compared-to-2014-levels.html/Read more at {Source}

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