PMRG: Dallas office market 3Q 2014
DALLAS-FORT WORTH – The Dallas-Fort Worth metropolitan area has added 101,500 jobs through the 12 months ending August 2014, a 3.3 percent annual increase in employment, according to the third quarter report released by PM Realty Group.
DFW’s office market recorded 1,708,046 sf of direct net absorption during 3Q 2014, its largest absorption gain since the beginning of 2001, bringing the year-to-date total to nearly 3.2 million sf.
The direct occupancy rate increased to 82.5 percent as demand outpaced deliveries.
Recent corporate expansion and relocation announcements include State Farm Insurance, Toyota Motor Co., Omnitracs, Santander Consumer USA, Tenet Healthcare Corp., Kohl’s and USAA.
The region’s economic expansion is expected to continue for the remainder of 2014 and into 2015, resulting from the area’s booming energy and healthcare industries along with a growing presence of technology companies.
| Submarket | Inventory SF (Total) | Direct SF Available | Occ. | Under Construction | Class A Asking Rent (per SF) | Class B Asking Rent (per SF) |
| Las Colinas | 27,883,538 | 6,391,913 | 82.5% | 505,369 | $24.78 | $19.78 |
| Dallas CBD | 27,647,468 | 8,651,606 | 75.0% | 450,000 | $22.39 | $18.62 |
| Quorum/Bent Tree | 18,929,116 | 3,425,885 | 83.8% | 123,167 | $25.56 | $17.60 |
| East LBJ | 15,816,770 | 4,532,048 | 74.4% | 0 | $22.11 | $17.01 |
| Upper Tollway/West Plano | 14,844,276 | 1,967,840 | 88.2% | 772,264 | $29.70 | $24.87 |
| Richardson | 12,544,911 | 2,406,762 | 87.8% | 1,500,042 | $21.65 | $17.56 |
| Central Expy. | 11,446,785 | 2,490,919 | 82.5% | 235,893 | $24.10 | $19.19 |
| Total* | 219,071,897 | 45,851,507 | 82.5% | 5,338,247 | $24.60 | $18.62 |
*Includes all DFW submarkets.
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