CBRE: DFW Office MarketView 3Q 2014 | CBRE: DFW Office MarketView 3Q 2014 | https://www.recenter.tamu.edu/news/newstalk-texas/?Item=2786 | 2014-10-15T13:45:00Z | 2014-10-15T00:00:00Z |
DALLAS-FORT WORTH - In third quarter 2014, net absorption throughout the DFW office market continued to trend positively for the 17th consecutive month, according to CBRE’s 3Q 2014 Office MarketView.
Vacancy declined in 3Q 2014 with an 18.2 percent vacancy rate, six months after vacancy dipped below 18 percent for the first time since 2008.
The largest office sale that transacted over the quarter was the purchase of Solana by The Blackstone Group. The Westlake business park is a 14-building campus style property.
An increase in new completions did not slow the pace of new construction starts, as the construction pipeline broke over 7.5 million sf over the quarter, driven by activity in suburban markets.
Below are the six of the 17 submarkets in DFW with the lowest vacancy rates.
DFW Market Snapshot by Vacancy
Market |
Net
Rentable SF |
Total
Vacant |
Avg.
Asking
Rent |
3Q 2014
Total Net
Absorption |
2014 YTD
Total Net
Absorption |
North Fort Worth |
1,132,767 |
4.2% |
$18.80 |
1,888 |
-8,340 |
Preston Center |
3,860,096 |
7.9% |
$31.37 |
2,378 |
-16,934 |
South Fort Worth |
6,843,285 |
8.3% |
$19.86 |
3,019 |
-19,753 |
Southwest Dallas |
1,665,033 |
10.4% |
$15.59 |
4,056 |
48,382 |
Uptown/Turtle Creek |
10,353,638 |
11.4% |
$32.49 |
-115,750 |
-39,704 |
Lewisville/Denton |
4,665,127 |
13.4% |
$18.51 |
20,429 |
137,090 |
DallasTotal |
183,535,893 |
18.6% |
$20.62 |
1,111,396 |
2,524,158 |
Fort Worth Total |
35,074,234 |
16.0% |
$19.34 |
280,637 |
414,891 |
DFW Total |
218,610,127 |
18.2% |
$20.41 |
1,392,033 |
2,939,049 |
Source: CBRE Research
For more information on office and other sectors, see DFW Market Data Sources.
| CBRE
| Dallas-Fort Worth-Arlington
| Office
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