North Texas office construction tripled in the last year

DALLAS-FORT WORTH – Office construction jumped during first quarter 2014, reaching almost 6 million sf and representing a threefold increase from 1Q 2013, according to Cushman & Wakefield of Texas.

The 5.8 million sf of offices being constructed compares with 6.3 million sf in 1Q 2008, before the recession. “It’s still less than what we had under construction in 2008,” said Cushman & Wakefield’s Executive Director Matt Heidelbaugh. “I don’t think we are getting overheated at all.”

More than half of what is now being developed is in Richardson’s Telecom Corridor — where State Farm Insurance is building its 1.5 million-sf campus — and in the West Plano and Frisco market where several speculative buildings are under construction.

Cushman & Wakefield said that 18 speculative office buildings are now underway across North Texas, a quarter of which are leased.