DALLAS - The vacancy for Class A office space in one of DFW’s hottest office submarkets — Uptown — sits at 10.1 percent, which has been halved in the past few years, according to Walter Bialas of Jones Lang LaSalle.
“As we stand today, 5.4 million sf of Class A inventory has an occupancy rate above 90 percent, with only a handful of properties having any degree of availability,” Bialas said. “This clearly sets the stage for continued rent growth and the beginning of pent up demand for new offerings.”
Uptown has limited land available for development, with Crescent Real Estate Equities LLC having a prime development site in a 3.1-acre parcel of land adjacent to The Ritz-Carlton off McKinney Ave. and Olive St. Crescent plans to build a $225 million mixed-use tower on the property.
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