DFW office 2Q 2013: Marcus & Millichap
DALLAS-FORT WORTH – Over the past 12 months ending June 2013, developers delivered 1.6 million sf of new office space to the Metroplex, a more than three-fold increase from the corresponding period in 2012, but equivalent to only a 0.5 percent increase in existing stock.
The Upper Tollway/West submarket will account for 45 percent of the market’s new office supply this year DFW office vacancy improved 90 basis points over the past 12 months to 19 percent. During the corresponding period last year, the vacancy rate retreated 120 basis points.
On average, Metroplex office rents averaged $19.91 per sf at the end of second quarter, up 0.6 percent from one year earlier. In the previous 12-month period, market rents increased 1.7 percent.
| Rank | Submarket | Vacancy Rate | Y-O-Y Basis Point Change | Effective Rents | Y-O-Y Change |
| 1 | North Fort Worth | 7.3% | 120 | $18.45 | -2.9% |
| 2 | Preston Center | 7.8% | -320 | $29.99 | -0.2% |
| 3 | South Fort Worth | 10.1% | 0 | $20.53 | -0.1% |
| 4 | Southwest Dallas | 12.0% | -140 | $14.86 | 0.7% |
| 5 | East Dallas | 13.1% | -100 | $16.63 | 0.2% |
| 6 | Fort Worth CBD | 14.3% | 230 | $24.30 | 4.0% |
| 7 | Lewisville-Denton | 14.6% | 0 | $19.19 | 8.6% |
| 8 | Uptown-Turtle Creek | 15.1% | -200 | $29.31 | 1.2% |
*This chart does not represent all submarkets in the report.
Read more at Marcus and Millichap Real Estate Investment Services.
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