Market Trends
Vacancy and rental rates remain steady
The Dallas and Fort Worth office space markets have continued to grow steadily throughout 2016. High demand continues to spur new development, with nearly 8 million square feet of additional office space currently under construction.
As demand for DFW office space remains high, the tight leasing market makes great office lease deals hard to find. This 4th Quarter Dallas – Fort Worth Office Market Report newsletter is distributed as a means of informing our clients and commercial tenants about ways to save time and money during the office leasing process.
The DFW office space market has absorbed over 1.2 million square feet of office space since last quarter. The Richardson / Plano office space submarket recorded the most absorption, with a total of nearly 470,000 square feet of office space being absorbed. With the ever steady demand, rental rates for Dallas – Fort Worth office space have remained balanced. The current asking rates are now approximately 1.4% higher than they were at this time last year.
If you are seeking Dallas – Fort Worth office space for lease, now can be a good time to lock in a favorable rental rate before prices increase again. However, you’ll want to be sure to limit the annual rent escalations in your lease as sometimes those can increase faster than the marketplace.
Vacancy and Rental Rates
Strong demand for Dallas – Fort Worth office space has continued through 2016. The citywide office space vacancy rate has endured at 15.1% since last quarter. DFW office space rental rates have remained constant as well. The current average rate is $22.42/sf for office space throughout the DFW market. This is slightly down from an average of $22.49/sf last quarter but has increased from the $22.11/sf twelve months ago.
Additional Information: Dallas – Fort Worth Office Market Report Q4 2016
If you are interested in rental rates for a certain location or are seeking Dallas – Fort Worth office space for lease, please contact us with your requirement.
Information in this Dallas – Fort Worth Office Market Report Q4 2016 has been obtained from sources deemed reliable. While considered accurate, we make no guarantee, warranty, or representation about it.