D-FW office leasing pulls ahead in recent months
Sep 23, 2011 (The Dallas Morning News - McClatchy-Tribune Information Services via COMTEX) -- The Dallas-Fort Worth office market has seen a surge in the last three months, with net leasing up by more than a half million square feet since mid year.
So far in 2011, expanding and relocating businesses have leased an additional 1.1 million square feet of office space, according to the latest report from Cushman & Wakefield Inc.
At this time a year ago, net leasing was down more than 700,000 square feet.
Most of the jump in office space demand has come in the Uptown, Telecom Corridor and West Plano business districts.
Downtown Dallas and office locations along LBJ Freeway and Stemmons have lost tenants in 2011.
Office construction in the area is at the lowest point in almost a decade.
Currently there is only 320,000 square-feet of office space under construction. And that's all in one building on the Dallas North Tollway in West Plano.
The overall office vacancy rate in North Texas is now just under 22 percent -- down a percentage point from September 2010.
But several areas including downtown, along LBJ Freeway and in the Telecom Corridor have much higher percentages of empty space.
One of the biggest improvements in the last year has been in the Las Colinas market, where overall vacancy has fallen to less than 20 percent in the last year.
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