Commercial real estate fundamentals across Dallas-Fort Worth are improving. That?s the word from Cushman & Wakefield, which has released its preliminary third quarter office market report. With ongoing job growth, the firm expects current trends to continue or improve through the remainder of 2012.
C&W reports that direct and overall absorption, which includes sublease space, totaled 1.8 million square feet and 2 million square feet for the quarter?an improvement of 150.4 percent and 87.4 percent when compared to 2011 figures for the same period.
Office leasing activity (new leases signed) also improved, hitting 10.1 million square feet year to date, up from 9.6 million for the same nine months last year. More than 4 million square feet of that activity came in the second quarter, with significant leases from State Farm, VHA, United HealthCare Group, and Wingspan.
Three submarkets saw more than 1 million square feet in deals during the third quarter: Las Colinas (2.3 million square feet), Far North Dallas (1.2 million square feet), and Far North Central (1 million square feet). Other top performers include Legacy/Frisco (983,000 square feet), Turtle Creek/Uptown (682,000 square feet), and the Dallas CBD (546,000 square feet).
Despite the increase in volume, overall lease rates fell 27 cents to $20.11 per square foot; Average Class A rates came in at $24.47 per square foot.
Market-wide, the cranes have come out again, with construction jumping 300 percent in the third quarter of 2012 compared to the same period last year. Six speculative buildings are under way, totaling about 530,000 square feet, with four build-to-suit projects totaling 510,000 square feet.
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