Tuesday, June 24, 2008

Net Office Leasing Down in DFW

Net office leasing in North Texas is down more than 50 percent from the same time last year, according to preliminary numbers from Cushman & Wakefield of Texas.
Expanding and relocating office tenants have rented about 311,000 sf of additional office space in the area, compared with more than 800,000 sf in the first six months of last year.
The biggest increases in office leasing have come in the Frisco–West Plano area and in downtown Dallas. Office occupancy in the central business district has risen almost 400,000 sf so far this year.
D-FW office vacancy rates were at an average of 19.6 percent for second quarter 2008, a percentage point lower than in mid-2007.
More than five million sf of office space is under construction in the Metroplex, and more than 67 percent of that is speculative.
Currently, average office rents are up more than 5 percent from June 2007. Dallas Morning News