Monday, July 15, 2013

Commercial Real Estate Space Running Dry

Dallas-area businesses have had it easy for years and years.
“You didn’t have to worry about finding empty office space or finding a good deal,” said Joel Pustmueller, who’s worked in the local real estate market for more than 30 years.
Dallas-Fort Worth seems to always have an overabundance of cheap office space. That’s helped lure companies here and made North Texas one of best business environments in the country.
But slowdowns in building during the recession and strong recent employment growth have filled up much of the area’s office space.
D-FW office vacancy rates are below 18 percent. And in some hot markets there is much less sitting empty.
“We haven’t seen a market like this in 15 to 20 years,” said Pustmueller, who’s a principal in Peloton Commercial Real Estate. “There’s just not a lot left to pick from.”
At the worst of the recession, almost a quarter of the local office space was empty.

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Real Estate Editor
Published: 11 July 2013 09:04 PM
Updated: 12 July 2013 02:26 PM