Wednesday, October 01, 2014
Downtown Dallas office leasing up five times more than a year ago
Downtown Dallas has seen a big jump in office leasing this year.
And a new report by commercial real estate firm JLL says that the central business district leads the area in net office occupancy gains.
Expanding and relocating tenants leased about 558,000 square feet of office space downtown through the third quarter of 2014, according to preliminary data from JLL.
That’s more than five times the total downtown net leasing in all of 2013 and the highest office space absorption number downtown in years.
Far North Dallas, which includes the busy Dallas North Tollway corridor, was second on JLL’s top office market list, followed by Las Colinas and the North Central Expressway.
So far in 2014, net office leasing in the Dallas area totals 1.75 million square feet, according to JLL.
Overall office vacancies in the Dallas area have dropped to 19.5 percent, the lowest level in more than a decade.
Downtown Dallas’ office market has been boosted this year by major leases by companies including Santander Consumer USA, Active Network and Omnitracs.
Developers and the city of Dallas have spent billions of dollars on upgrades in the downtown area during the last 10 years.
“We have rebuilt the platform to not only attract new tenants to the center city and have been able to keep what we have through a number of major lease renewals,” said John Crawford, CEO of the economic development group Downtown Dallas Inc.
“The statistics very clearly spell out the importance of a downtown business address and that downtown is making significant revitalization progress as the largest commercial office center in North Texas.”