Monday, July 27, 2015

More than half of North Texas’ new office space is already leased

More than half of the office space under construction in North Texas is already leased to tenants, according to a new report by commercial real estate firm CBRE.  
The high percentage of preleasing in the office building market is further indication that developers are not overdoing it in the latest round of construction.
CBRE estimates that 7.3 million square feet of offices are being built in the Dallas-Fort Worth area.
And about 40 percent of that construction is in the northern suburbs, including West Plano, Richardson and Frisco.
The office leasing in these new buildings is dominated by companies in the life sciences industry, manufacturing, financial services and legal business, CBRE finds.
Along with the large single-tenant buildings under construction for companies including State Farm, Raytheon and FedEx Office, about a fourth of the speculative multi-tenant buildings under construction in Far North Dallas are also already leased.   
Steve Brown/ Dallas Morning News