Wednesday, October 12, 2016

DFW's Office Building Market Leads the Nation, and Construction Ranks Second

Dallas-Fort Worth's fast-growing economy has made it the hottest office market in the country.
During the first nine months of 2016, the area led the country in net office leasing with 3.6 million square feet of transactions, according to commercial real estate firm Cushman & Wakefield.
D-FW was second in office construction to New York, with almost 8 million square feet of buildings under construction.
Along with North Texas, office construction is highest in Midtown Manhattan (9.5 million square feet), Silicon Valley (6.3 million square feet) and Seattle (4.6 million square feet).
North Texas' office market has continued to grow this year while other U.S. cities have seen a slowdown.
"Although they continue to expand, they are doing so more cautiously," Kevin Thorpe, global chief economist at Cushman & Wakefield, said in a new report.
Some more optimistic counts show net office leasing of more than 4.5 million square feet in D-FW this year — on track for a record.
D-FW's net office leasing was significantly ahead of Absorption was strongest during the first three quarters of Phoenix with 2.8 million square feet and Chicago at 2.4 million square feet, according to Cushman & Wakefield.
Written by Steve Brown - Dallas Morning News