Population and employment growth is driving demand for new space according to the DFW Market Report. The region has added 133,000 residents over the past 12 months, gaining more people than any other metropolitan area in the country. The region’s competitive cost of living, accessibility, and highly educated workforce have made it a hotbed for corporate relocations and expansions. Uber has announced that it will open an office of at least 3,000 employees in Deep Ellum, and it plans to turn Dallas into its largest hub outside of its San Francisco headquarters. Joining Toyota, Samsung, and McKesson, which have all recently found a home in Dallas-Fort Worth, many more have announced plans or are looking to expand. The Texas economy is expected to outperform the United States in the near and long term.
Strong economic underpinnings have fostered a healthy office market. Construction activity remains robust. Even with the building, vacancies should remain stable due to a significant portion of new space being preleased. Several large build-to-suits accounted for the lion’s share of positive absorption, including American Airlines moving into its new 1.7-million-SF headquarters in Fort Worth and Charles Schwab moving into its 580,000-SF Westlake Campus. Rent growth is steady at 2.5%, with many of the premier submarkets ranging from 3%-5% as tenants continue to clamor for new space in their flight to quality
Read more in our DFW Office Market Report:
The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice.