Report | Dallas Office Insight - Q4 2015
The Dallas office market continued its strong 2015 in Q4, ending the year with almost 4.8 million square feet being absorbed in total (the 10-year average is about 2.2 million)—85 percent of that absorption coming from newly completely construction.
Built-to-suit projects from corporations like State Farm, Raytheon were major drivers in the Richardson/Plano submarket, while Far North Dallas and Downtown saw a mix of built-to-suit and spec projects—including from FedEx, KPMG and The Richards Group. Even with all this new construction, vacancy rates remain steady at 18.7 percent—low by local historic standards.
With 4.5 million square feet of space expected to hit the market over the next year, we believe absorption rates will need to maintain their near record levels in order to avoid a spike in the overall vacancy rate.
Learn more about what’s happening—and what we expect to occur in the coming months—in Dallas’s office market in our Q4 US Office Insight.
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