Dallas office leasing – how are our newest buildings doing?
Dallas has seen almost 15 million square feet of new office space come online since 2015.
- Dallas has seen almost 15 million square feet of new office space come online since 2015. A large share of these developments have been corporate campuses for users like Toyota, Liberty Mutual, and JPMorgan Chase.
- In addition, numerous smaller-scale build-to-suits have opened serving the needs of 7-Eleven, Core Logic, Raytheon, Federal Express, Fannie Mae, and the like.
- Excluding build-to-suits, 9 million square feet of the multi-tenant space has been delivered since the start of 2015.
- Currently, 7.3 million square feet of this space has been leased – or fully 80 percent of the new deliveries!
- Buildings delivered in 2015 have minimal space remaining to be leased – only 178,000 square feet, or 7.5 percent.
- In comparison, leasing opportunities total 1.6 million square feet in the 2016 to 2018 properties, although much of this space is still in initial lease-up.
- Overall, while new space is still available, lease-up is going well with just 20 to 30 percent currently available in the newest assets – compared to 17 percent of the Dallas’ overall Class A & B inventory.
Source: JLL Research