Savills Studley Releases Q3 2016 Findings for Dallas/Fort Worth

21 October 2016

Savills Studley, the leading global commercial real estate services firm specializing in tenant representation, has released its 2016 Q3 Dallas/Fort Worth edition of the Savills Studley Office Market Report.

The quarterly report is an in-depth compilation of office leasing statistics and trends, major transactions, submarket comparisons, employment trends and investment and development trends specific to the Dallas/Fort Worth region.

Highlights from the 2016 Q3 Studley Dallas/Fort Worth Report include:

  • Thanks to impressive new product and corporate relocations, high demand for Dallas/Fort Worth office space persisted in Q3 as a diverse group of tenants leased 4.0 msf within the Metroplex. Deal volume has totaled 10.5 msf through the first three quarters of 2016, 1.2 msf more than what was leased over the same period in 2015. 
  • Following an uptick in Q2, the DFW region’s overall availability rate fell by 0.1 pp to 21.7 percent in the third quarter. While overall availability is down 0.5 percent from Q3 2015, this decline is driven by Class B and C space. Tenants seeking Class A space can choose from the same availability of 23.8 percent in Q3 2016, as Q3 2015. 
  • Average asking rents for Class A space came in at $25.82 for Q3, a 0.2 percent quarter-on-quarter decrease. New construction and sustained demand has pushed rent to record levels in Plano, West Frisco and Uptown, but all submarkets still average below the US Index of $33.06. 
  • Opportunity exists Downtown for commercial tenants, as new owners have made major capital improvements to coincide with growing residential product in the area. With expanded amenities and services available to residents and day-time workers, average Class A rent in Dallas CBD is still only $24.72, compared to $33.39 in Uptown, $27.86 in the North Dallas Corridor and $29.16 in Central Expressway. The 2016 Q3 Savills Studley Dallas/Fort Worth Office Market Report can be found on Savills Studley’s webpage, as well as a national report and reports for each of the 29 major U.S. markets.
 
 

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