News
GOOD NEWS, BAD NEWS
November 1, 2010
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| Grubb & Ellis Q3 '10 DFW office market numbers provide some optimism with a strong dose of caution. The vacancy rate decreased to 23.2%, down 30 bps from the Q2. For the 12-month period ending Aug. 31, the DFW metro area gained almost 29k jobs, the second strongest employment increase in the nation. This positive momentum leaves tenants with a window of opportunity to restructure existing leases or negotiate new leases at a discount before the market is in full recovery, according to Grubb. The Metroplex is positioned to benefit over the next year from several recent corporate relo announcements, including MoneyGram International, the Chicago Tribune, Solera Holdings, Six Flags Entertainment Corp., and Investor's Business Daily. Through year-end, the region's employment growth is expected to be modest, but gain momentum in 2011. Since the office market directly correlates to the amount of jobs, this bodes well for the Metroplex. Additionally,YTD 39 office properties with an aggregate value of $746M have traded hands, with 11 office properties selling in Q3. |
