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DALLAS: Seeking Office Bargains?
The fourth-largest office market in the US (behind NYC, DC, and Chicago), Dallas had an office inventory of 225M SF with a 17% vacancy rate at the end of 2013, says CBRE Dallas vice chairman Gary Carr (pictured at a broker event in the Dallas ‘burb of Richardson yesterday). The market is affordable, too, ranking 20th in pricing among 71 US markets scored, according to Cushman & Wakefield DFW market leader Steve Everbach. Class-A rents average about $22/SF plus electricity, Gary says. There’s more room coming, too: Dallas has 19 projects totaling 5.6M SF under construction now (about 2.7M of that is build-to-suit).
