DALLAS, TX— After four consecutive years of improvement, vacancy in the Dallas/Fort Worth office market will rise in 2008 due to a significant increase in new supply, according to the 2008 National Office Report by Marcus & Millichap, the nation’s largest real estate investment services firm. Office inventory in the Metroplex is forecast to swell by 2.4 percent in 2008, pushing vacancy to nearly 20 percent.Also included in the report is the firm’s annual National Office Index (NOI), a snapshot analysis that ranks 43 office markets based on a series of 12-month forward-looking supply and demand indicators. Dallas/Fort Worth moves down nine places this year to No. 30.
“The office investment climate in Dallas/Fort Worth will vary by asset segment and location year. Top-tier properties in traditionally high-demand submarkets, such as Uptown
, the Dallas North Tollway and Plano Allen, will garner the most attention from institutional buyers,” says Tim A. Speck, (photo at right) regional manager of Marcus & Millichap’s Dallas/Fort Worth office. Following are some of the most significant aspects of the Dallas/Fort Worth Office Research Report:
· Job growth in the Metroplex is expected to remain well above the national average, as 44,400 positions will be added in 2008, an increase of 1.7 percent.
· Several speculative projects are forecast to come online in 2008 as builders deliver 4.1 million square feet of office space.
· Vacancy is forecast to end the year at 19.9 percent.
· Marketwide asking rents are expected to reach $20.14 per square foot by year-end 2008, while effective rents will advance to $17.06 per square foot, both gains of 3.6 percent.
· In the coming months, investors may want to consider opportunities in Northeast Tarrant County.
· Several speculative projects are forecast to come online in 2008 as builders deliver 4.1 million square feet of office space.
· Vacancy is forecast to end the year at 19.9 percent.
· Marketwide asking rents are expected to reach $20.14 per square foot by year-end 2008, while effective rents will advance to $17.06 per square foot, both gains of 3.6 percent.
· In the coming months, investors may want to consider opportunities in Northeast Tarrant County.
In the 2008 NOI, Seattle moved up three places to secure the No. 1 spot, surpassing last year’s leader New York City, which slipped to No. 2. Boston moved up two spots to No. 3, while San Francisco jumped 12 places to the No. 4 position. Los Angeles slipped two spots, coming in at No. 5. For a copy of Marcus & Millichap’s National Office Report and the complete NOI rankings, visit http://www.marcusmillichap.com/.
Contact:
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/
Stacey Corso
Public Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/
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