DALLAS, TX— The economic and demographic outlook for Dallas/Fort Worth will support the local office sector this year, though an increase of new construction will result in higher vacancy, according to a second-quarter Office Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.(Dallas skyline, top right photo)
Occupancy levels could rebound in 2009, however, as companies facing significantly higher rents in coastal markets consider relocating back-office positions or entire operations to the Metroplex.
“The Dallas/Fort Worth mar
ket is expected to sustain investor interest this year, given the metro’s healthy economy,” says Tim Speck, regional manager of the Dallas office of Marcus & Millichap.(Fort Worth skyline at left.)
Following are some of the most significant aspects of the Dallas/Fort Worth Office Research Report:
· Employers are forecast to add 50,000 jobs in 2008, while office-using firms will increase payrolls by 0.6 percent, or 4,400 positions.
· Current projections call for 4.3 million square feet of new space in the Metroplex.
· Vacancy is predicted to finish the year at 20.4 percent.
· Asking rents are projected to finish 2008 at $20.15 per square foot, an incre
ase of 3.6 percent.
· Effective rents will reach $16.98 per square foot, a gain of 3.3 percent.
For a copy of the complete Dallas/Fort Worth Office Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.
· Vacancy is predicted to finish the year at 20.4 percent.
· Asking rents are projected to finish 2008 at $20.15 per square foot, an incre
ase of 3.6 percent.· Effective rents will reach $16.98 per square foot, a gain of 3.3 percent.
For a copy of the complete Dallas/Fort Worth Office Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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