Dallas–Fort Worth's economy will strengthen this year.
While sublease space will be the most significant hurdle for top-tier operators, most of the attractive locations should be absorbed by midsummer, said the real estate investment firm.
Among the most significant aspects from the firm's DFW office research report:
- Dallas is expected to lead the nation in job gains during 2010, expecting as much as a 2.3 percent gain;
- office-using employers are projected to add 16,000 jobs, a 2.1 percent boost;
- development will tick down to 1.6 million sf in 2010;
- vacancy is on pace to reach 24.2 percent by year end, up 100 basis points from 2009 and 270 basis points above the ten-year average; and
- rent declines will moderate this year as employment gains traction. Asking rents are forecast to slip 5.2 percent to $18.38 per sf while effective rents retreat 5.6 percent to $14.38 per sf.
Also included in the report is the firm’s annual National Office Index (NOPI), a snapshot analysis that ranks 44 markets based on a series of 12-month forward-looking supply and demand indicators.
DFW moved up three places this year to number 27. Robust employment growth kept Houston at number four, while Austin remained at number 24.
Are you interested in owning or renting a home in one of the strongest economic cities in Texas? Give us a call at 972-772-7000 or send us an email at rockwall@kw.com.
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