Weak demand for D-FW office space adds to growing vacancy. To attract tenants, office landlords are offering the most free rent and other concessions since at...
At the end of June, more than 26% of D-FW office space, counting subleases, was available – surpassing vacancy levels during the Great Recession.“Transwestern expects the leasing environment to remain challenged by tighter financial conditions,” according to the new report. “Hiring continues at a slower pace after nearly two years of record growth, leading to weaker demand for office space.”
One bit of good news in the report was a decline in the amount of sublease space in the market in North Texas. Subleases totaled 10.8 million square feet, down from about 12 million earlier in the year.was withdrawn at 2200 W. Airfield near DFW Airport,” Matheny said.removed its 327,000-square-foot Plano office tower from the sublease market.
To attract tenants, office landlords are offering the most free rent and other concessions since at least 1997, according to Transwestern. “With concessions at all-time highs, landlords have limited latitude to offer better concessions than today,” the analysts said.At midyear, about 5.3 million square feet of D-FW office space was under construction – the lowest total in a decade, Transwestern estimates.
Most of the office construction is in the Uptown-Turtle Creek area , Frisco and the Las Colinas Urban Center . “Developers are placing speculative projects on hold as financing has become difficult to obtain,” Transwestern’s report said.
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