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Dallas Office Space - Office Market Conditions and More

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Dallas, or “The Big D”, is the ninth largest city in the United States, and the third largest in the state of Texas.  Downtown is the hub of Central Dallas, with several hot spots such as Uptown, and West Village.  East Dallas is a trendy arts area close to Downtown.  The newer area of the city, Midtown, is currently undergoing construction of new restaurants, retail businesses, and apartments.  South Dallas contains large amounts of undeveloped land, due to slow growth in the area. 

Dallas is well known for its culinary cuisine, which includes barbecue, Mexican and Tex-Mex, and several top ranked steakhouses in the nation. The city is also home to a thriving arts community spanning across many districts throughout the downtown area, including the Arts District, City Center District, and Deep Ellum. 

Texans love their sports, and Dallas is home to many professional teams, spanning all four major leagues: NFL, NBA, MLB, and NHL.  The city has several sports stadiums and arenas to accommodate all of its teams, including AT&T Stadium, Texas Stadium, and Reunion Arena.  The number of stadiums makes Dallas a good candidate for the 2020 Summer Olympics.  If you are more of a participant than a observer, Dallas offers many recreational activities such as fishing, hiking, biking, and camping. 

The economy of Dallas is anchored by the telecommunications and engineering industries and is home to 12 Fortune 500 companies.  According to Forbes Magazine 2011, Dallas is also home to 17 billionaires.  In addition, the city has more retail shopping outlets per capita than any other in the U.S. and is the nation’s third most popular destination for business travel. 

The Dallas office space and commercial real estate market traditionally has a high vacancy rate, and was at over 23% in the first half of 2013.  Although, this rate is expected to gradually drop over the next few years.  As for asking rental rates, they increased in Q1 2013.  Dallas is expected to continue to be a leader in the economic recovery and a desirable city for expansion and relocation for businesses.

Sub-Market

Total Vacancy (SF)

Avg. Asking Rent ($ SF)

Downtown

Class A:    6,774,052

Class B:    1,688,743

Class A:    $24.31

Class B:    $18.62

Suburban

Class A:    11,434,527

Class B:    13,862,626

Class A:    $22.96

Class B:    $17.50

Source: Jones Lang LaSalle Office Statistics, Dallas, Q2 2013

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By: James Osgood

Dallas Office Space , Office Space

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