After a strong October, with office transactions amounting to 2.4 million square feet, Dallas-Fort Worth recorded another peak in November. According to CommercialEdge data, 12 properties totaling 3.2 million square feet sold across the Metroplex, a 32.6 percent uptick in traded square footage month-over-month.
The metro’s deals year-to-date added up to nearly $2.5 billion at an average price of $237 per square foot, 22.8 percent lower than the national $291 per square foot. The figures indicate solid improvement when compared to the same period of 2020, when sales came to $1.4 billion at an average $185.6 per square foot.
Once again, investors bet on traditional and flex office space, as well as Class B/C properties, with only four Class A assets in the sales mix. Most transactions, 83.3 percent of the total, closed in suburban submarkets.
The largest asset that changed hands in November was the former J.C. Penney headquarters in Plano’s Legacy business park. In one of the largest commercial real estate deals of the year in North Texas, Capital Commercial Investments acquired the 1.9 million-square-foot Campus at Legacy West from Beal Bank. The new owner intends to resume work at the $1 billion mixed-use development underway since 2016.
CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here.