Office Leasing Improves Across Dallas-Fort Worth
Most of the metro’s submarkets with inventories larger than 10 million square feet saw changes for the better.
Leasing activity picked up a bit of speed across the Dallas-Fort Worth office market in February. According to CommercialEdge, the metro’s vacancy rate reached 17.1 percent, down 50 basis points month-over-month and 190 basis points on a year-over-year basis.
When put against similar secondary markets, The Metroplex moved further away from Atlanta, surpassing its vacancy index by 520 basis points. However, the metro remained behind Austin, which held strong at 15.4 percent. The metro’s rate also fared worse than the national average of 15.7 percent, which stayed the same month-over-month.
Most submarkets with inventories larger than 10 million square feet saw changes for the better. For the second month in a row, Plano had the highest improvement month-over-month, with vacancy dropping from 14.4 to 12.0 percent. Platinum Corridor North also witnessed considerable betterment, with vacancy down by 120 basis points over the month.
One of the year’s largest deals in the area near DFW Airport closed in Coppell. After three decades in Northwest Dallas, the entertainment and dining chain Dave & Buster’s signed a 67,200-square-foot lease and will relocate its headquarters to Coppell Commerce Center I & II. Cushman & Wakefield and JLL represented the tenant, while Lincoln Property Co. worked on behalf of the landlord.
CommercialEdge covers 8M+ property records in the United States. View the latest CommercialEdge national monthly office report here.
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