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DFW Office Construction Up By 50 Percent From 2014
North Texas office construction has soared to the highest level since the 1980s. More than 8.8 million square feet of office space is now being built in the Dallas-Fort Worth area – about 50 percent more construction than a year ago. The office boom has grown to include 28 buildings – most of which are under construction in Dallas’ northern suburbs and in the Uptown area, according to a new report by Cushman & Wakefield Inc. About a third of the office projects underway in the D-FW area are for specific corporations. And almost 60 percent of the total office space being built in the area is already rented to tenants. That’s different than in previously construction booms when most of the office development didn’t lease until projects were completed. “This cycle has been a little different and we are seeing economic growth that continues to drive office use and companies continuing to look at the D-FW market,” said Cushman & Wakefield executive vice president Rick Hughes. “There is a larger demand for office space today than we saw in the past when we had overbuilding.
Almost half of the office space being built in North Texas is in the West Plano and Frisco market where new corporate campuses are under construction for companies including Toyota Motor, FedEx Office and the Dallas Cowboys. Developers are also putting up several multi-tenant office projects in those areas. Construction also remains high in the Telecom Corridor where State Farm Insurance and Raytheon Corp. will have office developments underway. And more than 1.2 million square feet of office development is in the pipeline in the downtown Dallas and Uptown area, according to Cushman & Wakefield.
- Dallas Morning News, March 30, 2015
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