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Like These Clouds, Leasing Activity Is Up

Dallas-Ft. Worth
Like These Clouds, Leasing Activity Is Up
Dallas skyline
Cushman & Wakefield's Q3 '10 DFW  Office and Industrial Real Estate Trends report says real estate market fundamentals are expected to improve in 2011 as the economy slowly recovers and job growth returns. How do the numbers fare YTD? Pent-up tenant demand escalated in the first nine months resulting in a 30.6% increase in leasing activity, or 9.3M SF leased YTD. Although the net change in occupied space citywide remained negative at 700k SF for the nine-month period, overall absorption was up 60.3% compared to Q3 '09. Major consolidations contributed to the negative absorption including HP  and Alliance Data Systems vacating about 250k SF and 230k SF in Far North Central Expressway to move to the Legacy/Frisco submarket. Fidelity Investments also vacated 100k SF in the Mid-Cities. However, large leases or sales completed during the first nine months will improve absorption totals by year-end. Office tenants taking space in Q4 include CBRE, MoneyGram International (see above), Tribune Cos, Oracle Corp, Genband, Denbury Resources, and Oncor Electric.