Office Market ‘Somewhat Uplifting’
Driving down I-30 this week, the Dallas skyline looked especially inviting. Must've been the “somewhat uplifting” picture of Dallas’ office market presented in JLL's market outlook webcast yesterday. JLL says Dallas’s modest construction pipeline—1.9M SF, 69% pre-leased at the end of the 3Q— should shift absorption into positive territory. Largely concentrated in Uptown and the Richardson Plano area, the projects should deliver later this year and into early next.
|On the DC end of the national call was JLL’s John Sikaitis. What was once good news—the area’s late entrance into the recession— has caught up with us and produced growing job losses, which will likely foster depressed demand through 2Q10. Rental rates will continue downward pressure before stabilizing toward the latter part of '10. At this point we wondered, if a webinar happens, but everyone turns down the sound, does bad news really happen?|