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Office Stabilizing?

Dallas-Ft. Worth

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Office Stabilizing?
Crescent's leasing director Kirby White and leasing manager Katy Cleary
On the heels of a good Q2, signing more than 20k SF of deals at Fountain Place (expanding leases for Tenet Healthcare and Wells Fargo, among others), we caught up with Crescent's leasing director Kirby White  and leasing manager Katy Cleary to find out the latest at the 1.2M SF60-story Fountain Place and 1.1M SF50-story Trammell Crow Center. Kirby says he's marketing 217k SF of available space, including a sweet suite on the 54th floor for $27/SF. Katy says Trammell Crow Center has a big block available, too, with 230k contiguous SF that she's marketing. She did score almost 15k SF in leases for the Q2, with another 20k SF near closing.
fountains at Fountain Place
Kirby tells us he's optimistic even if tenants are still being conservative. Fountain Place (above, demonstrating how it got its name) is 83% leased, and DFW is still positioned better than much of the rest of the country when it comes to recovery. Marcus & Millichap's Q2 DFW office market report mirrors some of that optimism showing vacancy approaching stabilization, while also projecting that asking rents will decline 1.9% to $19/SF and effective rents will lose 2.8% to $14.81/SF. In 2009, asking and effective rents slipped 2.7% and 7.4%, respectively. On a positive note, the report says office-using employment sectors will expand at a faster rate of 1.8% with the addition of almost 13k jobs. Maybe that's worth a celebratory dip in the $22M Fountain Plaza.