The top office rental market is… Dallas?

Nah, it's really New York, but North Texas is undeniably having a moment

TRD WEEKEND EDITION /
Jan.January 07, 2018 05:08 PM

(Credit back to front: nthomas76207/Wikimedia Commons; Pixabay)

According to a Cushman & Wakefield study, Dallas-Fort Worth was the top office market last year with about 4.7 million square feet dedicated to workplaces in the area, up from 2.9 million square feet in 2016.

A big factor noted in the study was the area’s absorption, reports the Dallas Morning News; there was a 38 percent gain compared to the year before, while the demand for office space in 2017 was also dramatically increased to double the last decade’s average for the last year alone.

“Dallas continues to hit on all cylinders,” Cushman & Wakefield’s Johnny Johnson told the News.”The engine continues to be job growth and a very diverse economy. A significant percentage of the new jobs created in Texas are coming to Dallas.” Johnson predicts the 2018 office market will continue to grow in the area.

But, for all the good news the numbers may reflect about the Dallas-Fort Worth area, the Morning News reports that if you total up all of the New York metro area’s office leases, the New York figures would beat out the North Texas hub. The only reason the Big Apple missed out was because “the year-end study wasn’t figured that way” the newspaper writes.

[The Dallas Morning News] — Erin Hudson


Related Articles

arrow_forward_ios
An aerial view One World Trade Center in Lower Manhattan (Credit: iStock)

On anniversary of 9/11, the World Trade Center office market is now helping propel Downtown

Clockwise from top left: 733 Third Avenue, 24-01 44th Road in Long Island City, 83 Maiden Lane, and 1745 Broadway (Credit: Google Maps)

These were NYC’s top office leases in August

Clockwise from left to right: 50 Hudson Yards, Farley Post Office redevelopment, 1 Madison Avenue, and Apple CEO Tim Cook (Credit: Hudson Yards, Skanska, Google Maps, and Getty Images)

Apple on the hunt for enormous Manhattan office space

Clockwise from left: 55 Water Street, 195 Broadway, 220 East 42nd Street, 550 Washington Street (Credit: Wikipedia, L&L Holding, SL Green, Curbed)

These were NYC’s top office leases in July

Amazon CEO Jeff Bezos (Credit: Getty Images)

Here are Amazon’s current office and warehouse holdings in NYC — and where it could set up shop next

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

French advertising giant Publicis doubles down on Hudson Square with 960K sq ft renewal-expansion

NYC developer looks to double down on WWE’s new Connecticut home

arrow_forward_ios