The Real Deal New York

The top office rental market is… Dallas?

Nah, it's really New York, but North Texas is undeniably having a moment
January 07, 2018 05:08PM

(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