January 19, 2017
Though lumping Dallas and Fort Worth together is a common activity, the office characteristics of both cities are quite different. For one thing, the Dallas-Plano-Irving MSA had a total office inventory of 128.6 million square feet, and total positive net absorption of 966,929 square feet and an 18.7% occupanc, according to JLL’s Q4 2016 statistics.
Meanwhile, west of SH 360, JLL placed the Fort Worth-Arlington MSA’s total office inventory stood at 30.2 million, while total net absorption was negative 420,357 square feet, with total vacancy at 16.2%, and average asking rent at $22.46 per square foot.
Sometimes, negative absorption indicates a lack of quality space available for expansion or growth. Fort Worth received 429,469 square feet of product in 2016. Much of what was delivered was in the West/Southwest Fort Worth submarket, which also has an additional 181,182 square feet under construction. An additional 1.1 million square feet is currently being built.
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