Dallas office lease market on the move up!
Dallas office space lease tenants are making decisions and the market is moving!
After months of bad news from virus fears to lack of materials, there is light at the end of the tunnel. Based on data compiled by our CRE data partner, Costar, it is clear that the Dallas office lease space market is moving again, in the right direction. As the graph indicates, the office lease market tracked about 2.1 million square feet of leasing activity, roughly over 1.4 million square feet more leased space than the same period in August of 2020.
The Upper Tollway and Quorum areas of North Dallas lead the office space leasing advance. This area saw about 19% of the overall growth in the whole market. Financial software firm Trintech signed a lease for roughly 70,000 SF of high quality office space at Granite Park VII, one of the best developments in the Plano / Frisco market. Randstad also scooped up a nice 31,000 SF office space in the Plaza at Legacy development. Relocations from California and other west coast locations are fueling the massive growth. Housing starts are also booming in the northern sector to handle the relocation influx.
Even downtown Dallas, historically slow to move, joined the fray with the FDIC lease of about 163,000 SF of office space in the Plaza of the Americas building. The rage of spec suites and new amenity rich buildings scored a win with the Bestow 42,000 SF office lease at the Stack in Deep Ellum.
Don’t miss your shot at this fast moving Dallas office space market. Contact us today to go to work for you to find the best office lease space! We are touring tenants every week and are ready to help you, now!