Despite the economic challenges experienced across the United States, one area that remains strong is Dallas Texas. Now that the economy is expected to rebound, a Dallas office space is an ideal platform to a launch a business venture. There are plenty of reasons why Dallas remains an ideal place in which a business can thrive.
- Large Population – The stability of the economy in Dallas is partly due to the fact that the greater Dallas-Fort Worth metropolitan region is home to over six million people. According to the United States Census Bureau, the Dallas-Fort Worth region had the fastest growth in the nation from 2001 to 2009. According to the Perryman Group, population will continue to expand at just over 1.8 per cent per year through 2015.
- Skilled Workers – Dallas is abundant with skilled graduates equipped with business knowledge and skilled labor since the Dallas area has over 20 universities and colleges. The business opportunities in Dallas include the areas of finance, insurance, biotechnology, information technology, and manufacturing. Logistics and warehousing also continue as fast-growing industries.
- Low Cost-of-Living – Despite the growing market and population, the city’s cost-of-living has remained below the national average especially when compared to major metropolitan areas along the west coast and eastern seaboard, making it an ideal place to start a small business.
- Significant Job Growth – Dallas-Fort Worth has also been one of the top metropolitan areas experiencing significant job growth. The metropolitan area created 65,000 jobs in the year ending February, 2011.
Due to increased employment, the demand for Dallas office space has increased, resulting in declining vacancy rates and a decrease in availability of sublease space. Much of the job growth is contributed by small businesses, which accounts for 80 percent of the companies in the Metroplex, employing 40 percent of the workforce.
Job Growth is Fueling Leasing Demand
Job growth is beginning to fuel the leasing demand in the region. The vacancy rate for Dallas office space dropped to roughly 20 percent at the end of the first quarter. The availability of subleased space at the end of the quarter was 5.3 million square feet – a decline of more than 925,000 square feet from last year. Currently, the office leasing market in Dallas-Fort Worth runs at a total of 226 million square feet, leaving the annual cost for office space at an average of $18.22 per square feet. Construction has tapered off to 281,600 square feet and is expected to stay dormant throughout the year which will help improve the basic market.
Ideal Place to Establish a Business
The economic conditions and the commercial real estate market in the Metroplex makes the region a suitable place for establishing and conducting business. With so many metropolitan areas currently in a soft commercial market, this certainly is a signal that the Dallas Fort-Worth area will be stronger than ever as the overall economic condition in the United States recovers.
When considering the establishment of a business, a Dallas office space is one of the best locations to consider. The economy of the region is fairly stable when compared to most major cities in spite of the overall economic ups and downs. Best of all, the plain and simple facts are that there is plenty of Dallas office space available at affordable rates with plenty of expansion space to allow for business growth!