posted on June 11, 2010 00:53
Office space occupancy in North Texas fell to its lowest level in six years, hitting 74 percent in the first quarter of 2010, according to DFWRealSmart.com.
“Over the past year, D-FW office occupancy has fallen 3.9 percent,” said George Roddy, the company's president. He says the last time office occupancy fell below 75 percent was in the first quarter of 2004.
The vacancy increase is being driven by an out-migration of office tenants, which vacated approximately 4.8 million square feet of office space during the past year, Roddy said.
Despite the occupancy drop, office lease rates are holding firm. At the end of the first quarter, the average quoted lease rate for multitenant office space in North Texas was $20.74 per square foot, just nine cents lower than the $20.83 per square foot rate in 2009.
June 8th, 2010 | Kerri Panchuk | Dallas Business Journal