DALLAS (Marcus & Millichap) – In its third-quarter 2011 office market update, Marcus & Millichap predicts strong growth in DFW’s office-using
employment will support an overall reduction in vacancy rates and an increase in rents.
According to the firm’s 2011 DFW office forecast:
- Following a 2 percent gain last year, payrolls will increase by 90,000 positions in
2011, marking a 3.1 percent increase. Office-using employment will grow by
more than 28,000 spots, or 3.9 percent.
- Construction in the Metroplex will drop to 20,000 sf this year. Last year, 373,000 sf
of office space came online.
- Vacancy will drop 140 basis points to 22.1 percent, which is 40 basis points
above the ten-year average. In 2010, vacancy ticked up 30 basis points.
- Asking rents will climb to $19.42 per sf, increasing 1.1 percent from a year
ago. Effective rents will reach $15.14 per sf, gaining 1.3 percent. Last
year, asking rents and effective rents fell 0.9 and 1.9 percent,