{"id":2637,"date":"2014-04-30T08:57:56","date_gmt":"2014-04-30T13:57:56","guid":{"rendered":"http:\/\/kbicblog.com\/blog\/construction-recruiter\/?p=2637"},"modified":"2014-04-30T08:57:56","modified_gmt":"2014-04-30T13:57:56","slug":"north-texas-office-construction-tripled-in-the-last-year","status":"publish","type":"post","link":"https:\/\/kbicblog.com\/construction-recruiter\/blog\/north-texas-office-construction-tripled-in-the-last-year\/","title":{"rendered":"North Texas office construction tripled in the last year"},"content":{"rendered":"
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\"legacytower\"<\/a>Trammell Crow\u2019s Legacy Tower is under construction on the Dallas North Tollway in West Plano.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Dallas-area office construction jumped in the first quarter.<\/div>\n
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Almost 6 million square feet of new office buildings is under construction \u2014 more than three times what was being built a year ago in North Texas, according to a new report by Cushman & Wakefield of Texas Inc.<\/p>\n

The good news is that much of what\u2019s being built is already spoken for by businesses that are expanding or relocating in this area.<\/p>\n

\u201cAnd it\u2019s still less than what we had under construction in 2008,\u201d said Cushman & Wakefield’s executive director Matt Heidelbaugh. \u201cI don\u2019t think we are getting overheated at all.<\/p>\n

\u201cWe are being wise about what we are building.\u201d<\/p>\n

The 5.8 million square feet of offices being constructed compares with 6.3 million square feet in first quarter 2008, before the recession.<\/p>\n

More than half of what\u2019s now being developed is in Richardson\u2019s Telecom Corridor \u2014 where State Farm Insurance is building its 1.5 million-square-foot campus \u2014 and in the West Plano and Frisco market where several speculative buildings are under construction.<\/p>\n

Cushman & Wakefield said that 18 speculative office buildings are now underway across North Texas. And those projects are about a quarter leased.<\/p>\n

Net office leasing during the first three months totaled just over 1 million square feet \u2014 less than in the same period of 2013, Cushman & Wakefield says.<\/p>\n

But those numbers don\u2019t reflect lots of office leases signed where tenants haven\u2019t yet moved into the properties. That\u2019s certainly the case with all the new buildings under construction.<\/p>\n

\u201cPart of the slight decline [in net leasing] is the fact that there are limitations on blocks of empty space now,\u201d Heidelbaugh said. \u201cIt\u2019s pushing things out further until we get some supply.\u201d<\/p>\n

The largest volume of office leasing in the first quarter was in Richardson\u2019s Telecom Corridor, in West Plano and Frisco and in downtown Dallas. Even the LBJ Freeway corridor \u2014 which has lost tenants during the road construction project \u2014 had an uptick in net leasing this year.<\/p>\n

Business districts in Las Colinas and the mid-cities area lost office tenants during the period.<\/p>\n

Cushman & Wakefield estimates that office vacancy in North Texas is now just under 18 percent \u2014 the lowest level in more than a decade.<\/p>\n

Source:\u00a0http:\/\/www.dallasnews.com\/business\/commercial-real-estate\/20140327-north-texas-office-construction-tripled-in-the-last-year.ece<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Trammell Crow\u2019s Legacy Tower is under construction on the Dallas North Tollway in West Plano. Dallas-area office construction jumped in the first quarter. Almost 6 million square feet of new office buildings is under construction \u2014 more than three times what was being built a year ago in North Texas, …<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"image","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1],"tags":[628,131,174,627,629],"class_list":["post-2637","post","type-post","status-publish","format-image","hentry","category-blog","tag-cushman-wakefield","tag-dallas-recruiters","tag-kaye-bassman-construction-practice","tag-north-texas-construction","tag-trammell-crows-legacy-tower","post_format-post-format-image","column","twocol"],"yoast_head":"\nNorth Texas office construction tripled in the last year<\/title>\n<meta name=\"description\" content=\"Almost 6 million square feet of new office buildings is under construction \u2014 more than three times what was being built a year ago in North Texas,...\" \/>\n<meta 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