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Dallas' Dynamic Job Wave

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Dallas' Dynamic Job Wave OFFICE MARKET REPORT Dallas’ Dynamic Job Wave Winter 2020 Decelerating Booming Expanding Rent Growth Investment Activity New-Supply Pipeline DALLAS OFFICE MARKET Market Analysis First Quarter 2020 Employment Boom Boosts Office Demand Contacts Bolstered by its highly skilled workforce and low cost of doing business, Dallas’ office market continues to Jeff Adler Vice President & General expand rapidly. Demand is on the rise, with coworking Manager of Yardi Matrix companies leasing more than 750,000 square feet in [email protected] 2019, for a total shared-space quantity of 3.6 million (800) 866-1124 x2403 square feet or 1.3% of the existing inventory. And with interest predominantly from small, local firms, the co- Jack Kern working sector is expected to further progress in upcom- Director of Research and Publications ing quarters, despite its ongoing transformation. [email protected] The metro gained 97,800 jobs in the 12 months ending in (800) 866-1124 x2444 November, with office-using employment accounting for Ron Brock, Jr. 36% of the growth (35,600 positions). The professional Industry Principal, Matrix and business services sector added 23,000 jobs (up 4.5% [email protected] year-over-year in November), while financial activities (480) 663-1149 x2404 gained 12,400 positions and rose 5.1%—the sector’s highest increase across the nation. With New York City diversifying its economy and losing finance jobs, Dallas’ Author financial activities sector is poised for continued growth. Razvan Cimpean With 4.7 million square feet underway at the end of 2019, Senior Associate Editor equal to 1.8% of the existing stock, Dallas was the ninth metro for office construction activity. Developers com- pleted a total of 3.5 million square feet in 2019, a decline of 19.3% from 2018. While the overall office vacancy rate decreased by more than 200 basis points to 17.7% as of December, it was still substantially higher than the na- tional average of 13.4%. Image by Sean Pavone/iStockphoto.com 2 ECONOMIC SNAPSHOT ➤ Dallas gained 35,600 office-using jobs unemployment rate dropped 30 basis points in the 12 months ending in November. to 3%, slightly below the national average. Growth was led by the professional and business services sector, which expanded ➤ Home Depot is set to hire up to 1,900 by 23,000 positions. workers in the metro as part of its nationwide plan to employ thousands ahead ➤ Office-using jobs accounted for 31% of of the spring season. Available positions the metro’s employment pool—the highest range from part time, full time and seasonal point in the past decade and well above across various departments in the retailer’s the 21.6% national average. Compared to 20-plus locations across Dallas. the figures from November 2018, Dallas’ Office-Using Employment Office-Using Employment Source: Bureau of Labor Statistics (BLS). Data as of December 2019 Source: Bureau of Labor Statistics (BLS). Data as of December 2019 Employment Growth by Sector as of December 2019 (Year-Over-Year) Current Employment Year Change EmCodeploymentEmployment Grow Sectorth by Sector(000) as of De%c eSharember 2Employment019 (Year-Over-Year)% 60 Professional and Business Services 535 19.2% 27,700 5.5% 15 Mining, Logging and Construction 167 Current 6.0% Employment16,700 11.1% Year Change 40 Trade, Transportation and Utilities 560 20.1% 16,300 3.0% Code Employment Sector (000) % Share Employment % 55 Financial Activities 258 9.2% 15,300 6.3% 6560 EducationProfes andsio nHealthal an Servicesd Business Services 332 5311.9%5 13,30019.2% 4.2% 27,700 5.5% 7015 LeisureMining, and HospitalityLogging and Construction 279 16710.0% 8,400 6.0% 3.1% 16,700 11.1% 9040 GovernmentTrade, Transportation and Utilities 312 56011.2% 4,80020.1% 1.6% 16,300 3.0% 30 Manufacturing 186 6.7% 3,600 2.0% 55 Financial Activities 258 9.2% 15,300 6.3% 80 Other Services 88 3.1% 1,900 2.2% 5650 InfEducationormation and Health Services 72 332 2.6% 11.9%400 0.6% 13,300 4.2% Source:70 BureauLeisure of Labor andStatistics Hospitality (BLS). Data as of December 2019 279 10.0% 8,400 3.1% 90 Government 312 11.2% 4,800 1.6% 30 Manufacturing 186 6.7% 3,600 2.0% 80 Other Services Dallas 88 Office Report |3.1% First Quarter 20201,900 3 2.2% 50 Information 72 2.6% 400 0.6% Source: Bureau of Labor Statistics (BLS). Data as of December 2019 LEASING | VACANCY ➤ Dallas had a vacancy rate of 17.7% at the Vacancy by Submarket end of 2019, down 210 basis points year- over-year and 430 basis points above the Top Submarkets Vacancy Rate (%) national average. Class A properties were at Denton 4.7% 16.8%, down 160 basis points from the end Ellis County 6.5% of 2018, while Class B space stood at 18.5%, West Fort Worth 7.9% down 260 basis points year-over-year. Lewisville 9.0% South Fort Worth 9.5% ➤ Submarkets with increased development ac- Vacancy by Submarket tivity such as Las Colinas and the Platinum Source: Yardi® Matrix. Data as of January 2020 TopNote: Submarkets Vacancy including subleaseVacancy Rate (%) Corridor North had some of the lowest va- Denton 4.7% cancy rates—at least 570 basis points below VEllisac Countyancy by Submarket 6.5% the metro’s average. West Fort Worth 7.9% Top Submarkets Vacancy Rate (%) Lewisville 9.0% Denton 4.7% SouthAv Fortai lWorthable Propertie 9.5%s Ellis County 6.5% WestSource: Fort Yardi® Worth Matrix. Data as of January 7.9% 2020Square Feet Properties LEASING | LISTINGS Note: Vacancy including sublease LewisvilleTop Submarkets 9.0% Available Available South Fort Worth 9.5% Dallas Central Business 6,160,370 47 Source: Yardi® Matrix. Data as of January 2020 Note:District Vacancy including sublease ➤ Dallas office space was listed at an average Available Properties of $27.37 per square foot as of December— Platinum Corridor Square Feet5,054,180Properties 163 roughly 13% below the national average of TopSouth Submarkets Available Available Available Properties $31.58 per square foot. DallasLas Colinas Central Business 6,160,3703,754,71047 192 District Square Feet Properties Top Submarkets Available Available ➤ On average, Class A space was listed at PlatinumWest Dallas Corridor 5,054,1802,950,790163 61 $30.93 per square foot, a 1.1% drop from DallasSouth Central Business 6,160,370 47 DistrictPlatinum Corridor North 2,947,340 136 the end of 2018. Meanwhile, asking rates for Las Colinas 3,754,710 192 PlatinumTotal MCorridorarket 5,054,18039,746163,400 1,466 Class B properties rose 1.7% and stabilized at SouthWest Dallas 2,950,790 61 $23.29 per square foot in December. LasPlatinumSource: Colinas Yardi®Corridor Matrix. North Data3,754,7102,947,340 as of January192136 2020 WestTota lDallas Market 2,950,79039,746,400 611,466 PlatinumSource: Yardi® Corridor Matrix. North Data as2,947,340 of January 2020 136 Total Market 39,746,400 1,466 COWORKING Source:Top Yardi® Co Matrix.wor Datakin asg of TJanuaryena 2020nts (Square Feet) Top Coworking Tenants (Square Feet) Square Coworking Tenant/ No. Squareof Feet ➤ As of December, coworking companies occu- TCoworkingOperatorsop Cowo Tenant/rking T enants (SquareNo. of Locations Feet) Feet Leased pied 3.6 million square feet in Dallas, equal to Operators Locations SquareLeased Regus 44 773,189 1.3% of the existing stock, with some 1 million CoworkingRegus Tenant/ No. 44of Feet 773,189 square feet situated in the Platinum Corridor Operators Locations Leased WeWorkWeWork 10 10 540,383 540,383 North and the Platinum Corridor South. Regus 44 773,189 WORKSUITES 17 378,291 WeWorkWORKSUITES 10 17540,383 378,291 Spaces 5 216,592 ➤ With nearly 800,000 square feet across 45 WORKSUITESSpaces 17 378,2915 216,592 Boxer Workstyle 13 191,635 locations, Regus easily dominates the metro’s Spaces 5 216,592 coworking scene. Most of the company’s Boxer Workstyle 13 191,635 Boxer Workstyle 13 191,635 leased space is located in the Platinum Cor- Source: Yardi® Matrix. Data as of January 2020 ridor South (178,667 square feet) and Las Co- Source:Source: Yardi® Yardi® Matrix. Matrix. Data as Dataof January as of2020 January 2020 linas (123,187 square feet). WeWork follows with 540,383 square feet across 10 locations. Dallas Office Report | First Quarter 2020 4 Office Completions (Square(Square Feet) Feet) SUPPLY Office Completions 5,000 ➤ As of December, developers were working Offi4,000ce Completions (Square Feet) on 30 projects totaling 4.7 million square 5,000 feet, equal to 1.8% of the existing inventory 3,000 and 50 basis points below the national av- 4,000 erage. An additional 42.5 million square feet 3,000 was in the planning and permitting stages, 2,000 accounting for roughly 16% of total stock. 2,000 1,000 ➤ Seventeen office projects, totaling almost 1,0001,000 3.5 million square feet, were delivered in 2019. That’s 20% below 2018’s completions 0 0 0 2017 2018 2019 2020* but still among the nation’s strongest pipe- 20172017 2018 2018 2019 2019 2020* 2020* lines for the 12 months ending in December. Source: Yardi® Matrix. Data as of January 2020 *TotalSource: Year ProjectionsYardi® Matrix. Data as of January 2020 With 2.6 million square feet expected to Source: Yardi® Matrix. Data as of January 2020 come online by the end of 2020, deliver- C*Totalonstruc tYearion Ac tProjectionsivity *Total Year Projections ies are projected to further slow down in Square Feet Under TopCo Submarketsnstruction ActConstructionivity upcoming quarters.
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