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Market Insights 2020

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Market Insights 2020 Market Insights Dallas/Fort Worth Office 1Q 2020 Bradford Commercial Real Estate Services 3100 McKinnon Street, Suite 400 Dallas, Texas 75201 DALLAS-FORT WORTH OFFICE MARKET INSIGHTS 4Q2019 Table of Contents BRADFORD DALLAS-FORT WORTH OFFICE TEAM 1 DALLAS - FORT WORTH OVERALL MARKET INSIGHT 2 SUBMARKET EXPERTISE • Central Expressway • Dallas CBD • East Dallas 3 • Far North Dallas • Fort Worth CBD • Las Colinas • LBJ Freeway • Mid Cities • Preston Center • Richardson Plano • Stemmons • Uptown-Turtle Creek The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions prior to sale or lease or withdrawal without notice. 1 DFW OFFICE COVERAGE OFFICE MARKET EXPERTS • Bradford Corporate Office • Bradford Field Offices 2 BinformedOFFICE MARKET EXPERTS Melanie Hughes Richmond Collinsworth Erik Blais Jared Laake Senior Vice President First Vice President Vice President Vice President 972.776.7046 972.776.7041 817.921.8179 972.776.7045 Dallas Dallas Fort Worth Dallas Susan Singer, CCIM Paul Richter Shane Benner Executive Vice President Vice President Vice President Brokerage Services 972.776.7036 817.921.8174 972.776.7043 Dallas Fort Worth Dallas Bret Cooper Elizabeth Robertson Kyle Espie Market Director Market Director Senior Associate 972.776.7035 972.776.7199 972.776.7070 Dallas Dallas Dallas 3 CENTRAL EXPRESSWAY OFFICE OVERALL MARKET INSIGHTS (same criterias as prior market reports) DFW Office Markets (A, B, C) Binformed Existing Inventory Vacancy Delivered Inventory Under Construction Net Quoted Period Under # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Rates Overall DFW Office Vacancy Overall DFW Office Net Absorption Construction 2016 Q4 20.0% 2,718 263,374,727 46,685,356 17.7% 190,543 9 583,127 48 7,696,797 $ 20.31 1,500,000 2017 Q1 2,732 265,057,220 48,720,397 18.4% (362,126) 13 1,667,021 45 6,631,879 $ 20.48 19.5% 2017 Q2 2,734 265,120,106 48,997,287 18.5% (214,004) 2 62,886 49 6,989,152 $ 20.59 1,000,000 2017 Q3 2,742 265,881,515 48,450,231 18.2% 1,308,465 8 761,409 46 7,862,754 $ 20.82 19.0% 2017 Q4 2,757 267,483,289 49,670,519 18.6% 346,846 15 1,601,774 33 6,403,030 $ 20.88 18.5% 500,000 2018 Q1 2,764 268,384,044 49,935,203 18.6% 650,711 7 900,755 28 5,952,275 $ 20.96 2018 Q2 2,773 270,047,927 51,433,564 19.0% (385,248) 8 1,607,413 23 4,649,502 $ 20.98 18.0% (same criterias as prior market reports) 0 2018 Q3 2,780 271,030,488 52,161,999 19.2% 254,126 7 982,561 20 3,955,264 $ 21.17 17.5% DFW Office Markets (A, B, C) 2018 Q4 2,782 271,485,945 52,565,136 19.4% 52,320 2 455,457 21 3,841,878 $ 21.22 (500,000) 2019 Q1 2,788 272,562,375 52,216,563 19.2% 1,425,003 6 1,076,430 19 2,946,341 $ 21.19 17.0% 2019 Q2 2,793 272,854,903 51,724,137 19.0% 779,894 5 292,528 18 2,762,547 $ 21.33 Existing Inventory Vacancy(1,000,000) Delivered Inventory Under Construction 16.5% 2016Net2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Quoted 2019 Q3 2,796 273,350,264 53,052,715 19.4% (833,217) 3 495,361 18 2,773,269 $ 21.52 2016 2017 Period2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Under Overall DFW Office Vacancy Overall DFW Office Net Absorption Q4 Q1 Q2 Q3 Q4 Q1 #Q2 BldgsQ3 Q4 TotalQ1 RBAQ2 Q3 VacantQ4 Q1 SF Vacant % Absorption # Bldg Delivered # Bldgs Rates 2019 Q4 2,802 274,822,782 53,233,667 19.4% 1,291,566 6 1,472,518 14 1,799,751 $ 21.34 Construction 2020 Q1 2,804 275,077,782 54,202,447 19.7% (713,780) 2 255,000 12 1,544,751 $ 21.62 2016 Q4 20.0% 2,718 263,374,727 46,685,356 17.7% 190,543 9 583,127 48 7,696,797 $ 20.31 1,500,000 2017 Q1 2,732 265,057,220 48,720,397 18.4% (362,126) 13 1,667,021 45 6,631,879 $ 20.48 Overall DFW Office Quoted Rental Rates Overall DFW Office Construction 19.5% DFW Office Statistics by Market 2017 Q2 2,734 265,120,106 48,997,287 18.5% (214,004) 2 62,886 49 6,989,152 $ 20.59 1,000,000 $22.00 8,000,000 19.0% Existing Vacancy Net Under Quoted 2017 Q3 2,742 265,881,515 48,450,231 18.2% 1,308,465 8 761,409 46 7,862,754 $ 20.82 Market Inventory Deliveries 7,000,000 # Blds Total RBA Direct SF Total SF Absorption Const SF Rates 2017 Q4 2,757 267,483,289 49,670,519 18.6% 346,846 15 1,601,774 33 6,403,030 $ 20.88 $21.50 6,000,000 18.5% 500,000 Central Expressway 98 12,162,018 1,758,985 14.5% -65,113 0 30,000 $25.05 2018 Q1 2,764 268,384,044 49,935,203 18.6% 650,711 7 900,755 28 5,952,275 $ 20.96 Dallas CBD 79 28,702,872 7,877,884 27.4% -436,903 0 0 $21.19 5,000,000 $21.00 2018 Q2 18.0% East Dallas 171 7,346,774 1,199,504 16.3% 198,749 0 469,000 $21.59 2,773 270,047,927 51,433,564 19.0%4,000,000 (385,248) 8 1,607,413 23 4,649,502 $ 20.98 0 2018 Q3 2,780 271,030,488 52,161,999 19.2%3,000,000 254,126 7 982,561 20 3,955,264 $ 21.17 Far North Dallas 450 50,283,076 10,415,028 20.7% 276,240 255,000 138,893 $24.24 17.5% $20.50 Ft Worth CBD 58 9,751,968 1,442,250 14.8% 143,328 0 0 $26.46 2018 Q4 2,782 271,485,945 52,565,136 19.4%2,000,000 52,320 2 455,457 21 3,841,878 $ 21.22 (500,000) Las Colinas 278 35,868,058 6,391,487 17.8% -983,508 0 27,475 $20.92 2019 Q1 2,788 272,562,375 52,216,563 19.2%1,000,000 1,425,003 6 1,076,430 19 2,946,341 $ 21.19 17.0% LBJ Freeway 160 21,226,071 4,459,842 21.0% 245,419 0 0 $20.40 $20.00 0 2019 Q2 Lewisville/Denton 148 6,945,300 783,316 11.3% 12,322 0 122,000 $18.46 2,793 272,854,903 51,724,137 19.0% 2016779,8942017 2017 2017 201752018 2018 2018292,5282018 2019 2019 2019182019 2020 2,762,547 $ 21.33 (1,000,000) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 16.5% 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Mid-Cities 384 21,910,714 5,273,445 24.1% 3,994 0 100,609 $18.45 2019 Q3 2,796 273,350,264 53,052,715 19.4% (833,217) 3 495,361 18 2,773,269 $ 21.52 $19.50 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 North Fort Worth 43 2,446,430 192,551 7.9% 8,614 0 0 $18.31 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Delivered Under Construction Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q4 Q12019Q2 Q4Q3 Q4 Q1 2,802Q2 Q3 Q4274,822,782Q1 Q2 Q3 53,233,667Q4 Q1 19.4% 1,291,566 6 1,472,518 14 1,799,751 $ 21.34 Northeast Ft Worth 48 3,503,872 612,429 17.5% -820 0 0 $16.91 2020 Q1 2,804 275,077,782 54,202,447 19.7% (713,780) 2 255,000 12 1,544,751 $ 21.62 Preston Center 52 4,837,427 630,811 13.0% -95,066 0 0 $29.18 Richardson/Plano 352 30,065,073 6,217,563 20.7% 51,562 0 0 $18.43 South Ft Worth 196 10,708,175 1,248,690 11.7% -9,937 0 0 $21.92 Overall DFW Office Quoted Rental Rates Overall DFW Office Construction Southwest Dallas 79 3,403,365 359,486 10.6% -30,457 0 0 $16.22 DFW Office Statistics by Market $22.00 Stemmons Freeway 115 12,700,257 3,239,339 25.5% -1,504 0 0 $15.92 Existing Vacancy 8,000,000 Uptown/Turtle Creek 93 13,216,332 2,158,559 16.3% -184,488 0 656,774 $31.49 Net Under Quoted Market Inventory Deliveries 7,000,000 Totals 2,804 275,077,782 54,261,169 19.7% -867,568 255,000 1,544,751 $21.48 # Blds Total RBA Direct SF Total SF Absorption Const SF Rates $21.50 Central Expressway 98 12,162,018 1,758,985 14.5% -65,113 0 30,000 $25.05 6,000,000 Dallas CBD 79 28,702,872 7,877,884 27.4% -436,903 0 0 $21.19 5,000,000 $21.00 East Dallas 171 7,346,774 1,199,504 16.3% 198,749 0 469,000 $21.59 4,000,000 * Lewisville Denton doesn't have a tab Far North Dallas 450 50,283,076 10,415,028 20.7% 276,240 255,000 138,893 $24.24 3,000,000 Ft Worth CBD 58 9,751,968 1,442,250 14.8% 143,328 0 0 $26.46 $20.50 2,000,000 Las Colinas 278 35,868,058 6,391,487 17.8% -983,508 0 27,475 $20.92 1,000,000 LBJ Freeway 160 21,226,071 4,459,842 21.0% 245,419 0 0 $20.40 $20.00 0 Lewisville/Denton 148 6,945,300 783,316 11.3% 12,322 0 122,000 $18.46 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Mid-Cities 384 21,910,714 5,273,445 24.1% 3,994 0 100,609 $18.45 $19.50 North Fort Worth 43 2,446,430 192,551 7.9% 8,614 0 0 $18.31 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 Delivered Under Construction Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Northeast Ft Worth 48 3,503,872 612,429 17.5% -820 0 0 $16.91 Preston Center 52 4,837,427 630,811 13.0% -95,066 0 0 $29.18 Richardson/Plano 352 30,065,073 6,217,563 20.7% 51,562 0 0 $18.43 South Ft Worth 196 10,708,175 1,248,690 11.7% -9,937 0 0 $21.92 Southwest Dallas 79 3,403,365 359,486 10.6% -30,457 0 0 $16.22 Stemmons Freeway 115 12,700,257 3,239,339 25.5% -1,504 0 0 $15.92 Uptown/Turtle Creek 93 13,216,332 2,158,559 16.3% -184,488 0 656,774 $31.49 Totals 2,804 275,077,782 54,261,169 19.7% -867,568 255,000 1,544,751 $21.48 The information contained herein was obtained from CoStar; however, Bradford Companies makes no guarantees, warranties, or representation as to the completeness or accuracy thereof.
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