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Market Insights Dallas/Fort Worth 2Q 2020 - OFFICE

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Market Insights Dallas/Fort Worth 2Q 2020 - OFFICE Market Insights Dallas/Fort Worth 2Q 2020 - OFFICE 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 2017 Q1 2,752 266,197,192 49,588,276 18.6% (161,189) 14 1,757,956 46 6,666,159 $ 20.48 20.5% 1,500,000 2017 Q2 2,753 265,826,034 49,330,566 18.6% (113,448) 3 78,140 50 7,063,190 $ 20.59 20.0% 2017 Q3 2,761 266,587,443 49,116,732 18.4% 975,243 8 761,409 47 7,917,477 $ 20.82 1,000,000 2017 Q4 2,774 268,105,219 50,191,239 18.7% 428,629 15 1,636,786 34 6,422,741 $ 20.87 19.5% 500,000 2018 Q1 2,777 268,583,937 50,126,331 18.7% 558,266 8 939,781 28 5,932,960 $ 20.95 2018 Q2 2,786 270,160,733 51,525,438 19.1% (373,081) 9 1,622,598 22 4,615,002 $ 20.98 19.0% 0 2018 Q3 2,793 271,143,294 52,243,369 19.3% 264,630 7 982,561 19 3,920,764 $ 21.17 (same criterias as prior market reports) 2018 Q4 2,794 271,482,046 52,919,085 19.5% (336,964) 2 455,457 20 3,807,378 $ 21.22 18.5% DFW Office Markets (A, B, C) (500,000) 2019 Q1 2,797 272,416,601 52,627,162 19.3% 1,226,478 6 1,076,430 17 2,886,841 $ 21.20 (1,000,000) 2019 Q2 2,797 272,507,160 52,319,213 19.2% 393,448 5 292,528 16 2,703,047 $ 21.33 18.0% Existing Inventory Vacancy Delivered Inventory Under Construction 2019 Q3 2,798 272,769,681 53,439,377 19.6% (857,643) 3 495,361 17 2,748,269 $ 21.52 (1,500,000) 17.5% Net Quoted 2019 Q4 2,802 274,197,199 53,757,213 19.6% 1,109,682 5 1,447,518 14 1,799,751 $ 21.35 Period 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Under 2017 2017 2017 2017 2018 2018# Bldgs2018 2018 2019Total2019 RBA2019 2019Vacant2020 2020 SF Vacant % AbsorptionQ1 Q2 Q3 Q4# BldgQ1 Q2 Q3DeliveredQ4 Q1 Q2 #Q3 BldgsQ4 Q1 Q2 Rates Overall DFW Office Vacancy Overall DFW Office Net Absorption 2020 Q1 2,802 273,992,255 54,299,084 19.8% (746,815) 1 35,000 14 1,979,867 $ 21.63 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Construction 2020 Q2 2,800 273,879,992 55,203,948 20.2% (1,017,127) 1 220,000 15 1,927,867 $ 21.62 2017 Q1 2,752 266,197,192 49,588,276 18.6% (161,189) 14 1,757,956 46 6,666,159 $ 20.48 20.5% 1,500,000 2017 Q2 2,753 265,826,034 49,330,566 18.6% (113,448) 3 78,140 50 7,063,190 $ 20.59 20.0% Overall2017 Q3 DFW Office2,761 Quoted266,587,443 Rental Rates49,116,732 18.4% 975,243Overall DFW8 Office761,409 Construction47 7,917,477 $ 20.82 1,000,000 DFW Office Statistics by Market $21.80 2017 Q4 2,774 268,105,219 50,191,239 18.7%8,000,000 428,629 15 1,636,786 34 6,422,741 $ 20.87 Existing Vacancy Net Under Quoted 19.5% Market Deliveries $21.60 500,000 Inventory# Blds Total RBA Direct SF Total SF Absorption Const SF Rates 2018 Q1 2,777 268,583,937 50,126,331 18.7%7,000,000 558,266 8 939,781 28 5,932,960 $ 20.95 $21.40 Central Expressway 98 12,162,018 1,840,327 15.1% -81,342 0 30,000 $24.70 2018 Q2 2,786 270,160,733 51,525,438 19.1%6,000,000 (373,081) 9 1,622,598 22 4,615,002 $ 20.98 19.0% $21.20 0 Dallas CBD 79 28,702,872 7,709,068 26.9% 194,502 0 0 $21.18 2018 Q3 2,793 271,143,294 52,243,369 19.3%5,000,000 264,630 7 982,561 19 3,920,764 $ 21.17 East Dallas 171 7,378,386 1,210,736 16.4% 23,673 0 684,116 $22.13 $21.00 4,000,000 2018 Q4 2,794 271,482,046 52,919,085 19.5% (336,964) 2 455,457 20 3,807,378 $ 21.22 18.5% (500,000) Far North Dallas 446 49,793,696 10,408,426 20.9% -182,195 220,000 258,893 $24.51 $20.80 3,000,000 Ft Worth CBD 53 8,870,458 1,504,801 17.0% -65,628 0 0 $26.31 $20.60 2019 Q1 2,797 272,416,601 52,627,162 19.3%2,000,0001,226,478 6 1,076,430 17 2,886,841 $ 21.20 18.0% (1,000,000) Las Colinas 279 35,996,618 6,664,316 18.5% -144,599 0 27,475 $20.99 $20.40 2019 Q2 2,797 272,507,160 52,319,213 19.2%1,000,000 393,448 5 292,528 16 2,703,047 $ 21.33 LBJ Freeway 161 21,271,691 4,635,572 21.8% -159,183 0 0 $20.70 $20.20 2019 Q3 2,798 272,769,681 53,439,377 19.6% 0 (857,643) 3 495,361 17 2,748,269 $ 21.52 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 (1,500,000) Lewisville/Denton 148 6,964,777 868,946 12.5% -42,900 0 122,000 $18.35 $20.00 17.5% 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2019 Q4 2,802 274,197,199 53,757,213 19.6% 1,109,682Q1 Q2 Q3 Q4 5Q1 Q2 Q31,447,518Q4 Q1 Q2 Q3 14Q4 Q1 Q2 1,799,751 $ 21.35 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Mid-Cities 385 21,934,917 5,578,061 25.4% -322,239 0 100,609 $18.43 $19.80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 North Fort Worth 44 2,461,682 227,195 9.2% -34,640 0 48,000 $20.45 201720202017 2017Q1 2017 2018 20182,8022018 2018273,992,2552019 2019 2019 201954,299,0842020 2020 19.8% (746,815) Delivered1 Under35,000 Construction 14 1,979,867 $ 21.63 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Northeast Ft Worth 48 3,520,727 612,512 17.4% -83 0 0 $17.28 2020 Q2 2,800 273,879,992 55,203,948 20.2% (1,017,127) 1 220,000 15 1,927,867 $ 21.62 Preston Center 52 4,837,427 634,963 13.1% -52,013 0 0 $29.23 Richardson/Plano 355 30,139,065 6,147,937 20.4% 12,428 0 0 $18.54 Overall DFW Office Construction South Ft Worth 195 10,604,684 1,368,619 12.9% -119,929 0 0 $21.74 Overall DFW Office Quoted Rental Rates Southwest Dallas 79 3,404,317 362,398 10.6% -2,912 0 0 $15.98 DFW Office Statistics by Market $21.80 8,000,000 Stemmons Freeway 114 12,625,666 3,230,037 25.6% 1,268 0 0 $16.13 Existing Vacancy Net Under Quoted Uptown/Turtle Creek 93 13,210,991 2,200,034 16.7% -41,335 0 656,774 $30.98 Market Deliveries $21.60 Inventory# Blds Total RBA Direct SF Total SF Absorption Const SF Rates 7,000,000 Totals 2,800 273,879,992 55,203,948 20.2% -1,017,127 220,000 1,927,867 $21.63 $21.40 Central Expressway 98 12,162,018 1,840,327 15.1% -81,342 0 30,000 $24.70 6,000,000 $21.20 Dallas CBD 79 28,702,872 7,709,068 26.9% 194,502 0 0 $21.18 5,000,000 East Dallas 171 7,378,386 1,210,736 16.4% 23,673 0 684,116 $22.13 $21.00 4,000,000 * Lewisville Denton doesn't have a tab Far North Dallas 446 49,793,696 10,408,426 20.9% -182,195 220,000 258,893 $24.51 $20.80 3,000,000 Ft Worth CBD 53 8,870,458 1,504,801 17.0% -65,628 0 0 $26.31 $20.60 2,000,000 Las Colinas 279 35,996,618 6,664,316 18.5% -144,599 0 27,475 $20.99 $20.40 1,000,000 LBJ Freeway 161 21,271,691 4,635,572 21.8% -159,183 0 0 $20.70 $20.20 0 Lewisville/Denton 148 6,964,777 868,946 12.5% -42,900 0 122,000 $18.35 $20.00 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Mid-Cities 385 21,934,917 5,578,061 25.4% -322,239 0 100,609 $18.43 $19.80 North Fort Worth 44 2,461,682 227,195 9.2% -34,640 0 48,000 $20.45 2017 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 Delivered Under Construction Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Northeast Ft Worth 48 3,520,727 612,512 17.4% -83 0 0 $17.28 Preston Center 52 4,837,427 634,963 13.1% -52,013 0 0 $29.23 Richardson/Plano 355 30,139,065 6,147,937 20.4% 12,428 0 0 $18.54 South Ft Worth 195 10,604,684 1,368,619 12.9% -119,929 0 0 $21.74 Southwest Dallas 79 3,404,317 362,398 10.6% -2,912 0 0 $15.98 Stemmons Freeway 114 12,625,666 3,230,037 25.6% 1,268 0 0 $16.13 Uptown/Turtle Creek 93 13,210,991 2,200,034 16.7% -41,335 0 656,774 $30.98 Totals 2,800 273,879,992 55,203,948 20.2% -1,017,127 220,000 1,927,867 $21.63 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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