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DALLAS OFFICE MARKET MARKET at a GLANCE CURRENT CONDITIONS the Dallas Fort Worth Office Market Saw Minimal Movement Through the Third Quarter

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DALLAS OFFICE MARKET MARKET at a GLANCE CURRENT CONDITIONS the Dallas Fort Worth Office Market Saw Minimal Movement Through the Third Quarter RESEARCH 3Q 2020 DALLAS OFFICE MARKET MARKET AT A GLANCE CURRENT CONDITIONS The Dallas Fort Worth office market saw minimal movement through the third quarter. Covid-19 along with shelter in home sanctions and Rental rates increased slightly but leasing activity has slowed a little orders slowed leasing activity. Vacancy rates have increased and now hover around 19%, an increase of approximately 1.5% from last quarter. Sublease space availability has increased for the second straight Direct leasing accounted for most of the leasing activity during the third quarter quarter at approximately 1.7 million square feet, which was the same Texas was one of the first states to re-open but business and last quarter. leasing still remains slow Sublease activity accounted for approximately 168,000 square feet, accounting for a small amount of the market’s overall activity. Since MARKET ANALYSIS third quarter 2019, over 7.3 million square feet has been delivered to the Asking Rent and Vacancy Dallas Fort Worth office market. The Far North Dallas and Uptown/Turtle Creek submarkets account for most of the space being $27 24% delivered. $24 22% Across the market, roughly 1.4 million square feet has delivered during $21 20% the third quarter versus approximately 758,000 square feet last quarter. Most of the space under construction is in the Far North Dallas and $18 18% Uptown/Turtle Creek submarkets. $15 16% 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 RENTAL RATES & VACANCY REMAIN RELATIVELY Average Asking Rent (Price/SF) Vacancy (%) STABLE In the second quarter the average asking rate was $27.09/SF, during the third quarter of 2020 that increased slightly to $27.14. Submarkets with Net Absorption (SF, Millions) a relatively high number of new development such as Uptown/Turtle 2.0 Creek and Far North Dallas are currently outflanking the market with 1.5 rental rates in the mid $30.00 to low $40.00 per square foot range. The 1.0 suburbs have profited the most from enormous corporate shifts, but the CBD and Uptown/Turtle Creek have pulled in a significant number of 0.5 migrations and corporate growth too. A handful of submarkets 0.0 experienced increases in sublease rates including Far North Dallas and -0.5 3Q15 3Q16 3Q17 3Q18 3Q19 3Q20 Richardson/Plano in the third quarter. The average market sublease rate is $23.95/SF, which is a slight increase from the previous quarter in which it was $23.51/SF. At 18.5%, the overall vacancy rate has MARKET SUMMARY increased slightly since second quarter when it was 17.5%. Most Current Prior Year Ago 12 Month submarkets in the Dallas Fort Worth market experienced slight changes Quarter Quarter Period Forecast in vacancy. Total Inventory 314.3 MSF 313.5MSF 309.7 MSF Availability Rate 22.3% 20.4% 19.4% For the first time in ten years, Dallas Fort Worth has experienced two Quarterly Net Absorption -2,101,511 -444,531 6,095,802 consecutive quarters of negative net absorption. At the same time, the market had over a million square feet of new space delivered. The Average Asking Rent $27.14 $27.10 $26.92 Westlake/Grapevine submarket experienced the most negative net Under Construction 6.1MSF 7.2 MSF 7.3 MSF absorption with approximately 200,000 square feet, this was a result of Deliveries 14 7 10 © NEWMARK KNIGHT FRANK | 2020 RESEARCH | 1 3Q 2020 DALLAS OFFICE MARKET several large move-outs in the Solana Business Park. On the other side During the third quarter, Hilltop Securities announced it will be of the spectrum, expanding into approximately 95,000 square feet of Class A office space Far North Dallas and Uptown/Turtle/Creek experienced 48,163 and at 717 N Harwood located in the Dallas CBD submarket. The national 234,000 square feet of positive net absorption respectively. personal wealth management company will not move into their new home until the second quarter of 2021. During the third quarter, 508 transactions occurred in the metroplex totaling approximately 1.7 million square feet. The number of Aimbridge Hospitality signed a lease to expand into 53,000 square feet transactions decreased in the third quarter from 591 in the previous at their new home located at 5301 Headquarters Drive. The new building quarter. Far North Dallas and Uptown/Turtle Creek were two of the most is in the Upper Tollway/West Plano submarket. Their new sought out submarkets in the third quarter, as rental rates in this building is currently under construction with completion set for Spring submarket ascended over the quarter. New inventory in these 2021. Aimbridge Hospitality today is the leading, global, third-party hotel submarkets is driving interest and demand; thus, creating an increase in management company operating branded full service, select service, rents. luxury hotels, destination resorts, convention centers and lifestyle hotels. Aimbridge merged with Interstate Hotels & Resorts in 2019, and RELOCATIONS & EXPANSIONS now represents a premium portfolio of more than 1,400 branded and Dallas Fort Worth continues to be at the epicenter of corporate independent properties in 49 states and 20 countries. relocations and expansions. Some of the key attributes that make Dallas Fort Worth attractive to companies are a profoundly talented work force, SALES & INVESTMENTS relatively low price of doing business, and incentives provided by the The third quarter of 2020 saw a few notable sale transactions. One State of Texas. Relocation activity has slowed since the start of the notable sale was the sale of One Cockrell Plaza located at 2110 pandemic. Some of the most notable expansions this quarter include Research Row in the Stemmons Freeway submarket. The 73,480 Caliber Home Loans, Hilltop Securities, and Aimbridge Hospitality. square foot medical/office building sold for $17,000,000 or $231 per square foot. The property was approximately 46% leased at the time of Caliber Home Loans, who specializes residential mortgages will be sale. This was a sale leaseback transaction. getting a new home. Caliber Home Loans signed a new lease at 3401 Olympus Blvd located in the DFW Freeport/Coppell submarket. The Another notable sale in the third quarter was the sale of 5800 Campus tenant will occupy approximately 159,000 square feet in their new Circle. The Class B office building sold for an undisclosed sales price. home. The deal was signed this quarter, but Caliber Home Loans is not The 2-story office building was about 64% leased at the time of sale. expected to move until fourth quarter 2020. The property is located in the Office Ctr/West LBJ submarket. AVERAGE ASKING RENT BY SUBMARKET VACANCY BY SUBMARKET Average Asking Rent ($/SF) Vacancy Rate (%) Current 12 Month Current 12 Month Quarter 3Q2019 Change Quarter 3Q2019 Change Uptown/Turtle Creek $40.81/SF $40.54/SF Northeast Fort Worth 15.5% 15.3% Preston Center $41.51/SF $42.12/SF Stemmons Fwy 19.6% 18.5% Fort Worth CBD $28.04/SF $28.46/SF Dallas CBD 26.3% 24.0% Central Expressway $30.49/SF $30.75/SF CBD Total 23.3% 21.3% Far North Dallas $30.91/SF $29.57/SF Richardson/Plano 17.3% 16.7% © NEWMARK KNIGHT FRANK | 2020 RESEARCH | 2 3Q 2020 DALLAS OFFICE MARKET Another noteworthy sale in the third quarter was the changing hands of The Dallas–Fort Worth economy saw continued signs of a nascent 1400 Corporate Drive. The Class B office building located in the Office recovery in July, though the pace of growth slowed from June. Payrolls Ctr/West LBJ submarket sold for an undisclosed sales price. The 3- expanded moderately, and the unemployment rate dipped. Dallas Fort story office building was 90% leased at the time of sale. Worth employment grew a nonannualized 0.2 percent (6,700 jobs) in July following a solid 2.4 percent increase in June. Payrolls rose a CONSTRUCTION PIPELINE nonannualized 0.2 percent (5,100 jobs) in Dallas and 0.1 percent (1,600 Across the market, roughly 1.4 million square feet has delivered during jobs) in Fort Worth. Job growth in Dallas Fort Worth was on par with the the third quarter versus approximately 758,000 square feet last quarter. state’s 0.2 percent nonannualized increase last month. Through July, Most of the space under construction is in the Far North Dallas and payroll employment in Dallas Fort Worth is down a nonannualized 5.7 Uptown/Turtle Creek submarkets. These are two of the top office percent because of losses resulting from the COVID-19. submarkets in Dallas Fort Worth, flaunting some of the most noteworthy leases and highest rents in the metro. More than half of the submarket's Job gains were widespread, with payrolls in nearly all sectors expanding inventory is class A & B buildings and of that, many buildings are viewed in the last three months. Employment in the service sector grew as prize assets. The pandemic may lead to project delays or a slowdown strongly, up a nonannualized 5.5 percent (162,200 jobs). Leisure and in groundbreakings over the next few months, as owners, lenders, and hospitality—hardest hit by the COVID-19 measures—led the service developers come to grips with the changing economic landscape both sector expansion as payrolls increased a nonannualized 35.6 percent locally and nationally. (85,000 jobs). Payrolls in other services, such as automotive repair shops and hair salons, also saw sizable gains (5.4 percent, or 6,000 ECONOMIC INDICATORS jobs). Employment in education and health services rose notably at 5.1 Dallas Forth Worth has performed exceptionally well, with job growth percent (20,500 jobs).
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