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Dallas-Fort Worth Office Market 4Q 2017

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Dallas-Fort Worth Office Market 4Q 2017 DALLAS/FT. WORTH 3Q17 OFFICE MARKET Current Conditions Third quarter 2017 saw 17th consecutive quarter of positive overall absorption in market Overall rental rates up 2.5% year-over-year; and is up nearly The majority of metrics within the Dallas/Fort Worth office market indicate 27% in the past five years a strong but slowing market during the second half of 2017. While both leasing activity decreasing each quarter; nearly 7M SF overall vacancy rates remained flat during the third quarter, total availability behind 2016 mark within the Dallas/Fort Worth market fell to 24.7% as nearly 2.4 million square feet of leasing took place during the quarter. Additionally, the Class A market continues to show strong metrics, as nearly 350,000 square feet of Market Analysis positive absorption and 1.2 million square feet of leasing activity took place. Asking rents remain up 1.5 percent against the second quarter of Asking Rent and Vacancy 2017 as strong tenant demand across the market gives landlords 24% continued leverage. $25 22% $23 20% However, when year-over-year examination is done, signs of slowing office $21 market could be cause for concern during the fourth quarter of 2017. In $19 18% terms of overall market metrics, the vacancy rate and availability rate have $17 16% risen 60 basis points and 70 basis points, respectively, against third-quarter $15 14% 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 Average Asking Rent (Price/SF) Vacancy (%) New development remains strong within the market, with more than 5.2 million square feet of new construction underway among 23 properties. Of the 5.2 million square feet, more than 60% of the inventory under Net Absorption construction is accounted for in the Uptown and Far North Dallas Square Feet, Millions submarkets. Speculative construction has increased over the past 12 to 2.0 18 months, but the potential impact has been muted as companies like 1.5 Toyota, JP Morgan and others begin to occupy their build-to suit locations in the metro area. 1.0 0.5 Slowing leasing activity and absorption combined with nearly 5.2 million 0.0 square feet of under construction space could spell continued increases in -0.5 vacancy rates for the market as the calendar turns to 2018 and is worth 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17 markets of the major Texas metropolitan areas. Market Summary Dallas Continues to Attract Relocations Headquarters relocations to Dallas/Fort Worth continue to be an indicator of Current Prior Year Ago 12 Month -year cycle, companies in 22 states Quarter Quarter Period Forecast and six countries have relocated their corporate headquarters to the Total Inventory (SF) 230.4 M 229.8 M 227.3M Dallas/Fort Worth metroplex. A combination of incentive packages offered Vacancy Rate 19.2% 19.2% 18.6% by the state and local government, lower business costs and a central Net Absorption (SF) 506,957 38,247 466,800 location has given the region an advantage as companies look to relocate. Average Asking Rent $24.71 $24.65 $24.19 While the Dallas//Fort Worth region owed much of its initial growth to oil, and Under Construction 5,225,818 5,565,877 6,545607 is often still thought of as a major energy hub, the economy for the region is Deliveries 640,059 431,596 454,468 far more diversified and allows for insulation against oil prices that remain near $50/bbl. This strong economy, combined with continued record net DALLAS/FT. WORTH 3Q17 OFFICE MARKET in-migration growth in such office-intensive industries such as finance In terms of leasing activity, the Dallas metro saw a decrease both in and professional services has the market poised to see additional overall square footage and in lease transaction size during the third demand for office space. quarter to 2.4 million square feet and 4,209 square feet, respectively. Many companies continue view building a new campus as a more cost- However, large lease transactions were evident in the market, with the effective means of growth and continue to focus their search in the Las Colinas submarket seeing four transactions of greater than 35,000 northern Dallas suburbs. Companies such as State Farm, Toyota, AT&T, square feet during the quarter. Additionally, WeWork recently USAA and Fannie Mae continue to expand their locations in the region. announced their fourth location in the Dallas/Fort Worth region as they Charles Schwab's announcement of nearly 5,000 new jobs coming to the will occupy 44,000 square feet at the Clearfork development within Ft. Westlake region by 2019 is another example of a large scale expansion. Worth. This co-working space is slated to open in 2018, and will join the -square-foot regional headquarters in While not on the same level as suburban demand, the Central Business Thanksgiving Tower as well as their 45,000-square-foot location in District within Dallas has seen a recent uptick in relocations as well. Uptown and nearly 50,000-square-foot location in Legacy West. Omitracs and Active Network have announced nearly 200,000 square feet of take up and AT&T and Goldman Sachs have made recent What to Watch for as 2017 closes and 2018 begins announcements as well highlighting their desire to bring both additional Continued job growth is forecast with nearly 100,000 net new jobs for jobs and office space usage to the CBD within the next 12 to 18 months. the region in 2017; will those new jobs continue to translate to strong Investment Sales and Leasing Activity Demand continues to be strong across all submarkets in DFW as The third quarter of 2017 saw strong movement in terms of office sales nearly 19 million square feet of tenants are in the market across a transactions across a variety of submarkets within the Dallas/Fort Worth wide variety of industry sectors region. Nearly $770 million dollars of office sales took place in the third Hyperloop One have both quarter totaling 4.2 million square feet for an average price per square foot of $268. Chief among these were the former Encana office sale that forefront. Are these pie-in-the-sky dreams or closer to reality? for $385 per-square-foot and the Raytheon campus sale. Average cap rates have fallen for office transactions to 6.5%, indicating a slight trickle down effect to the DFW region. Could DFW see a further compression in the market. Per Real Capital Analytics, the Dallas office increase in corporate re-locations as a result of the wide-spread market has seen nearly $2.5 billion dollars of transactions take place damage in Houston? year-to-date with an average per square foot sales price of $259. In terms of total dollars, the Dallas market ranks fifth among all U.S. major metros for 2017. Lease/User Transactions Tenant Building Submarket Type Square Feet WeWork Clearfork South Ft. Worth Direct/New 44,000 C-III Asset Management Towers at Wiliams Square Las Colinas Direct/Renewal 51,000 Franklin American Mortgage Towers at Williams Square Las Colinas Direct/Renewal 58,000 UWorld 8951 Cypress Waters Las Colinas Direct/Relocation 50,000 Gainsco Insurance 3333 Lee Parkway Uptown/Turtle Creek Direct/Renewal 65,124 Select Sales Transactions Building Submarket Sale Price Price/SF Square Feet Preston Plaza Far North Dallas $39,500,000 $153 259,009 NorthPark Central Central Expressway $120,500,000 $237 508,102 Raytheon Richardson/Plano $77,000,000** $154 500,000 125 E John Carpenter Freeway Las Colinas $83,400,000 $189 442,039 Encana Oil and Gas Richardson/Plano $123,000,000 $385 319,000 **rumored sales price** 2 DALLAS/FT. WORTH 3Q17 OFFICE MARKET www.ngkf.com Submarket Statistics Total Under Total Qtr YTD Direct Sublet Average Total Reflects Class A/B/C Inventory Construction Vacancy Absorption Absorption Asking Rent Asking Rent Asking Rent (SF) (SF) Rate (SF) (SF) (Price/SF) (Price/SF) (Price/SF) Dallas CBD Total 28,669,114 261,400 26.1% -111,928 -107,167 $26.48 $12.61 $25.18 Class A 22,321,839 261,400 28.3% -174,608 -35,974 $27.40 $12.13 $25.86 Class B 5,182,560 0 18.0% 78,947 -25,618 $21.01 $19.27 $20.97 Ft. Worth CBD Total 8,324,165 280,489 13.3% -71,870 90,360 $26.69 $19.75 $26.28 Class A 5,684,851 280,489 14.3% -70,618 62,646 $29.73 $20.77 $29.18 Class B 2,445,532 0 12.1% -1,252 27,714 $20.12 $17.34 $19.96 CBD Total 36,993,279 541,889 23.3% -189,460 -22,460 $26.53 $13.21 $25.34 Class A 28,006,690 541,889 25.5% -245,226 26,672 $27.64 $12.68 $26.20 Class B 7,628,092 0 16.1% 77,695 2,096 $20.76 $18.42 $20.68 Central Expressway Total 10,965,642 0 12.5% 9,045 -3,139 $27.91 $22.47 $27.41 Class A 7,070,741 0 12.6% 26,171 58,607 $29.70 $21.32 $28.97 Class B 3,687,227 0 12.8% -18,328 -59,415 $24.60 $24.33 $24.57 East Dallas Total 2,963,549 294,820 11.1% 15,598 -45,567 $26.87 $13.32 $26.65 Class A - 0 - - - - - - Class B 1,852,598 0 12.1% 20,289 -56,123 $17.05 $13.32 $16.90 Far North Dallas Total 42,518,804 2,282,657 16.0% 61,711 436,993 $27.30 $24.67 $26.99 Class A 27,028,282 2,282,957 14.6% 27,600 497,180 $31.44 $26.55 $30.70 Class B 15,219,856 0 18.3% 35,297 -50,078 $21.74 $17.95 $21.49 Las Colinas Total 31,926,564 595,000 17.0% 335,814 580,951 $25.83 $22.11 $25.33 Class A 16,834,259 575,000 16.5% 297,143 470,822 $30.18 $22.16 $28.72 Class B 14,416,906 20,000 17.9% 49,295 87,393 $20.88 $21.94 $20.97 LBJ Freeway Total 19,725,651 0 22.6% 256,909 249,996 $22.06 $18.71 $21.71 Class A 10,410,777 0 23.2% 102,803 131,468 $25.38 $19.92 $24.68 Class B 9,004,615 0 22.4% 88,342 56,990 $18.71 $16.79 $18.55 Lewisville/Denton Total 5,159,362 0 10.2% 29,531 -11,532 $21.76 $19.62 $21.65 Class A 324,964 0 0.0% - - $26.55 - $26.55 Class B 4,451,384 0 11.6% 29,531 -15,607 $20.56 $19.62 $20.49 Mid-Cities Total 16,583,130 21,500 23.5% -24,293 -435,651 $21.70 $18.57 $21.63 Class A 4,469,216 0 36.8% 186,074 -360,656 $26.17 $23.14 $26.15 Class B 10,384,362 21,500 18.5% -188,795 -130,380 $18.93 $18.17 $18.90 North Ft.
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