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DFW Office Submarket Insights 3Q2020

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DFW Office Submarket Insights 3Q2020 Market Insights Dallas/Fort Worth 3Q 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 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 • Bradford Corporate Office • Bradford Field Offices Bret Cooper Elizabeth Robertson Kyle Espie Market Director Market Director Senior Associate 972.776.7035 972.776.7199 972.776.7070 Dallas Dallas Dallas 2 3 Existing Inventory Vacancy Delivered Inventory Under Construction Quoted Period Net Absorption Under # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office Net Absorption Construction 20.0% 2017 Q2 96 12,097,241 1,417,173 11.7% (5,735) 0 0 0 0 $ 23.41 150,000 2017 Q3 96 12,097,241 1,397,758 11.6% 19,415 0 0 0 0 $ 24.27 18.0% 100,000 2017 Q4 96 12,097,241 1,460,232 12.1% (62,474) 0 0 0 0 $ 23.80 16.0% Existing Inventory Vacancy Delivered Inventory Under Construction 50,000 2018 Q1 96 12,097,241 1,691,523 14.0% (231,291) 0 0 0 Quoted 0 $ 24.62 14.0% Period Net Absorption Under 0 # Bldgs Total RBA Vacant SF Vacant % # Bldg Delivered # Bldgs Rates Central Expressway Office Vacancy Central Expressway Office Net Absorption 2018 Q2 96 12,097,241 1,636,233 13.5% 55,290 0 0 Construction0 0 $ 24.21 12.0% 20.0% (50,000) 20172018 Q2 Q3 9696 12,097,24112,097,2411,417,1731,747,19111.7% 14.4% (5,735) (110,958)0 0 0 0 0 0 $ 23.410 $ 24.64 10.0% 150,000 2017 Q3 96 12,097,241 1,397,758 11.6% 19,415 0 0 0 0 $ 24.27 18.0% (100,000) 2018 Q4 96 12,097,241 1,752,961 14.5% (5,770) 0 0 0 0 $ 24.56 8.0% 100,000 2017 Q4 96 12,097,241 1,460,232 12.1% (62,474) 0 0 0 0 $ 23.80 16.0% (150,000) 2019 Q1 96 12,097,241 1,611,029 13.3% 141,932 0 0 0 0 $ 24.19 6.0% 50,000 CENTRAL EXPRESSWAY2018 Q1 96 12,097,241 1,691,523 14.0% (231,291) 0 0 0 0 $ 24.62 14.0% 2019 Q2 96 12,097,241 1,644,301 13.6% (33,272) 0 0 0 0 $ 24.87 0 (200,000) 2018 Q2 96 12,097,241 1,636,233 13.5% 55,290 0 0 0 0 $ 24.21 12.0% 4.0% (50,000) (250,000) OFFICE OVERALL MARKET INSIGHTS 20182019 Q3 Q3 9696 12,097,24112,097,2411,747,1911,718,37014.4% 14.2%(110,958) (74,069)0 0 0 0 0 0 $ 24.640 $ 25.28 10.0% 2.0% SUBMARKET2019 Q4 96 12,097,241 1,735,143 14.3% (16,773) 0 0 1 30,000 $ 25.28 (100,000) (300,000) 2018 Q4 96 12,097,241 1,752,961 14.5% (5,770) 0 0 0 0 $ 24.56 8.0% 0.0% (same criterias as prior market reports) 2020 Q1 96 12,097,241 1,800,256 14.9% (65,113) 0 0 1 30,000 $ 25.05 (150,000) 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2019 Q1 96 12,097,241 1,611,029 13.3% 141,932 0 0 0 0 $ 24.19 6.0% 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 DFW Office Markets (A, B, C) 20192020 Q2 Q2 9696 12,097,24112,097,2411,644,3011,881,59813.6% 15.6%(33,272) (81,342)0 0 0 0 0 1 $ 24.8730,000 $ 24.70 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3(200,000)Q4 Q1 Q2 Q3 Binformed 4.0% 20192020 Q3 Q3 9696 12,097,24112,097,2411,718,3702,157,39114.2% 17.8%(74,069) (275,793)0 0 0 0 0 1 $ 25.2830,000 $ 24.60 (250,000) Existing Inventory Vacancy Delivered Inventory Under Construction 2.0% Net Quoted 2019 Q4 96 12,097,241 1,735,143 14.3% (16,773) 0 0 1 30,000 $ 25.28 (300,000) Period Under 0.0% # Bldgs Total RBA Vacant SF Vacant % Absorption # Bldg Delivered # Bldgs Rates Overall DFW Office Vacancy Overall DFW Office Net Absorption 2020 Q1 96 12,097,241 1,800,256 14.9% (65,113) 0 0 1 30,000 $ 25.05 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 Construction Central Expressway Overview 2017 2017 2017 2018 2018 2018Central2018 2019 2019Expressway2019 2019 2020 2020Office2020 Quoted RatesQ2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2CentralQ3 Q4 Q1ExpresswayQ2 Q3 Office Construction 2017 Q2 21.5% 2020 Q2 96 12,097,241 1,881,598 15.6% (81,342) 0 0 1 30,000 $ 24.70 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2,723 263,606,310 49,035,384 18.6% (173,476) 3 78,140 53 8,222,740 $ 20.62 2,000,000 21.0% The Central Expressway Submarket runs Absorption vs Previous Qtr vs 12 Months Ago $25.50 2017 Q3 2,731 264,367,719 48,495,401 18.3% 1,301,392 8 761,409 50 9,077,027 $ 20.85 1,500,000 2020 Q3 96 12,097,241 2,157,391 17.8% (275,793) 0 0 1 30,000 $ 24.60 10,000,000 20.5% along the North Central Expressway, with 2017 Q4 2,747 266,048,583 49,651,083 18.7% 510,542 16 1,680,864 36 7,538,213 $ 20.89 1,000,000 (275,793) -81,342 -74,069 9,000,000 2018 Q1 2,756 268,088,364 49,957,155 18.6% 1,748,349 9 2,039,781 31 6,038,657 $ 20.97 20.0% 500,000 its southernmost point starting at the Dallas Vacancy vs Previous Qtr vs 12 Months Ago Central Expressway $25.00 Office Quoted Rates Central Expressway Office Construction 2018 Q2 2,766 269,767,432 51,497,630 19.1% (412,177) 9 1,622,598 25 4,720,699 $ 21.00 19.5% 0 CBD and its northernmost point ending Absorption17.8% vs Previous15.6% Qtr vs 12 Months Ago14.2% $25.50 8,000,000 2018 Q3 2,774 270,765,465 52,048,838 19.2% 446,825 8 998,033 21 4,010,989 $ 21.19 19.0% 10,000,000 (500,000) at the LBJ Freeway. Virtually all of the (275,793)U/C SF -81,342 -74,069 $24.50 7,000,000 2018 Q4 vs Previous Qtr vs 12 Months Ago 2,776 271,220,922 52,451,115 19.3% 53,180 2 455,457 23 3,913,103 $ 21.24 18.5% (same criterias as prior market reports) (1,000,000) Vacancy $25.00 9,000,000 submarket’s inventory runs along US 75. vs Previous Qtr vs 12 Months Ago 6,000,000 2019 Q1 2,784 272,387,577 52,136,740 19.1% 1,481,030 8 1,166,655 18 2,902,340 $ 21.22 18.0% (1,500,000) 30,000 30,000 0 8,000,000 DFW Office Markets (A, B, C) The submarket has a heavy concentration 17.8% 15.6% 14.2% $24.00 2019 Q2 2,789 272,680,105 51,693,520 19.0% 730,688 5 292,528 19 2,989,880 $ 21.36 (2,000,000) Delivered SF vs Previous Qtr vs 12 Months Ago 5,000,000 17.5% U/C SF vs Previous Qtr vs 12 Months Ago $24.50 7,000,000 2019 Q3 2,792 273,175,466 53,014,424 19.4% (825,543) 3 495,361 20 3,035,102 $ 21.55 of financial services, telecom, and tech 17.0% (2,500,000) 0 0 0 Existing Inventory Vacancy Delivered Inventory Under Construction 30,000 30,000 0 6,000,000 4,000,000 2019 Q4 2,797 274,622,984 53,341,993 19.4% 1,119,949 5 1,447,518 17 2,086,584 $ 21.38 (3,000,000) Net firms.Quoted As a whole, it offers a large amount $23.50 16.5% DeliveredQuoted Rates SF $24.00 2020 Q1 2,799 274,673,484 54,106,602 19.7% (714,109) 2 50,500 16 2,251,200 $ 21.65 Period 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 Under vs Previousvs Previous Qtr Qtr vs 12 Monthsvs 12 Ago Months Ago 5,000,000 3,000,000 2017 2017 2017 2018 2018 2018# Bldgs2018 2019 2019Total2019 RBA2019 2020Vacant2020 2020 SF Vacant % AbsorptionQ2 Q3 Q4 Q1# BldgQ2 Q3 Q4DeliveredQ1 Q2 Q3 Q4# BldgsQ1 Q2 Q3 of investment-gradeRates property—about half Overall DFW Office Vacancy Overall DFW Office Net Absorption 2020 Q2 2,800 274,893,484 55,284,584 20.1% (957,982) 1 220,000 18 2,247,200 $ 21.65 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Construction 025 0 25 0 25 4,000,000 2,000,000 of the submarket’s RBA is 21.5%rated as 4 & 5 $23.50 $23.00 2020 Q3 2,807 275,387,427 58,389,973 21.2% (2,611,446) 7 493,943 11 1,753,257 $ 21.72 2017 Q2 2,723 263,606,310 49,035,384 18.6% (173,476) 3 78,140 53 8,222,740 $ 20.62 Quoted Rates vs Previous Qtr vs 12 Months Ago 3,000,000 Star.
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