In a fast recovering economy looking for office space on any significant scale can be a frustrating experience. Office-using employment in the Dallas-Houston corridor is quickly recovering to pre-recession levels. According to the Wall Street Journal, investment in office buildings in the Dallas-Houston, which had averaged about $175 billion in 2006-2007 fell dramatically to under $50 billion in 2009. However, the market has recovered more than 70% of its former value in 2014.
The Dallas-Houston corridor is one of the most successful urban corridors in the United States. As the recovery proceeds, demand for quality office space is now exceeding supply. The rate of business expansion in the area is far outpacing the rate of new office building construction. Older office buildings are being bought up at an increasing rate.
The vacancy rate for offices in the Dallas-Houston area is gradually declining as office-using employment increases. Only 10.1% of downtown class A office space is currently vacant. Class B vacancy is a little better at 10.8%. New building is proceeding slowly.
There is hope, however. According to the Dallas Morning News, Houston and Dallas are ranked first and second nationally in the construction of new space (Houston with nearly 3 million square feet of new space, and Dallas with about 1.9 million square feet).
What you need is an office real estate resource that can give you a wide range of selection, and provide you with the options that enable you to find space to meet your requirements within your corporate budget.
Hartman Income REIT maybe just the real estate resource you can use for your commercial office space search. Please contact us to discuss your needs.