DALLAS—Despite the city's economic growth, equilibrium between supply and demand has kept vacancy levels in the 21% range for the past two years, GlobeSt.com learns. While this vacancy rate is high by the standards of most markets, it is at a level that is generating rent growth. Office rent growth has been robust and rents are projected to reach all-time peaks in 2018, as the availability rate falls below 20%, according to Ten-X.
As vacancies continue to decrease, this is spurring renewals, such as those in the Harwood District. Development firm Harwood International recently announced a lease renewal there with HollyFrontier Corporation. HollyFrontier extended its lease and expanded to another floor in Harwood Four to bring the total world headquarters to 90,000 rentable square feet in the building. HollyFrontier will occupy approximately four floors at 2828 N. Harwood St.
The class-A building is the fourth out of 18 phases planned for the district. Completed in 2000, it offers 11 floors of office space including an exclusive mezzanine and penthouse atop a 10-floor parking garage. The building provides views of Harwood, Uptown area and the downtown skyline.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
