The CBD's absorption has dipped to -305,052 sf at second quarter's end after posting a moderate gain in the first quarter, according to a midyear report compiled by Karen M. Ganson, Grubb & Ellis research manager. Hardest hit is class A space with a -512,068 sf quarterly absorption and -814,526 sf for the first six months.
The CBD's decline is due in part to building renovations and the attraction of new buildings, more space, cheaper rents and high-tech infrastructures in surrounding suburbs, specifically Irving/Las Colinas, Richardson/Plano and Far North Dallas where a combined 3.7 million sf has been absorbed thus far this year. Downtown Dallas has a total inventory of more than 30.9 million sf of existing multi-tenant space, representing 18% of the entire area's office market, says Ganson.
According to Ganson, DFW class A space is going for a high of $23 per sf and class B at $19 per sf depending upon the submarket. CBD class A space has increased 15 cents per sf to $24.07 in comparison to $23.32 per sf in Irving/Las Colinas, $21.17 in Richardson/Plano and $22.83 in Far North Dallas.
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