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Dallas Building Owners Keep Firm Grip on Holdings

DALLAS-Few office buildings have exchanged hands in the Dallas-Ft. Worth market. It's not so much the economy as it is an attitude "to hold what you've got." Many properties are in the hands of REITs and long-term investors, who aren't ready sellers, say execs.

By Connie Gore | Updated on July 30, 2001

DALLAS-There’s no fire sale activity going on with office properties in the Dallas-Ft. Worth region, say brokerage house executives. In fact, business is downright slow and has been for quite some time.

All agree that part of the problem is the chasm between what sellers want and buyers will pay. But, there’s also a “hold onto what you’ve got” attitude that is firmly rooted in the persona of the region’s chief titleholders–REITs and long-term investors. Some tradeoffs have come down the pike in class B and C properties, but the class A coming to market are few and far between.

“There’s a marked difference between what the sellers are expecting and what the buyers want to pay,” stresses Michael O’Hanlon, executive director of Insignia/ESG in Dallas. “There is a disconnect.” And, he adds, “when institutional money crosses a city off the list it also leads to a problem” in the sales arena.

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