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Q1 Office Market Sends Mixed Signals to Street

DALLAS-One side sees the 579,704 of absorption as optimistic and continued bliss this year. The other side calls it a false start, with tenants about to gain the upper hand.

By Connie Gore | Updated on March 28, 2008

[IMGCAP(1)]DALLAS-Rosy first-quarter reports, now hitting the streets, are a quick refresher course that statistical data isn’t real-time reality. Local reports show rent is up and so is absorption, but brokers on the streets will attest that first quarter action been somewhat slow.

“With the anticipation of recession, everyone at C-level took a step back. It was a hiccup in the decision-making process,” Dale Ray, managing director in Dallas for Chicago-based Jones Lang LaSalle, tells GlobeSt.com. “We’re actually starting to see companies take action and sign. We’re now seeing progress in deals getting done.” He believes the uptick will continue or at least hold steady for the rest of the year.

The sudden spurt most likely is a “false start. There’s definitely a false sense of security out there,” says Greg Bennett, vice president and research director for Dallas-based Swearingen Realty Group LLC. “From a landlords’ perspective, they have to have a positive outlook. There are definite opportunities for tenants coming and it should show pretty soon.”

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