DALLAS—PM Realty Group recently issued its second quarter market report for the Dallas/Fort Worth office sector. The area is characterized by significant new construction, rising asking rates and notable rent growth in more than half the submarkets.
The industry is exploding at the moment, with the construction pipeline increasing by 309% over the last year, to more than 5.4 million square feet under development. And even with all that new space, nearly 70% of the space has already been pre-leased. In this quarter alone, more than 1 million square feet of new construction entered the market.
PMRG's EVP Kurt Cherry shared with GlobeSt.com his thoughts on the report's findings and the current state of the local office market.
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