Economic Pie Gets Bigger

Palmer & Manuel LLP leased 9,006 square feet in Campbell Centre North Tower.

DALLAS—In the first quarter of 2016, Dallas/Fort Worth led the list of top 10 strongest markets in terms of demand for office space. This lead was more than a million square feet greater any of the other top markets, at 2.2 million square feet of absorption. This was followed by Denver with 909,000 square feet, Miami with 907,000 square feet, Philadelphia with 818,000 square feet, Phoenix with 725,000 square feet, Charlotte, NC with 670,000 square feet, San Diego with 623,000 square feet, Seattle with 612,000 square feet, Texas cohort, Austin with 581,000 square feet, and Palm Beach, FL with 518,000 square feet. In fact, net absorption remained strong enough to push occupancy levels and rents higher in most markets, according to a report by Cushman & Wakefield . The top 10 markets in terms of rent growth were San Jose with 22.1% year-over-year rental appreciation, Dallas/Fort Worth with 17.5%, San Mateo County, CA with 16.5%, San Diego with 13.5%, San Francisco with 12.4%, Miami with 11.8%, Palm Beach, FL with 11.7%, Seattle with 11.6%, Puget Sound-Eastside (formerly Bellevue) WA with 10.4% and New York (Midtown South) with 8.4%. Three professional and business services companies recently leased space in Dallas and Addison, TX. While this is fairly commonplace, given the absorption and rent growth recorded, it speaks to a theme of overall activity in the metro. Ryan Tharp , Cushman & Wakefield director of research, tells GlobeSt.com: “What we’re seeing here is further evidence that DFW is a great place for companies to operate, especially those within the professional and business services sector. That industry grew 3.8% over the last 12 months by adding 20,600 jobs to the local economy. These companies are a reflection of the overall trend taking place in the region. It’s not just the slice of the economic pie, but the pie itself that’s getting bigger. The regional economy expanded by 3.9% over the last year (356 net new jobs per day), and the number of new and expanding firms creates a fruitful business environment. The overall market fundamentals remain incredibly resilient, and there are no indications in the data that suggest this trend is likely to change for the North Texas economy in the foreseeable future.” The leases recorded were: Palmer & Manuel LLP leased 9,006 square feet of office space in Campbell Centre North Tower at 8350 N. Central Expressway in Dallas. Palmer & Manuel LLP was represented by Cribb Altman, Robbie Baty and Bill McClung with Cushman & Wakefield. Jordan & Scala Engineers Inc. renewed and expanded its lease for 16,107 square feet of office space in Briargrove Place at 17855 N. Dallas Pkwy. in Dallas. Jordan & Scala Engineers Inc. was represented by Emily Hoffman with Cushman & Wakefield. Aperia leased 6,463 square feet of office space in The Belvedere at 14881 Quorum Dr. in Addison, TX. Aperia was represented by Al Paniagua and Chris Mims of Swearingen . Clint Madison and Layne Mayfield with Cushman & Wakefield represented the landlord, CREA Investments .