DALLAS—Buoyed by double-digit tech-sector employment growth, Dallas-Fort Worth was among the top US markets for rising office rents during the past two years, according to CBRE's annual Tech 30 report, which measures the tech industry's impact on office rents in 30 leading US and Canadian tech markets. Dallas-Fort Worth had the sixth greatest rent growth on the list.
“Dallas-Fort Worth is identified as one of five markets with the greatest growth potential. The depth of a market's talent pool is even more important to employers than the cost of doing business, and DFW is the largest tech labor market in Texas,” said Jeff Eiting, first vice president, CBRE. “Our large labor pool attracts the tech companies, and tech workers are attracted to the market because of the diverse job opportunities we offer.”
The influence of tech job creation on office market rent growth is pervasive, with 13 of the US/Canadian Tech 30 markets posting rent growth of 10% or more between second quarter 2015 and 2017. Dallas-Fort Worth's high-tech employment grew 12.5% from 2015 and 2016, with average office asking rents rising 15.7% to $24.01 from second quarter 2015 to 2017.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
