Regional Summaries

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Dallas, TX

The vacancy rate in the metro Dallas marekt-rate, investment grade apartment market was a record low at 3.7% at the end of 2016. With a dramatic surge in completions projected for 2017, a notable increase in the vacancy rate is all but inevitable. Fortunately, the rate is low enough to withstand notable increases without tipping the market into general oversupply. Indeed, the increase of fully 80 basis points seen during the first quarter of 2017 resulted in a rate of just 4.5%. At $1,067 and $989 per month, asking and effective average rents for the first quarter of 2017 were up just 0.1% and unchanged, respectively, for the period. While growth is expected to resume in the coming term, the 3.8% and 3.4% increases currently projected for the year run well below the 6.3% and 6.5% gains recorded for 2016. VIEW APARTMENT LISTINGS >
Reis put first quarter 2017 Dallas area warehouse/distribution market vacancy at 12.8%, unchanged for the period after a decline by 20 basis points all told in 2016. Rent growth in the warehouse/distribution sector was strong in 2014 but slowed during 2015, only to pick up again last year. Another increase is expected for 2017. At $4.43 psf and $4.14 psf, first quarter 2017 average asking and effective lease rates were up 0.7% and 0.5% for the period following increases of 2.8% and 3.0% through all of 2016. At 8.4%, the first quarter 2017 Dallas market Flex/R&D rate went unchanged over the previous two quarters while a loss of 30 basis points is indicated for all of 2016. After a similar slowdown in 2015, rent growth rates also increased in 2016 in the Flex/R&D sector. At $6.90 psf and $6.28 psf, mean first quarter 2017 asking and effective rates represented gains of 0.6% each for the period after gains of 2.1% and 2.3% in 2016. VIEW INDUSTRIAL LISTINGS >
The tremendous strength commonly attributed to the Dallas area general purpose, multi-tenant office market seems dramatically at odds with the high vacancy rates reported for both the market as a whole and its major submarkets. Reis puts first quarter 2017 overall vacancy at 21.6%, up 50 basis points from the quarter before, following a decline on the order of 70 basis points in 2016. Strong rent growth has been a central feature of the recent term, though a mild slowdown, which began in the third quarter of 2016, persists in 2017. At $24.04 psf and $18.62 psf, mean asking and effective rates for the first quarter were up 0.9% each for the period, following respective increases of 4.6% and 4.8% all told in 2016. VIEW OFFICE LISTINGS >
After peaking at close to 15.0% in early 2011, the vacancy rate in the Dallas area community-neighborhood shopping center space market, with 58.9 million square feet of existing inventory at last count, closed the first quarter of 2017 at 11.8%, unchanged for the period following a 30-basis-points increase in 2016. The downward trend of the recent past, accordingly, has effectively halted, and additional small increases are expected for the remainder of the year. Rent growth in the community-neighborhood center market from 2013 through 2015 ran at about 2.0% per year. A modest increase to near 3.0%, however, followed in 2016. At $18.27 psf and $15.93 psf, respective asking and effective averages for the first quarter of 2017 were up 0.9% each for the period following the previous year’s gains of 2.8% and 2.9%. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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