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Regional Summaries

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Dallas, TX

Apartment
From the end of 2016 through the end of the third quarter of 2017, the Dallas-area apartment market vacancy rate added fully 100 basis points to close the period at 4.9%. There was no change during the third quarter alone. At $1,113 and $1,038 per month, asking and effective averages for the third quarter were up 4.0% and 4.4% year-to-date following increases of 6.6% and 7.0% through 2016 all told—after rates of increase nearly as great the year before. Respective increases in the third quarter of 2017 were 1.4% and 1.6%. VIEW APARTMENT LISTINGS >
Industrial
With 285.0 million square feet of existing inventory, the Dallas area warehouse/distribution market is very large, a reflection of the large local economy, Dallas’ central location, and its growing as a major center for logistics and e-commerce. Reis put the third quarter 2017 vacancy rate at 10.4%, down fully 80 basis points for the period and down 120 year-to-date after a decline by 90 all told in 2016. At $4.53 psf and $4.24 psf, third quarter average asking and effective lease rates were up 2.5% each year-to-date following increases of 2.8% and 3.0% through all of 2016. Increases in the third quarter alone were 0.9% and 1.0%. Dallas stands as an exception to the general rule by which vacancy in the Flex/R&D market runs higher than the local warehouse/distribution sector vacancy. Development of such space in metro Dallas has been subdued in recent years. At just 7.2%, the third quarter Flex/R&D vacancy rate was down 110 basis points year-to-date after a loss of 30 through 2016. Rent growth rates in the Flex/R&D sector also increased in 2016 and are doing so again this year. At $7.08 psf and $6.45 psf, mean third quarter asking and effective rates represented year-to-date gains of 2.2% each after the increases of 2.2% asking and 2.4% effective recorded for 2016. The third quarter 2017 gains were 0.6% each. VIEW INDUSTRIAL LISTINGS >
Office
The Dallas area general purpose, multi-tenant office market third quarter 2017 vacancy at 21.7% was down 30 basis points for the period but up 30 year-to-date following a decline by 60 all told through 2016. At $24.36 psf and $18.88 psf as calculated by Reis, respective third quarter average asking and effective lease rates were up 2.4% each year-to-date following increases of 4.6% and 4.8% through all of 2016. Gains for the third quarter alone were 0.8% asking and 0.9% effective. VIEW OFFICE LISTINGS >
Retail
The vacancy rate in the Dallas area community-neighborhood shopping center space market, with 59 million square feet of existing inventory at last count, has embarked upon a gradual, more or less steady descent. By the end of the third quarter of 2017, the rate had declined to 11.6%, down 10 basis points for the period and down 20 year-to-date following a 30-basis-points increase overall through 2016 (the rate has run below 12.0% since the second quarter of 2015). At $18.43 psf and $16.08 psf, asking and effective averages for the third quarter of 2017 were up 1.8% each year-to-date as rent growth slows again. Gains for the latest quarter alone were 0.3% and 0.4%. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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