Demand will be driven by the largest increase in jobs in the nation, including more than 35,000 office-using positions, the report says.
"Investors from around the country will continue to target assets in the Dallas-Fort Worth area," said Tim Speck, regional manager of the Dallas office of Marcus & Millichap, in a statement. "Average marketwide cap rates are in the mid- to high-7 percent range, providing ample debt-service coverage to all but the top-tier assets."
Some of the most significant aspects for Dallas-Fort Worth include:
* Employers are on pace to add 87,700 positions in the Metroplex this year, a gain of 3 percent.
* Developers are accelerating construction to 3 million square feet this year, a 1.7 percent increase to stock.
* Supported by healthy job growth, office vacancy in the Metroplex is expected to finish the year at 19 percent, down from about 20 percent at year-end 2006.
* Asking rents are on track to finish the year at $19.42 a square foot, while effective rents will climb to $16.45 a square foot, annual gains of 4.6 percent and 5 percent, respectively.
* Over the past year, greater activity from out-of-state investors and pension funds has supported a modest 5.7 percent increase in the Metroplex's transaction velocity.
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source: bizjournals.com
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