Office construction falling in Dallas
Construction levels in Dallas have fallen to their lowest rate for four years due to the recession. In the Dallas Fort Worth area, just 4 million square feet of office space is being built according to local real estate companies. That is just 33% of what was being proposed to be built in early 2008. Much of what is being built now was already under way before the credit crunch took hold, and now new work has really started since everyone was aware of the recession.
The vast majority of new office space being built is concentrated in three main areas -Uptown, the Telecom Corridor and the West Plano-Frisco area. Well over half of the new Dallas Fort Worth stock has companies ready to move into. There is very little “new” office space being built. As well as this, there is an increasing amount of sublease space in the area.