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Office Rents Second Only to Uptown

Office space within the Preston Center submarket is at a premium, wherein through fourth quarter 2017, the submarket recorded 4.2 million square feet of inventory and a 14.4% vacancy rate.

Sherry Lane GRP is expanding its footprint at Sherry Lane Place located at 5956 Sherry Ln.

DALLAS—Office space within the Preston Center submarket is at a premium. Through fourth quarter 2017, the submarket recorded 4.2 million square feet of inventory and a 14.4% vacancy rate. Its desirable location and close proximity to executives’ homes has driven average asking rental rates to $40.25 per square foot, second only to Uptown which is at $41.26 per square foot, according to JLL research.

A recent office lease extension and expansion for GRP Energy Capital, an energy private equity firm, is an example of the activity in the submarket. GRP is expanding its initial 3,650-square-foot office footprint at Sherry Lane Place located at 5956 Sherry Ln. to 5,704 square feet.

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Lisa Brown

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.

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