Office Sector: Pent-Up Demand, Tightening Space, Landlord Market

DALLAS-Pent-up demand led to an active year in office leasing throughout the Dallas area, with the hot spots including Uptown, the so-called “Platinum Corridor” (the area along the Dallas North Tollway linking North Dallas at the southern end to Frisco and Plano to the north) and the Legacy submarket in west Plano. Tenants are on track to continue growth in 2013, not just in the hot submarkets, but in areas throughout the metroplex.

Experts tell GlobeSt.com that issues ranging from consolidation to relocation impacted the office sector the most during the past year – and these issues will not go away any time soon. In other words, “even given the confluence of an election and a poor economy, the trend was positive, especially in those specific markets,” notes David Quisenberry, Colliers International’s executive vice president, North Texas agency leasing. “Tenants have been more willing to make commitments earlier and to look at renewals rather than wait.” Adds Thomas T. Lynn, president of NAI Robert Lynn’s office division: “Most of the tenants have shed uncertainty and took the step to expand because their businesses demanded it.”