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DALLAS-The second quarter office numbers might vary from brokerage house to brokerage house, but the message is still the same.

“There’s been a lot of churning in the market right now, but it’s not anywhere near the momentum we need,” says Greg Biggs, senior vice president and Southwest region manager in Dallas for New York City-headquartered Julien J. Studley Inc. With tenant representation as its sole trade, the firm is sitting on the right side of the fence in Dallas, he adds.

Studley’s team pegs Q2 overall occupancy at 28%, with sublease standing at close to 9.4 million sf or roughly two million sf higher than its competitors’ calculations. But still, it’s down nearly a million sf from the beginning of the year, a goodly portion of which rolled to direct space, Biggs concurs with his peers. “It’s real hard to get excited about that when it’s not a reduction in the overall number,” he tells GlobeSt.com.

Biggs predicts the third quarter will look a lot like the second: activity will be up as tenants look for the best deal possible in a mixed bag that fluctuates between renewals and relocations as the existing names trade up. The upshot is that few companies are expanding by any marginal leaps and few will until confidence on all economic fronts is restored to fuel job growth.

Biggs says there hasn’t been an exodus from the Dallas CBD despite the “opportunities” that prevail in the suburban markets. Dallas CBD tenants are staying put with “great deals” from building owners who can’t afford to lose any names from their directories, according to Biggs. In the second quarter, CBD leases tallied 161,613 sf, with the year-to-date total at 646,273 sf. The CBD rent averages $17.91 per sf across all classes, with class A coming in with a median of $19.60 per sf.

Four of the 18 submarkets in Dallas-Fort Worth contain sublease space in excess of one million sf. Las Colinas contains close to 2.1 million sf; Richardson’s Telecom Corridor, 1.96 million sf; LBJ Freeway, 1.2 million sf; and North Dallas Corridor, more than 1.1 million sf. The least amount in the 9.4 million sf of sublease space on the market is Northeast Fort Worth’s 1,868 sf and next is North Fort Worth with 3,252 sf. Another four-digit total, 5,500 sf, was rung up in Southwest Dallas.

Market-wide, the Fort Worth CBD has the lowest vacancy, 9.3%, in its 617,652-sf inventory. The highest, 60.1%, was racked up by the 1.3 million plus sf in Far North Stemmons. Four submarkets exceeded 30% vacancies: LBJ Freeway, 37.6% in its 6.8 million sf of supply; Las Colinas, 35.7%, 4.6 million sf; Telecom Corridor, 32.8%, 5.4 million sf; and North Fort Worth, 30.7%, 871,007 sf. Eight submarkets backslid on absorption, according to Studley’s account.

Texas, known for its mettle, will see the glass half full instead of half empty, in most scenarios. Though there’s little to get excited about in the numbers, leasing activity in the class A column accounted for nearly four million sf of the 6.7 million sf in deals that closed to date this year. It also accounted for 23.7 million sf of the 51.4 million sf up for grabs. The average quoted rent is $17.41 per sf, down 29 cents across all classes from the first quarter, while class A’s average, sans the perks, is $20.10 per sf.

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