DALLAS (Dallas Morning News) – Area office occupancy declined by 650,000 sf in the third quarter, pushing up overall vacancy to 22.7 percent, according to preliminary statistics released yesterday by CB Richard Ellis.
Accompanying the highest vacancy in five years was a dip in average rental rates to $18.83 per sf.
The biggest third quarter decline in office occupancy has been along the LBJ Frwy. corridor, where net leasing was down 234,000 sf. Far North Dallas also lost about 150,000 sf of office occupancy, and downtown net leasing dropped by 53,000 sf.
Overall, office tenants vacated almost 950,000 sf of space in the current quarter. The highest office vacancy was along Stemmons Frwy., where more than 30 percent of the available space is now empty.
North Fort Worth had the lowest vacancy at 4.19 percent.