Commercial Café, a nationwide property listings platform, ranked the DFW metro 3rd in the country for office construction—just behind NYC and the Bay Area—according to its recently released 2018 mid-year office construction report.
More than half of the office construction in the state expected to hit the market by the end of 2018 is happening right here in Dallas-Fort Worth, according information from CRE research and data platform Yardi Matrix. While 14 million square feet is slated to deliver by the end of the year across the state, about 7.7 million is in the DFW area.
The Irving submarket, in particular, boasts 900,000 square feet of office space scheduled for delivery this year.
Plano’s submarket is also red hot, as it is home to two of the most significant projects of the Dallas metro area to come online: the 1 million-square-foot, 3-building complex JPMorgan headquarters and the 1 million-square-foot, 2-building Liberty Mutual Tower—both of which opened at Legacy West in 2017.
Dallas’ expansion isn’t quite finished for the year, either, as the largest projects expected by the end of the year include the 505,000-square-foot Union Dallas office tower in Uptown and the 500,000-square-foot PwC Tower at Park District, per the report.
Growth in the Dallas office market is being driven by corporate relocations and expansions, fueled by a central location and lower costs of living, according to the Commercial Café release.