Texas Metro’s Leading Office Survey Key Stats
When it comes to office construction, absorption, and sales prices things have slowed up throughout the nation in the first month of 2023. Despite the national trend, Texas Metro areas are out front in a number of key metrics according to Commercial Edge.
· Houston has the highest sales volume in the country closing $324M in deals, with an average of $184/sq.
· Austin had the largest construction pipeline nationally on a percentage-of-stock basis at 7.6%
· With nearly 7.4M sq. ft underway, Dallas leads development in the region in terms of square footage
The influx of people into Texas in recent years has helped prop up office markets that have been hit by remote work. Dallas has let developers remain active in the market, with 4.1 million square feet started last year and more soon on the way. The Fields — a 180-acre, $2 billion mixed-use project in Frisco — will eventually include four million square feet of office space alongside retail, restaurants, apartments and hotels.