Sperry Van Ness / Visions Commercial brokered the sale of a 32,040 square foot office building in the heart of Fort Worth, known as Hulen Plaza. Steve Fithian with Sperry Van Ness / Visions Commercial represented the sellers. James Blake with Sperry Van Ness / Summit Commercial Realty and Randall Stepp with Lincoln Property Company represented the buyer in the transaction.
“The economic recovery is apparent in DFW,” Fithian said. “Job opportunities are expanding, industries are growing and the real estate market is heating up.”
This is especially true in the office market. According to Co-Star, net absorption for the Dallas / Fort Worth office market was an impressive positive 2,533,249 square feet in the third quarter 2014, which compares to a positive 923,642 square feet in the second quarter 2014 and a positive 1,877,438 square feet in the first quarter 2014. Co-Star also reported that office vacancy rates in the Dallas / Fort Worth market decreased to 14.3 percent in the third quarter 2014, which compares to 15.9 percent at the end of the second quarter 2014 and 15.4 percent at the end of the first quarter 2014.
“The net absorption growth and declining office vacancy rates are good indicators that rental rates are on the rise,” Fithian said.
And, they are. According to Co-Star, office rental rates rose 1.4 percent during the third quarter 2014, which produced an average asking rental rate of $21.30 per square foot per year. This compares to $21.00 per square foot per year that was reported at the end of the second quarter 2014.
Although Co-Star reported that total office building sales in the DFW Metroplex in 2014 is down compared to 2013, sales figures in terms of dollar value increased in the second quarter 2014 compared to the first quarter 2014.
“It’s not just the office market in DFW that is thriving,” Fithian said. “The real estate market, in general, is strong and healthy in DFW. Considering where things were five years ago, it’s exciting to see.”
If you’re looking to buy or sale investment property, now is the time. Sperry Van Ness / Visions Commercial provides expertise in the Dallas / Fort Worth area, and we are committed to maximizing the return on our clients’ real estate investments. To view our property listings, visit https://svntrinity.com/properties.