Jeff Staubach: Recovery Continues—DFW on the Rise
Undoubtedly, 2011 was not a high point for most of us in the commercial real estate industry. It began with uncertainty, but took small steps throughout the year to steady recovery, which I think we can all agree is promising as we head into 2012.
Jones Lang LaSalle recently published its Q4 2011 office market research, and it made me realize how well our local Dallas economy is performing in terms of vacancy and overall asking rates. During the past year, the total vacancy rate has improved significantly—dropping from 23.6 percent to 22.5 percent. The overall asking rate jumped from $20.31 per square foot to $20.38 per square foot, marking two consecutive quarters of growth.
The research indicates that rents will continue to rise in 2012. These shifting market fundamentals have prepped Dallas for neutral conditions between landlords and tenants (aside from LBJ, where construction continues to be a challenge), which should encourage more leasing activity this year.
The initiatives also have common strategies that include: • Developing policies to promote saving and investment for education, home-ownership, small-business development and retirement. • Identifying ways to make tax-based savings incentives