Dallas Office Market Sees Growth
The office market in the Dallas area continues to grow, indicating the housing market’s drastic improvement throughout the last several years. The first quarter of the Dallas area real estate market this year saw a large number of real estate transactions taking place. Dallas-based partner and national real estate practice leader at PricewaterhouseCoopers LLC, R. Byron Carlock Jr., attributes the steady growth of Dallas’s office market to continued job growth and company relocations, according to bizjournals.com.
“Companies are looking to exit high-cost states and Texas has one of the most efficient, low-cost places in the country,” Carlock said. Additionally, Carlock stated that Dallas, Houston, Austin and Denver are considered to be high-demand areas for companies looking to relocate.
According to a quarterly report published by PricewaterhouseCoopers LLC, it is projected that the New York, New Jersey, and Long Island area is the number one metro area for job growth. The total number of estimated jobs in the area is approximately 141,300 projected jobs. The Dallas area was found to have the second highest rate for job growth with the addition of 66,400 jobs this year alone.
Carlock said that based on several job growth estimates, there will be twice as many non-office jobs created this year compared with office jobs. Though there may be less office jobs created in the Dallas area, the Texas office market will continue to steadily grow with the help of more small businesses and large companies looking to expand their current businesses.
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