$3B of lost office value in Dallas, Houston ‘Hurts All Parties’ (Bisnow)

With more than 100M SF of office space sitting vacant, Houston and Dallas property owners are missing out on billions in lost rent. Dallas had about 53M SF of empty office space at the end of the first quarter, putting it behind only New York and Chicago for the most vacant office square footage in the nation. Houston wasn’t far behind in fifth place with 50M SF of vacancy. Combined, the cities are losing out on nearly $3.2B in rent because of the vacancy, according to a study by Switch on Business, which calculated the estimated loss by multiplying the amount of vacant office space by each city’s average asking rent per SF using data from Cushman & Wakefield’s first-quarter office report. The study estimates $250B of lost income nationally.
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