Fort Worth’s office market is experiencing a shift west, with several new high-end office projects under construction. According to a report from JLL, the average asking rent was $29.92 per square foot in the second quarter, up from $29.51 in the first quarter and $28.79 a year earlier.
New Developments
The ‘trophy’ office projects currently under construction include Crescent Real Estate’s Crescent Offices West, which has JPMorganChase as an anchor tenant; Westside Village’s Jewel Box, Fort Worth’s first mass timber office building; and the Van Zandt from Goldenrod Companies, a mixed-use development on West 7th Street that includes 100,000 square feet of new high-end office space.
The Jewel Box project is the largest single office development that Fort Worth has seen in 40 years, according to Carl Anderson, president of Dallas-based Larkspur Capital. The $1.7 billion mixed-use project will also have residential and retail components.
Market Trends
The JLL report indicates that the Fort Worth office market has now had four consecutive quarters of positive net absorption, with vacancy rates across both Class A and Class B properties steadily declining. Rental rates are also showing strength, with the local office market outpacing the national average.
Original reporting: Fort Worth Report — read the source article.
