Purchases rise for Dallas’ distressed office properties

Distressed office properties in Dallas experience heightened purchase levels.

Property management companies in the Dallas metropolitan statistical area experienced sizable issues throughout recovery, but this could be dissipating as the market has seen improvement in large, distressed property purchases, according to National Real Estate Investor.

Three major distressed properties were sold in the city since June, which took approximately 2 million square feet of space and put it into the healthy section of the market. Because the properties are so large, even having a majority of space occupied, these can still help contribute healthy, vacant space to the market.

Overall, the Dallas vacancy situation improved so far this year, and is expected to get better as the year winds down, the news source explained. Citing a report from Marcus & Milichap, the news source noted that office vacancy should drop to 22.2 percent, which is close to 70 basis points lower than the previous year's figure.

In addition, the news source added that the report projects vacancies for class-A properties to remain at approximately 20 percent. Part of this may be due to the city's strong job growth in recent months.

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