Office
Uptown / Turtle Creek __________________________________ 22 Q2
Key Market Metrics
All Classes
Class A
Class B
95
59
36
15,476,646
13,470,951
2,005,695
Asking Rents (Gross)
$42.72
$44.61
$33.93
Vacancy Rate
18.6%
18.5%
19.4%
187,780
141,545
46,235
Supply YTD #
0
0
0
New Supply YTD (SF)
0
0
0
Under Construction #
3
3
0
833,691
833,691
0
Buildings Market Size
Net Absorption YTD
Under Construction (SF)
Market Indicators Current Quarter to Same Quarter Prior Year
Vacancy Net Absorption YTD New Supply YTD Rental Rate Leasing Activity YTD
Vacancy and Rental Rate Trends Class A 25%
$40
$45
$20
10%
$15 $10
5%
$5
20%
$35 15%
$30 $25
10%
$20 $15
5%
$10
Rental Rate (Gross)
15%
$25
$40
0% 2012
0%
$0 2012
2014 2016 2018 2020 2022
$25
15%
$20 10%
$15 $10
5%
$0
2014 2016 2018 2020 2022
Rental Rate (Gross)
20%
$30
$5
$5
$0
25%
$35 Vacancy Rate
$30
Vacancy Rate
20%
$35
Rental Rate (Gross)
$40 Rental Rate (Gross)
Class B
$50
25%
Vacancy Rate
Class A & B $45
0% 2012 2014 2016 2018 2020 2022
Vacancy Rate
• Overall vacancy stood at 18.6%, up 0.5% from the same quarter in the prior year. • Class A vacancy stood at 18.5%, an increase of 0.8% from four quarters prior, and Class B product had a vacancy rate of 19.4%, down 0.8% from this time last year. • Quoted rental rates for Class A averaged $44.61 gross PSF, which is up 0.2% compared to the rate in the same quarter last year. Class B quoted rental rates averaged $33.93 gross PSF, up 3.0% from prior year.
New Supply - Net Absorption - Vacancy Trends Class A 25%
1,000
250
25%
1,000
10%
0 -200
15%
400 200
10%
0 -200
5%
-400
600
0%
-800
-600
2012 2014 2016 2018 2020 2022
10%
0
5%
-150
0%
Net Absorption
15%
50
-100
2012 2014 2016 2018 2020 2022
New Supply
100
-50
5%
-400
-600
20%
150 SF (000s)
200
20%
800 SF (000s)
15%
400
25%
200 Vacancy Rate
20%
600
Vacancy Rate
800 SF (000s)
Class B
1,200
Vacancy Rate
Class A & B 1,200
0% 2012 2014 2016 2018 2020 2022
Vacancy Rate
• Year-to-date net absorption totaled 187,780 SF, which is up from year-to-date last year. • Class A net absorption totaled 141,545 SF, an increase of 330,938 SF from this time last year. • Class B net absorption stood at 46,235 SF, an increase of 45,740 SF from this time last year. • There were no deliveries in this submarket this quarter. • At the end of the quarter, there were 3 properties under construction totaling 833,691 SF. This is less than the 1,150,982 SF under construction this time prior year. 2022 data as of Q2