Dallas has enjoyed steady job growth and didn’t suffer nearly as bad as much of the country during the economic downturn. Job growth means more demand for commercial space. If more businesses begin to grow and/or move to Dallas, what does that mean for those of us who are already here? Change and growth always bring bad with the good. But really, even the “bad” is pretty good.
The good news: more business in Dallas means more potential clients and more economic growth for everyone and Dallas will begin to skyrocket closer to the top of places to do business in the world.
So here’s the “bad” news: growing businesses and newcomers to Dallas need a place to do business. This creates higher demand for office and warehouse space. This means that they will naturally have to compete for space. With more and more companies looking for space, your landlord will have more options and will reduce concessions and increase rent. They won’t have to work as hard do to try to keep your business. Demand goes up and supply decreases. That’s the perfect formula for higher prices.
How do we overcome these obstacles? The best way to compete in a growing market is to start early, create competition among landlords and have a Tenant Rep on your side. Not only do they stay current on the market, but they will also add strength to your side in negotiations with your current or potential landlord.