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Fort Worth, Dallas apartment rents at record highs
Fort Worth-Dallas apartment rents reached record levels in February, according to Axiometrics, a Dallas-based apartment market research and analysis firm.
“DFW is one of the few markets nationwide that has resisted the rent-growth moderation trend of the past five months,” said Stephanie McCleskey, Axiometrics’ vice president of research, commenting in a news release.
The average rent in the Fort Worth-Arlington market was $974 in February, $4 more than the month before and $57 more than the February 2015 average, according to Axiometrics’ findings.
Fort Worth’s February effective rent growth was 6.2 percent, about the same as January’s rate and 7 basis points lower than the rate in February 2015 of 6.3 percent. A basis point is a unit equal to one hundredth of a percentage point.
Fort Worth’s annual effective rent growth has exceeded Dallas’ in 21 of the past 23 months.
Meanwhile, renters in the Dallas-Plano-Irving market paid an average of $1,083 in February, $6 more than in January, $5 higher than the previous record of $1,078 set in October 2015 and $58 more than in February 2015.
Occupancy increased in both Fort Worth and Dallas markets in February.
Fort Worth’s occupancy rate was 95.1 percent in February, compared with January’s 94.8 percent and 94.9 percent in February 2015.
Dallas’ occupancy rate for apartments was 95.4 percent, slightly higher than January’s 95.3 percent and up from 94.9 percent in February 2015. Dallas occupancy has been 95 percent or more – the point at which Axiometrics considers a market essentially full – for one full year.
MILESTONE ELECTRIC LEASES
GRAND PRAIRIE SPACE
Milestone Electric & Air Inc. has opened an office and training center in the last available space at Grand Prairie Tech Center, occupying 11,715 square feet of the facility at 2302 113th St. in the Upper Great Southwest Industrial District.
Will Dillard and Michael W. Spain of Bradford Commercial Real Estate Services represented the landlord. David Rouble of David Rouble Brokerage represented the tenant.
"We had good activity on this property because of the parking ratio and the easy access to Interstate 30 and State Highways 161 and 183," Dillard said in a news release. "That kind of accessibility is tailor-made for Milestone's 'we'll fix it in a flash' pledge to customers."
Mother Parkers Tea & Coffee has leased 417,600 square feet at Carter Distribution Center, 1101 Everman Parkway in Fort Worth. Trey Fricke and Reid Bassinger of Lee & Associates-Dallas represented the landlord.
Salon & Spa Galleria has leased 7,000 square feet at 5230 Denton Highway in Fort Worth. Jim Eaton of RDS Real Estate represented the landlord.
Cork & Pig has leased 5,000 square feet at West 7th, 2801-2873 W. Seventh St. in Fort Worth. Don Miller and Easley Waggoner of Venture Commercial-DFW represented the landlord.
Trinity Foot & Ankle has leased 3,835 square feet at Southwest Medical Plaza Two, 5801 Oakbend Trail in Fort Worth. Jason Manske of Lincoln Harris CSG-Dallas represented the landlord.
California Composites has leased 24,742 square feet at Northbrook Business Center, Building 4, 1001 Northeast Loop 820 in Saginaw. Christopher Schafer of E. Smith Realty Partners represented the tenant. Representing the landlord were Sarah LanCarte and Jeff Givens of Transwestern-Fort Worth.
Chisholm Ridge Pet Hospital has leased 2,525 square feet at Highland Station, 1100 N. Blue Mound Road in Saginaw. Clint Montgomery of SVN-Trinity Advisors represented the landlord.
Align Auto Collison & Painting has leased 9,000 square feet at 7204 Mansfield Highway in Kennedale. Chris Mendez of Coldwell Banker Commercial Alliance DFW represented the tenant. Jim Eaton of RDS Real Estate represented the landlord.
Texas Clix Auction has leased 10,000 square feet at 3200-3220 Dalworth St. in Arlington. Chas Lester of Charles Lester Realty Advisors represented the tenant. Bob Kent of Kent Realty represented the landlord.
Savplus Overstock LLC has leased 9,150 square feet at Oakwood Shopping Center, 305 W. Euless Blvd. in Euless. Eric English of English Realty-Arlington represented the landlord.
Escape Room has leased 4,097 square feet at 280 Sports Complex in Southlake. Moore Matthews of KW Commercial-Southlake represented the landlord.
The Shack has leased 3,490 square feet at Bicentennial Retail Plaza, 410 W. Southlake Blvd. in Southlake. David Levinson of The Retail Connection-Dallas represented the landlord.
CFF has leased 3,000 square feet at Colleyville Technology & Business Center, 1900-1904 Industrial Blvd. in Colleyville. Greg Morris of Morris Commercial represented the landlord.
ASPIRE Innovative Language Interventions PLLC has leased 2,575 square feet at 901 W. Wall St. in Grapevine. Jim Kelley and Eric Goodwin of Champions DFW Commercial Realty represented the landlord.
Dust Control Inc. has leased 2,140 square feet at 1109 S. Airport Circle in Euless. Fred Hensley of KW Commercial represented the tenant. George Jennings of Holt Lunsford-Fort Worth represented the landlord.
Makarios Learning has leased 2,119 square feet at 280 Sports Complex in Southlake. Moore Matthews of KW Commercial-Southlake represented the landlord.
Reyes Ballroom has leased 1,980 square feet at Pecan Park Shopping Center, 2401 W. Pioneer Parkway in Pantego. Roger Smeltzer of Vision Commercial Real Estate represented the landlord.
Vision Commercial has completed lease negotiations for a baseball training facility at 1501 Central Park Drive in Hurst. Roger Smeltzer represented the landlord.
Vision Commercial has completed lease negotiations for a general retail store at 4609 Denton Highway in Haltom City. Scott Lowe represented the landlord.
Arguindegui Oil Co. has leased 12,916 square feet of warehouse space at 307 Ferris Ave. in Waxahachie from W&H Interests EW Wetzel. Brock Wilson and Joe Santaularia of Bradford Commercial Real Estate Services represented the landlord.
M.I. Patel has leased 2,543 square feet of office space in 2929 NCX at 2929 North Central Expressway in Richardson. Layne Mayfield of Cushman & Wakefield represented the landlord, CREA Investments.
Mitsubishi has leased 6,862 square feet of office space in Preston Park Financial Center, 4965 Preston Park Blvd. in Plano. Clint Madison and Rodney Helm of Cushman & Wakefield represented the landlord, Griffin Partners.
HHS Texas Management has leased 7,505 square feet of office space in The Points at Waterview, 3400 Waterview Parkway in Richardson. Clint Madison of Cushman & Wakefield represented the landlord, SRC Waterview Owner.
Camp Construction Services has leased 7,685 square feet at One Paddock Place, 2214 Paddock Way Drive in Grand Prairie. Steve Koldyke and Brian Gilchrist of CBRE-Arlington represented the landlord.
Valley Truck Parts & HME Inc. has renewed its lease for 12,800 square feet of warehouse space at 2550 114th St. in Grand Prairie. Michael W. Spain and Jim Ferris of Bradford Commercial Real Estate Services represented the landlord, OMO Investment Co. Trust.
Allied Insulation has leased 8,050 square feet at Parkway Distribution Center, 801-831 S. Great Southwest Parkway in Grand Prairie. Kacy Jones, Steve Koldyke and Brian Gilchrist of CBRE-Dallas represented the landlord.
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