Is it time to start building more offices in Uptown and downtown Dallas?

Uptown and downtown Dallas’ office market may be ready for some new construction.

The office tower in Uptown’s $350 million Union development is more than 90 percent leased. And the nearby Park District’s PwC Tower just hit 85 percent leased to office tenants.

The only big block of totally new office space downtown is at the Luminary Building, where about 80,000 square feet is still up for grabs.

Researchers at commercial property firm JLL estimate that during the current development cycle, 3.2 million square feet of office buildings have been delivered in Uptown and the central business district. About 2.5 million square feet of that space has been leased.

With no new office projects starting up in the last 12 months, it’s likely that all of Uptown and downtown’s new buildings will be full before another property can be built and put on the market.

Steve Brown, Real Estate Editor

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