REPORT: Texas Office Renovations No Longer A Silver Bullet For Pushing Rental Rates, Occupancy

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The long-held belief that renovations will improve office building performance is being challenged by new data that reveals upgrades are no longer the cure-all they once were. In the past, office renovations in Texas helped push occupancy levels by 430 basis points and asking rates by an average of $2.46 per SF. But with the rise of hybrid work and other factors, the same pattern hasn't held true for buildings renovated in 2020 and 2021.

Dallas Holds Top Spot For U.S. CRE Investment In 2023 Despite Plummeting Transaction Volume

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Nearly $19B of DFW commercial real estate traded hands in 2023, down 58% year-over-year, year-end data from MSCI Real Assets showed. More than $9B, or about half of the market's transactions, was concentrated in the multifamily market, followed by $4.3B of industrial deals.