More sublease space is hitting DFW’s oversaturated office market.
Energy company NRG is offering 25,000 square feet at Parkway Centre III, a Class A office building, at 2745 Dallas Parkway, in Plano’s “Platinum Corridor.” Plano-based commercial real estate firm Wolverine Interests bought it in 2019.
The lease runs through December 2026, and the space is being offered for $17.50 per square foot. The offering comprises the second floor of the building but can be divided, the listing said.
Cushman & Wakefield’s Matt Heidelbaugh and Charlie Beck are marketing it.
Parkway Centre III was built in 2001. It spans six floors and more than 150,000 square feet. It was valued at $33 million last year by the Collin Central Appraisal District. The property’s location provides easy access to Dallas North Tollway and George Bush Turnpike. The area is also home to headquarters for Frito Lay and JCPenney.
This listing adds more square footage to DFW’s office market. In December 2023, office vacancy was 24.5 percent, up from 23.2 percent a year ago. Rent rates, however, remain stable. The average asking rent was $29.67 per square foot at the end of last year, up slightly from $29.28 per square foot the year before.
Sublease space in DFW is down from its 11.2 million-square-foot peak, about a year ago, to 10.5 million square feet. But that’s not necessarily good news, said Steve Triolet with Partners Real Estate.
“Most of the decline has been due to sublease space rolling over to direct vacant space or the sublease being pulled from the market. Most was never leased by a sublessor,” he said.
For example, Steward Healthcare, Fossil and Thryv pulled their sublease listings, he said.
NRG is headquartered in Houston. The company has announced plans to downsize its Houston footprint and change locations. NRG will move to the top 10 floors of downtown skyscraper 3 Houston Center. The move to that 245,000-square-foot space will take place in January 2026.
