Mortgage firm Mr. Cooper Group may soon be adding to its growing number of sublease offices in the Dallas area.
The company is considering putting most of its northwest Dallas headquarters on the rental market.
Cooper has more than 175,000 square feet of office space in the Cypress Waters development near LBJ Freeway and Loop Road, just east of Coppell. Founded in 1994, the company was previously known as Nationstar Mortgage.
“As Mr. Cooper transitions to a 'home-centric' remote environment to provide additional flexibility for our team members, we are strategically evaluating our office footprint and exploring sublease possibilities. We have partnered with CBRE,” the spokesperson said. The company said in an email:
Cooper has cut more than 1,500 jobs since last year as rising interest rates reduced mortgage originations.
The mortgage company is one of dozens of Dallas-Fort Worth companies that are putting excess office space on the market and leasing it to other companies.
Adding to the glut of office space in the North Texas market is a record 11.4 million square feet of subleased space, or office space that companies pay rent on but no longer use. The average discount rate for sublease offices in Washington, D-FW has increased to nearly 18%, according to commercial real estate firm Transwestern.
One of the largest blocks of subleased office on the market in North Texas is a new tower being built in Plano to house Reata Pharmaceuticals' headquarters. The drug company will be sold to Biogen, and the 20-story, 327,000-square-foot high-rise building in Legacy Business Park will be subleased.
Considering subleased space and buildings under construction, nearly 27% of D-FW office space is vacant, the highest vacancy rate in decades.
