Dallas-Fort Worth office market report

Q3 2024

DFW’s office market continues to stabilize. We are no longer seeing harsh increases in vacancy or availability, and, although choppy, absorption is edging positive. Improvement is slow. Leasing also remains well below the historic pace, suggesting that it will take considerable time for tighter market fundamentals to return. Complicating this is that most leases getting done are for smaller tenants or for tenants upgrading their space but downsizing by 30%–50% to save on occupancy costs due to ongoing hybrid work arrangements.

703k sf

Net absorption is edging positive

Net absorption turned positive through Q3 2024, although choppy quarters weighed on the dynamics, especially for direct space.

23.1%

Vacancy is stabilizing

Vacancy inched 0.5% percentage points higher since Q3 last year, despite availability declining slightly as tenants vacate and downsize.

5.2 msf

Leasing activity remains slower than normal

DFW’s robust pipeline continues, although leasing strength exists in the multi-tenant segment as space users look for modern options.

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