Thanks to Office, DFW to Hit Third Consecutive Quarter of Positive Net Absorption

Dallas-Fort Worth is proving itself to be one of the hottest markets in all areas of CRE. And right now, the numbers are pointing toward a third consecutive quarter of positive net absorption for the first time since 2018.

third consecutive quarter
Downtown Dallas

That’s according to CBRE’s DFW Q2 Office Market Report. In fact, Dallas’ numbers are trending up in nearly every regard.

The Bureau of Labor Statistics, as of May 2022, reported the national unemployment rate as 3.6%, maintaining the same level in April 2022. DFW’s unemployment rate during the same period was 3.3%, and Dallas has increased its number of non-farm jobs by 7.7% — nearly 300,000 — year-over-year.

Vacancy continued to drop and stood at 24.4%, down by 70 basis points from Q1 2022, marking yet another decline in vacancy and the longest streak since 2019, Deliveries were up 76.1% from 327,400 square feet to 576,550 square feet in Q2 2022 due to the recent completion of The Epic — Phase II and the PGA of America HQ.

Office in and around DFW continues to show signs of recovery, comparable to that of Boston, Manhattan and Houston due to ever-growing tenant requirements and competitive leasing activity, based on the report. The submarket has seen many new projects this year and quite a few are expected to break ground in the coming months.

Posted on August 28, 2022 by RedNews.com

Read the full article here

September 16, 2022

Not sure who to contact?