Brief

Dallas/Fort Worth Brief - In DFW Office Flight to Quality, Finance is a Frequent Flier

September 29, 2022

CBRE researched the top 20 office leases in DFW for each quarter between Q1 2020 – Q1 2022 and found that across all industries— primarily financial services, healthcare, and real estate—tenants have sought highly amenitized and newer/renovated office product.
Of the 200 leases surveyed, the tenants’ new locations averaged a 26.4% increase in base rents compared to their former locations. This premium breaks down to a jump from $21.79 to $27.55.
In this study, financial services was the most active industry for eight of the last ten quarters. In that timespan, the financial services industry alone had a net expansion of 1.2 million sq. ft.
This activity was also in line with job growth. As of Q2 2022, the year-over-year job growth rate for Financial Activities was 8.4%—more than three times the pace of the 30-year average of 2.6%.