Figures
Dallas/Fort Worth Office Figures Q3 2024
October 10, 2024 5 Minute Read
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- The Dallas/Fort Worth office leasing market showed mixed signals in Q3 as slower job growth paralleled lower leasing activity, while sublease inventory fell to a three-year low and new starts broke ground.
- DFW office-using job sectors continued to decelerate alongside overall trailing twelve-month job growth with the former adding only 400 of the 58,700 net new jobs throughout the last 12 months ending August 2024.
- Net absorption was negative again this quarter but to a lesser degree than Q2 2024, increasing vacancy from 25.9% to 26.4%.
- Construction activity was flat with 4.4 million sq. ft. underway following 280KSF in deliveries and a nearly equal number of new starts.
- Market-wide net absorption, a metric based on physical occupancy, logged 860,000 sq. ft. of negative activity for the quarter as total move-outs exceeded new occupancy. Although an improvement from mid-year, vacancy still increased to 26.4%, translating to over 59.6 million sq. ft. of unoccupied office space spread across DFW.