DFW office construction lowest since 2013DFW office construction lowest since 2013https://www.recenter.tamu.edu/news/newstalk-texas/?Item=187632018-01-09T06:00:00Z2018-01-09T16:00:00Z

​​​​​​DALLAS – Two years after having the second-highest square footage of office space under construction in the country, DFW "definitively began to see its development pipeline dwindle," according to CBRE's fourth quarter 2017 market update.

About 4.4 million sf was under construction at the end of 2017, the lowest since second quarter 2013.

With over 8.4 million sf delivered in the last two years alone, the area's vacancy remained stable, indicating strong occupier demand.

Currently, 22 projects are in the construction pipeline with prelease rates showing a positive demand outlook for this year, the report said.

The office leasing market finished 2017 with its 31st consecutive quarter of positive growth. CBRE says this year's forecast is robust thanks to 1.7 million sf in prel​ease commitments.​

Average asking office rents rose nearly a full percentage point quarter over quarter to $24.48 per sf, marking the 20th consecutive period for increases.

Fourth quarter 2017 yielded the most net absorption of the year at just over 1.05 million sf for an annual total of nearly 2.7 million sf. This caused vacancy to compress by 10 basis points—the first decrease in 15 months.

Dallas-Fort Worth-Arlington
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