DALLAS – According to a CBRE report, the North Texas office market is cooling down.
The market saw negative absorption for the first time in 31 consecutive quarters for a rare loss of 470,212 sf. This kicked up the local vacancy rate to 20.5 percent.
Around 1.2 million sf of office space was delivered in first quarter 2018, and 4.9 million sf is still in the pipeline. The average asking rent fell to $24.25 per sf, a 1 percent drop since first quarter 2017.
Employment growth across the Metroplex remained at a steady 2.7 percent, stronger than the nation's 1.6 percent growth. According to the Bureau of Labor Statistics, over 96,000 new jobs were created in DFW in the past 12 months.
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