DALLAS – The local office development pipeline is pacing with demand as 5.1 million sf is under construction, according to a CBRE report.
Net absorption grew by 578,235 sf to 62 percent in the second quarter. The vacancy rate bumped up 40 basis points to 20.9 percent.
The average asking rate was $24.49 per sf on a full-service gross basis, up 27 basis points over the quarter.
There were two deliveries totaling 225,000 sf last quarter.
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