DFW office vacancy rate falls to 16%; rents up

DALLAS-FORT WORTH – DFW office building vacancies have fallen to the lowest level in more than a decade.

Just over 16 percent of the area’s office space was empty at the end of 2014, according to Cushman & Wakefield Inc.

Average vacancy rates are less than 9 percent in North Dallas, the commercial real estate firm found.

Expanding and relocating office tenants rented almost 5 million sf office space in 2014 — the highest net leasing in more than 15 years.

Most of the office leasing has been in Richardson’s Telecom Corridor, Las Colinas in Irving and in Far North Dallas along the Dallas North Tollway.

More than 6 million sf of office space is under construction in North Texas, the largest volume since the 1990s.

Almost half of the construction is in the CityLine development in Richardson where State Farm Insurance and Raytheon are building large corporate campuses.

For more on office and other sectors, check out Dallas-Fort Worth-Arlington Market Data Sources.