DALLAS-FORT WORTH – North Texas' robust job growth of 107,300 nonfarm jobs (2.9 percent annually) since October 2018 has driven the area's office market.
Net absorption grew 1.5 million sf over the quarter, totaling 3.5 million sf for 2019, the third highest for the decade. The metro had 31 million sf of net absoprtion since 2010.
Vacancy dropped only slightly to 20.3 percent despite the large positive absorption figure, largely due to 1.9 million sf of inventory introduced to the market.
There are currently 28 leased projects in the construction pipeline, totaling 4.6 million sf with a preleased rate of 30.7 percent. The average asking rate was $25.17 per sf at the end of the year.
The Real Estate Center has more on DFW's office market:
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