The latest Fourth Quarter 2024 Office Market Report for Dallas-Fort Worth (DFW) has been released by Avison Young. After experiencing steady growth from 2019 to 2023, the DFW office market saw a significant decrease in both direct and sublet space availability during the year of 2024. In fact, total space availability decreased by over six million square feet (msf), with a notable decline of 3.4 msf in just the fourth quarter alone.
This marks a consistent quarterly improvement that has not been seen since this cycle began. Currently, there is a total of only 64 msf available – well below the peak of 71 msf reached in 2023 but still higher than the average quarterly availability range between50 to52 msfprior to this cycle.
In addition, net office absorption continued its positive trend that started during the second half of2019and totaled1.7msfduringthe courseof2024.
Leasing activity for last year amountedto15 .5msfin total.This number is higher than what was recordedin20I9,but it still falls shortofDFW’shistoricalannualaverageof20msfon an annual basis.However,the good newsis thattheDallasoffice marketis onthepath torecoveryandshowingsignsofgrowth once again aftera challengingperiod.Thisisanencouraging signforinvestorsandbusinessesalike,andweareoptimisticaboutthefutureprospectsforthismarketmovingforward.ThefullreportcanbeviewedatConnectCRE.com.
