Despite some slowing metrics, the Dallas office sector remains stable. Recent data from CommercialEdge shows an increase in sales in the metro area, reaching nearly $1.1 billion during the first three quarters of 2024. This puts Dallas at fourth place nationally for investment volume, following Manhattan ($2.7 billion), Washington D.C ($2 billion), and the Bay Area ($1.8 billion).
As of September, there were approximately 4 million square feet of office space under construction in The Metroplex, accounting for 1.4% of total stock which is above the national average rate of 1%. So far this year (as of September), a total of eleven new office properties have been completed in Dallas with a combined area exceeding 1.6 million square feet.
In terms of vacancy rates as reported by Connect CRE , Dallas had a vacancy rate clocking at about 22.%9 percent as compared to a national average rate that stands at around19.%5 percent – marking an increase by390 basis points when compared to last year’s figures.
During this same period (September) listing rates stood slightly below than those recorded ona nation-wide scale; while Miami topped out with $52.,87 per sq ft and Austin came second with$45.,99 per sq ft -Dallas’listing price was recordedat $30.,64per sq ft only .
