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DFW Office Market Reached “Bottom of Cycle”, Avison Young
Avison Young released its Third Quarter 2024 Office Market Report for Dallas-Fort Worth (DFW).
“I think we have finally reached the bottom of this cycle. Q3 2024 stats showed modest improvement across the board,” stated Avison Young’s Greg Langston.
The DFW office market saw availability for both direct and sublet space come down 2.8 million square feet during 2024. Even with this positive move, availability remains elevated at 67.5 million square feet due to the continued disruption of remote and hybrid work. As of the third quarter, net office absorption turned positive for the year at roughly 700,000 square feet.
“Office space availability has improved but is persistently high. Deals are being done, although leasing activity continues to be sluggish and not sufficient to take down the high level of space availability,” noted Avison Young’s Walter Bialas.
DFW’s Q3 2024 office vacancy (26.1%) and availability (28.7%) have stayed stable for the last few quarters.
