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Dallas Office Market on Rebound
Avison Young released its Fourth Quarter 2024 Office Market Report for Dallas-Fort Worth (DFW).
After increases from 2019 through 2023, DFW’s office market saw availability for both direct and sublet space come down notably during 2024. As of Q4 2024, total space availability came down more than 6 million square feet (msf) during the year, with the fourth quarter alone seeing a decline of 3.4 msf.
This is the first consistent quarterly improvement we have seen in the market this cycle. Space availability now totals 64 msf. This is well below the 71 msf peak hit in 2023 but still elevated compared to the 50 to 52 msf quarterly average prior to this cycle.
Likewise, net office absorption continued the positive trend it began in the last half of 2023. 2024 came in at 1.7 msf.
For 2024, the market saw leasing activity total 15.5 msf. This is above 2023‘s pace but continues to fall short of DFW’s historic annual average of 20 msf.
- ◦Economy
