Q2 2024 Dallas Office Market Report

The Dallas-Fort Worth (DFW) office market continues to be dynamic, with the second quarter of 2024 showing some interesting trends. Total market inventory is nearing 425 million square feet, making DFW the fifth largest U.S. office market by inventory size, behind New York, Washington DC, Chicago and Los Angeles. DFW’s vacancy rate of 18.2 percent is keeping steady from the previous quarter. Meanwhile, sublease space has picked up, with nearly 1 million square-feet being added year-over-year.

Leasing activity is on pace with previous years, while office demand continues to be bifurcated between the urban CBDs and suburban submarkets. New construction in premier urban sub-markets like Uptown/Turtle Creek as well as suburban submarkets, like Frisco/The Colony are pushing the threshold for asking rents in the DFW market.

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