Q3 2024 Dallas Office Market Report

The Dallas-Fort Worth office market is adjusting to shifting demand and higher vacancy rates, currently at 18.0%. Companies are downsizing or rethinking office needs, and new leases are now averaging 15% fewer than in 2019. This trend is especially impactful in aging office buildings, particularly those from the 1980s, which are becoming less competitive as firms prioritize newer, more efficient spaces with amenities like natural light, greenspace, and communal areas. 

Leasing remains below pre-pandemic levels, though high-end suburban areas like Frisco and Uptown are seeing interest and new construction. Despite slower growth, rents are relatively stable, with average rents offering a cost advantage over coastal cities, attracting firms seeking economic value along with modern office environments and flexibility.

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