Dallas-Fort Worth office market report

Q2 2022

Jobs have fully rebounded from pandemic-related losses and DFW hit a new jobs peak, crossing the 4-million mark for the first time.   Driven by these net new jobs, DFW continues to expand, driven by its diverse economy and ongoing relocations to the region.  Major office metrics look to be slowly stabilizing, although uncertainty remains a topic of concern.  Overall, we expect it will require several quarters to show meaningful recovery in vacancy, sublet availability, and return to the office.  The move towards quality, however, will continue and pressure lesser buildings as tenants seek better space at the optimum location for their workforce.

227.9 msf


Modest office deliveries characterize the DFW market so far in 2022, although there is increasing talk of ground major breakings to anticipate potential market demand in 2024 and 2025.   

(613,00) sf

Net absorption

After a close to “breakeven” first quarter, absorption turned negative in Q2.  A significant increase in sublet space was the main cause for the shift.  As we have noted, the sector remains volatile, especially with higher levels of construction breaking ground.

$29.32 psf

Direct asking rent

Asking rent continues to inch up.  Since early 2018, full service rents have increased 2.7% annually.  Concessions reportedly remain modest as landlords, especially for better assets in the better submarkets, remain bullish on DFW’s economic future.



Total availability has remained stable since Q1.  This reflects an increase of fully 5 percentage points from what was considered a balanced market during the last economic cycle.



 DFW vacancy continues to inch higher and is now 25.0%, compared to 19%-20% during the last economic cycle.  The increase is due to direct and sublet space hitting the market.  We need to monitor the “return to office” momentum over the coming quarters since the high gas prices may stall the trend.


Investment sales

Q1 saw a strong start to 2022 with investment office sales up 43% from Q4 2021.  The average sales price was also up, hitting $322 psf.  DFW continues as one of the US’s most active investment markets due to DFW’s diverse economy, probusiness environment, strong economic outlook,  and attractive office investment values – where dollars go further

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Get in-depth office market reports and insights from commercial real estate experts in the Greater Dallas-Fort Worth (DFW) area. Avison Young advisors look at DFW commercial real estate activities and the latest DFW statistics to provide you expert market research on the area’s office properties.

Explore different topics like the latest office market pricing trends and analysis of DFW’s current office real estate market conditions. Gain a better understanding of DFW’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in the Dallas-Fort Worth Metroplex competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Dallas-Fort Worth.

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