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Five Fast Facts: Dallas Office Real Estate Q2 2023

Andrew Desai • 4/25/2023
  1. Sustained Construction Growth 
    Construction in DFW continues to thrive with a robust pipeline of planned office projects. In Q2 2023, the market delivered more than 1.1 msf of new office product, with an additional 5.2 msf of projects scheduled for delivery within the next 24 months. 
  2. Demand for Quality Spaces   
    Companies are increasingly seeking amenity-rich spaces, reinforcing the “Flight to Quality” phenomenon. This divergence in demand will continue to impact rental rates, with Class A commanding higher rates compared to Class B. 
  3. Increases in Gross Rental Rates 
     OPEX continued to grow in Q2 2023, pushing full-service asking rates in DFW to $28.96 psf, a YOY increase of 0.7%. Class A registered the highest average asking rates at $34.14 psf. 
  4. Upward Tick in Vacancy Rates 
    Overall vacancy in DFW climbed to 20.8%, a quarter-over-quarter increase of 60 basis points, as companies continue to recalibrate their space requirements.  
  5. Sublease Space Offers Tenants Quality Options 
    Sublease space in DFW grew to 12.6 msf, an increase of 2.2% from the previous quarter. The availability of sublease space is expected to rise providing more sublease options for prospective tenants. 

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