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Five Fast Facts: Dallas Office Real Estate Q2 2022

Andrew Desai • 7/20/2022

With growing occupancy and strong leasing activity, DFW continues its positive momentum through the first half of 2022. Asking rates climb with rising demand for Class A product, as tenants leverage their spaces to attract and retain talent. 

Check out our Five Fast Facts to learn more about the key trends that impacted the Dallas-Fort Worth market in Q2 2022. 

  1. Ongoing Flight to Quality - Net occupancy increased for the third consecutive quarter as tenants continue migrating to newer, amenity rich properties. Class A occupancy grew in Q2 by 523,681 sf while Class B and C occupancy cumulatively dropped by 170,306 sf as tenants continue their flight to quality.  
  2. Leasing Momentum Continues - DFW experienced a 10.2% year-over-year rise in leasing activity with 3.8 msf of leases transacted.  
  3. Vacancy Remains Steady - Vacancy rates remained stable, though elevated when compared to pre-pandemic levels. Overall vacancy in DFW stood at 21.1%, an increase of 10 basis points quarter-over-quarter but a decrease of 10 basis points year-over-year.  
  4. Asking Rates Reach New Highs - Rising labor and energy costs contributed to an overall increase in operating expenses pushing annual full-service gross asking rates in DFW to $28.59 psf, a year-over-year increase of 4.3%. 
  5. Robust Construction Pipeline - Despite logistics and supply chain issues, approximately 700,000 sf of new inventory delivered to the market in Q2 including the Epic II in East Dallas and the PGA of America HQ in Legacy/Frisco.  


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