Commercial real estate news releases from Avison Young

Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.

Avison Young releases Second Quarter 2023 DFW Office Market Report

Avison Young releases Second Quarter 2023 DFW Office Market Report July 13, 2023

Dallas-Fort Worth, TX – Today Avison Young released its Second Quarter 2023 Office Market Report for Dallas-Fort Worth (DFW). 

DFW’s economic engine continues to be one of the most robust in the U.S. due to its low cost of doing business, economic diversity, and pro-business attitude. As of mid-year 2023, DFW’s total job base rose by 9.2% and hit a new peak—with office jobs having risen by 18.4% or 196,000 net new office jobs.

However, even with strong office job gains, the market saw a combination of slow leasing volume and high availability. While absorption came in flat for Q2, it remained negative for the year.

“Q2 leasing activity was similar to Q1 and the lowest activity in years, underscoring that the market is still disrupted as tenants adjust their in-office versus hybrid strategies,” noted Avison Young Senior Insight Analyst, Walter Bialas.

The market saw leasing activity total 5.9 million square feet (sf) with trophy assets outperforming market averages and almost 500,000 sf of positive absorption for 2023 through Q2.

“High-quality spaces continue to be in high demand,” stated Greg Langston, Principal and Managing Director of the firm’s Dallas office. “Tenants of all sizes seek newer Class A office space to be best positioned to recruit and retain talent, with on-site and walkable amenities in the top submarkets having the biggest draw.”

Read the report takeaways and download the full report.

For more information
Walter Bialas, Senior Insight Analyst: +1.214.974.9749

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers
for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.