Avison Young released its first quarter 2025 Dallas-Fort Worth (DFW) office market report. After significant availability space increases from 2019 through 2023, DFW’s office market looks to have stabilized and has begun to consistently improve. The first quarter saw availability for both direct and sublet space come down another 700,000 square feet (sf) from the end of 2024. This is a drop of 6.8 million square feet since it peaked in late 2023. Likewise, vacancy declined to 26.0% in the first quarter, compared to its peak of 26.4% late last year.
While still elevated, these consistent quarterly improvements are important because it is the first time in this cycle that “predictability” appears to have returned to the market.
Office space availability now totals 64 million square feet. This is well below the 71 million square foot peak hit in 2023, but still elevated compared to the 50 to 52 million square foot quarterly average prior to this cycle. Net office absorption also continued its positive trend that began in the last half of 2023.
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