According to the Bureau of Labor Statistics, DFW maintained robust job growth by adding 119,000 non-farm jobs since April 2018, a 3.3% annualized gain.
Net absorption in Q2 2019 dropped slightly from Q1 2019 with slightly over 744,000 sq. ft., yielding 1.5 million sq. ft. total so far for the year.
Vacancy remained flat over the quarter despite the positive absorption, due to ±711,220 sq. ft. of competitive inventory introduced to the DFW market and the sheer amount of existing office stock in the Metroplex
Currently, 20 leased projects totaling 4.3 million sq. ft. are in the construction pipeline with a pre-leased rate of 46%.
Overall asking rents increased from $25.01 per sq. ft. to $25.26 per sq. ft. on a full service gross basis. Class A asking rates, increased from $30.95 per sq. ft. to $31.37 per sq. ft.