December 5, 2023
DALLAS-FORT WORTH-ARLINGTON – Office occupancies continued their decline in the third quarter, according to a market update from Transwestern.
North Texas occupancies fell 716,800 sf in the third quarter, leading to an office absorption of negative 944,700 sf. West Plano had a net leasing of -545,243 sf, followed by Frisco at -205,621 and Las Colinas at -322,203.
Total available office space is at the highest point in a decade at 26.5 percent.
Office construction is the lowest in a decade with the work at the end of September down seven million sf from the end of 2022 at 4.3 million sf.
Most new construction is in the Uptown-Turtle Creek area with 1.25 million sf and Frisco with 1.2 million sf.