Leasing activity down to start 2024 as office-using employment growth slows

The Dallas-Fort Worth office market reported just 2.2 million square feet (msf) in Q1 2024. This was down 23% from 2.9 msf reported last quarter but roughly flat from a year ago. This was also well below the 2.8 msf 5-year quarterly leasing activity average. While the unemployment rate in the Dallas-Fort Worth Metroplex remains below 4%, slowing office-using employment growth over the past year has finally caught up with the region’s office market despite Sidley Austin pre-leasing over 118,000 square feet (sf) at the 23Springs project and Wingstop leasing 112,000 sf at One West Village — both in Uptown.

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