In April, leasing activity showed no apparent change in the Dallas-Fort Worth office market. According to CommercialEdge, the metro’s office vacancy rate held steady at 17.3 percent, the same as the one recorded in March. The index was, however, 190 basis points lower year-over-year.
When put against similar secondary markets, The Metroplex surpassed Atlanta by 340 basis points, which recorded a 20.7 percent vacancy rate. However, the metro remained behind Austin, which held strong at 15.4 percent. The metro’s rate also fared worse than the national average of 15.7 percent, which stayed the same on a month-over-month basis.
Although the average office vacancy rate remained the same over the month, several submarkets with inventories larger than 10 million square feet saw changes for the better. West Dallas had the highest improvement month-over-month, with vacancy dropping from 18.3 to 15.3 percent. On the other hand, Platinum Corridor North saw vacancy rise from 14.0 to 20.2 percent.
One of the metro’s largest deals involved an upcoming development. Bank OZK signed a 110,029-square-foot lease for its new regional headquarters at 23Springs, a 626,215-square-foot mixed-use project in Uptown Dallas. The Little Rock-based lender will occupy four floors at the future 26-story building that is slated for a March 2025 delivery.