房地产 -2025年第四季度达拉斯 沃斯堡工业数据 Dallas Fort Worth Industrial Figures Q4 2025

CBRE

FIGURES|DALLAS/FORTWORTHINDUSTRIAL|Q42025

Occupancyinnewlydelivereddevelopmentlowers

overallvacancy

v8.7%

VacancyRate

Note:Arrowsindicatechangefrompreviousquarter.

8.1M

SFNetAbsorption

22.6M

SFUnderConstruction

3.6M

SFDeliveredConstruction

MARKETOVERVIEW

-8.1millionsq.ft.ofindustrialspacewasabsorbedbyoccupiersduringQ42025.

-Q42025deliveriestotaled3.6millionsq.ft.andwere34.4%pre-leased.

-Theconstructionpipelineincreasedto22.6millionsq.ft.atthecloseofQ42025.

-Thevacancyratewasdown30basispointsoverthequarter,standingat8.7%.

-ManufacturinguserscontinuetomakeheadwayanddrovedemandtoendQ42025.

Thefourthquarterof2025markedthe61stconsecutivequarter,ornearlyfifteenyears,ofpositive

netabsorptionfortheDallas/FortWorthindustrialmarketas8.1millionsq.ft.ofnetabsorptionwastrackedoverthequarter.Thetrailing12-monthabsorptiontotalwas20.8millionsq.ft.,591,000morethanthe20.2millionsq.ft.trailing12-monthabsorptionpostedinQ42024.Vacantdeliverieswere5.6millionsq.ft.lowerthantheamountofsq.ft.absorbed,causingthevacancyratetodecreaseby30

basispointstofinishthequarterat8.7%.Therewasaconsiderablenumberofbulkdealsthat

occupiedoverthefourthquarter.Ofthe3.6millionsq.ft.indeliveries,1.1millionsq.ft.waspreleasedandoccupiedduringthequarter,contributingtothedecreaseinvacancy.Thefourthquarterof2025finishedstrongwithevenmoreactivityonthehorizonassignificantleasesofnotablesizeswilltakeoccupancywithintheupcomingmonths.

Figure1:Dallas/FortWorthIndustrialMarket(Annual)

SF(Millions)VacancyRate(%)

12

11

10

9

8

7

6

5

4

70

65

60

55

50

45

40

35

30

25

20

15

10

5

0

2010201120122013201420152016201720182019202020212022202320242025

TotalNetAbsorption(SF)DeliveredConstruction(SF)TotalVacancy(%)Source:CBREResearch,Q42025.

1CBRERESEARCH©2026CBRE,INC.

FIGURES|DALLAS/FORTWORTHINDUSTRIAL|Q42025

2CBRERESEARCH©2026CBRE,INC.

Dallas/FortWorthIndustrialMarket

NorthTexasremainsadestinationforcorporateoccupiersandjobseekersalike.Theregion

includestwomajorcargomovingairports,threeClass1railroads,andisthepointofconvergenceforfourinterstates.Interstate35,the“NAFTAHighway”,providesdirectaccesstomanufacturingcentersinMexicoandisthebackboneofamajorautomanufacturingcorridor,theTexas-MexicoAutomotiveSupercluster,thatstretchesfromtheBajíoinMexicotoDallas/FortWorth.DFW

InternationalAirportistheregion’sgatewaytotheworldandeconomicenginethatdrives$37billioninNorthTexaseconomicactivityandsupports228,000jobs.Theairportisoneofthehighestcapacityintheworldandisnowthesecondbusiestgloballyintermsofpassengers.

Additionally,the19cargocarriersthatcallonDallas/FortWorthInternationalAirportconnectto32majorcargomarketsaroundtheworld,includingkeyhubsinAsiaandEurope.

Developmentpipelineincreased

DevelopersdeliveredlessproductthantheykickedoffforthesecondquartersinceQ42022with3.6millionsq.ft.deliveredand4.7millionsq.ft.innewstarts.Thiscausedthetotalamountof

spaceunderconstructiontoincreaseoverthequarterfrom21.3millionsq.ft.underwayto22.6

millionsq.ft.inactiveconstruction.Thepreleasedrateforunderconstructionproductdecreasedfrom40%to33.2%attheendofQ42025.

AttheendofQ42025,onlyfoursubmarketshadspeculativespacepreleased.NorthFortWorthledthehighestconcentrationofspeculativeconstructionpreleasedagainforthequarter,at

43.8%.Thesecond-highestconcentrationofspeculativespacepreleasedwasinNorthwestDallasat32.9%,followedbyNortheastDallasat12.9%.Preleasedsubmarketsinclusiveofspeculativeandbuild-to-suitspaceincludeSouthDallasat9.8%,NorthFortWorthat50.5%,NortheastDallasat

44.5%,NorthwestDallasat37.8%,andDFWAirportat18.5%.

Absorptionsustainedsolidpace

Almost8.1millionsq.ft.wasabsorbedinQ42025,bringingtheamountofindustrialspace

absorbedinDallas/FortWorthsinceQ42010to339.3millionsq.ft.Toputthisnumberin

perspective,thisisthreetimeslargerthantheentireindustrialmarketofAustin,withjustabout19millionsq.ft.ofextraindustrialspacetospare!

Figure2:DFWMarketTrailing12MonthsAbsorption

Q12025

Net

Absorption

Q22025

Net

Absorption

Q32025

Net

Absorption

Q42025

Net

Absorption

12Month

Net

Absorption

Market

DFWAirport

256,676

367,605

549,421

506,545

1,680,247

EastDallas

1,433,167

91,216

865,489

760,797

3,150,669

NortheastDallas

250,866

(214,244)

174,243

(83,166)

127,699

NorthwestDallas

(730,462)

344,495

333,908

755,510

703,451

SouthDallas

902,258

954,679

898,992

2,832,660

5,588,589

SouthStemmons

39,294

311,565

81,350

(275,051)

157,158

287Corridor

852,793

165,103

207,074

411,510

1,636,480

DallasTotals

3,004,592

2,020,419

3,110,477

4,908,805

13,044,293

Great

Southwest/Arlington

(337,035)

(6,737)

803,926

1,384,905

1,845,059

NorthFortWorth

1,648,129

3,275,197

(761,748)

983,806

5,145,384

SouthFortWorth

(292,487)

168,934

30,083

869024

775,554

FortWorthTotals

1,018,607

3,437,394

72,261

3,237,735

7,765,997

MarketTotals

4,023,199

5,457,813

3,182,738

8,146,540

20,810,290

Source:CBREResearch,Q42025.

FIGURES|DALLAS/FORTWORTHINDUSTRIAL|Q42025

3CBRERESEARCH©2026CBRE,INC.

Figure3:Q42025LeaseTransactionsOver100,000Sq.Ft.byTenantIndustry

ManufacturingdrovedemandinQ42025

ConsistentwithDallas/FortWorthtrends,manufacturingdrovedemandtoendthequarterinQ42025.Ofthe8millionsq.ft.inleasingactivityfortransactionsover100,000sq.ft.trackedbyCBREResearchoverthequarter,2.8millionsq.ft.,or35.1%,ofactivitywasattributabletomanufacturing.3PLsincluded2.2millionsq.ft.,or27.4%.Roundingoutthetopthreesectors,Warehouseand

Storageaccountedfor2.1millionsq.ft.,or17.2%,ofleasingactivityduringthefourthquarter.CBREResearchiscurrentlytracking35tenantrequirementstotalingover18.4millionsq.ft.activeinthemarket.Thisamountisinlinewithlong-termtenantdemandobservedinDallas/FortWorth.

SinceJanuary2025,therehavebeenatotalof62millionsq.ft.innewleasetransactionstotaling839dealssignedwithinDallas/FortWorth.ThetoptwosubmarketswereSouthDallasaccountingfor10.8millionsq.ft.,or17.4%,ofactivityandNorthFortWorthaccountingfor8.9millionsq.ft.,or14.4%,ofactivity.NorthwestDallasfollowedafterwardsat8millionsq.ft.,or12.9%,ofactivity.Ofthe839leasetransactions,therewasatotalof7transactionsthatequaled1millionsq.ft.and

above,10transactionsthatrangedfromfivehundredthousandsq.ft.to1millionsq.ft.,22

transactionsthatrangedthreehundredthousandsq.ft.tofivehundredthousandsq.ft.,123

transactionsthatrangedfromonehundredthousandsq.ft.tothreehundredthousandsq.ft.,andatotalof677transactionsthatwerebelowonehundredthousandsq.ft.

CBREHouseViewEconomicUpdate

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedontheupside,

particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusiness

activity,suchascapitalgoodsorders,areimproving,andstrengtheningcreditmarketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.Consumerconfidenceremains

weak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouchsofter

thanin2025.Akeycatalystisasofterlabormarket,ascompaniesare‘slowtohire,slowtofire’—atrendthatislikelytolastafewquarters.Aconsequenceofthisoutlookissofterinflationandlong-termbondyieldstrendingjustbelow4%byH22026.

Manufacutring

3PL

26.0%

WarehouseandStorage

Wholesale

Other

1.5%

35.1%

27.4%

10.0%

Source:CBREResearch,Q42025.

Figure4:YTD2025LeaseTransactionsOver100,000Sq.Ft.bySubmarketandPercentofTotalMillions(SF)

23.5%

19.4%

9.4%

9.5%

8.4%

8.3%

.

5.7%

12

10

8

71%

6.6%

6

2.1%

4

2

0

Source:CBREResearch,Q42025.

FIGURES|DALLAS/FORTWORTHINDUSTRIAL|Q42025

4CBRERESEARCH©2026CBRE,INC.

Figure5:Dallas/FortWorthIndustrialMarketStats

Inventory

FortWorthTotals3,728349,975,53934.224,390,7717.08.23,378,8693,237,7357,905,99711,364,4751,733,5516,133,442

Submarket

DFWAirport76394,997,8039.39,003,3789.510.5564,503506,5451,680,2473,204,663101,5001,819,657

EastDallas

734

60,965,891

6.0

6,583,135

10.8

11.5

1,197,871

760,797

3,150,669

600,214

203,169

503,516

NortheastDallas

1,809

114,336,337

11.2

7,361,168

6.4

7.4

173,210

-83,166

127,699

2,751,608

571,416

2,222,610

NorthwestDallas

1,573

126,762,193

12.4

11,007,505

8.7

9.6

679,115

755,510

703,451

2,775,581

414,637

595,294

SouthDallas

644

121,877,204

11.9

10,698,978

8.8

9.3

2,682,060

2,832,660

5,588,589

1,542,685

0

858,976

SouthStemmons

2764

129,717,989

12.7

7,786,471

6.0

6.6

-226,047

-275,051

157,158

371,137

594,970

594,970

287Corridor

185

25,523,703

2.5

2,734,427

10.7

10.8

411,510

411,510

1,636,480

0

0

30,220

DallasTotals

8,472

674,181,120

66

12.0

55,175,062

8.2

9.0

8.1

5,482,222

1,415,005

4,908,805

13,044,293

11,245,888

1,885,692

6,625,243

GreatSouthwest/Arlington

1,379

123,318,562

8,553,269

6.9

1,384,905

1,985,059

455,445

0

1,090,020

NorthFortWorth

805

136,217,376

13.3

9,524,148

7.0

8.7

983,806

983,806

5,145,384

7,041,564

1,733,551

3,061,364

SouthFortWorth

1,544

90,439,601

8.8

6,313,354

7.0

7.7

980,058

869,024

775,554

3,867,466

0

1,982,058

%ofMarket

TotalSq.Ft.

Bldg.Count

DirectSq.Ft.

Qtr.Qtr.2025

DirectTotalTotal

Direct

%

Total%

VacancyNetAbsorption

Construction

2025

Deliveries

Qtr.

Deliveries

Active

MarketTotals12,2001,024,156,65910079,565,8337.88.78,861,0918,146,54020,950,29022,610,3633,619,24312,758,685

Source:CBREResearch,Q42025.

FIGURES|DALLAS/FORTWORTHINDUSTRIAL|Q42025

5CBRERESEARCH©2026CBRE,INC.

Figure6:DallasIndustrialMarketStats–DFWAirportandEastDallas

Inventory

DFWAirport

EastDFW/LasColinas41967,974,4346.65,456,2188.09.3446,170444,0221,443,5803,204,663101,500612,099

WestDFW/Grapevine

344

27,023,369

2.6

3,547,160

13.1

13.5

118,333

62,523

236,667

0

0

1,207,558

DFWAirportTotals

763

94,997,803

9.3

1.7

9,003,378

9.5

10.5

4.2

564,503

-36,291

506,545

1,680,247

3,204,663

101,500

1,819,657

EastDallas

CentralEastDallas

396

17,599,801

734,188

4.2

-36,291

-90,125

0

0

300,347

EastDallas/Mesquite

314

30,818,078

3.0

3,041,146

9.9

11.3

209,613

-227,461

465,607

600,214

203,169

203,169

Forney/Terrell

24

12,548,012

1.2

2,807,801

22.4

22.4

1024549

1024549

2775187

0

0

0

%ofMarket

TotalSq.Ft.

Bldg.Count

Qtr.Qtr.2025

DirectTotalTotal

DirectSq.Ft.

Direct

%

Total%

VacancyNetAbsorption

Construction

2025

Deliveries

Qtr.

Deliveries

Active

EastDallasTotals73460,965,8916.06,583,13510.811.51,197,871760,7973,150,669600,214203,169503,516

Source:CBREResearch,Q42025.

FIGURES|DALLAS/FORTWORTHINDUSTRIAL|Q42025

6CBRERESEARCH©2026CBRE,INC.

Figure7:DallasIndustrialMarketStats–NortheastDallasandNorthwestDallas

Inventory

NortheastDallas

Allen/McKinney21317,887,0091.71,221,7226.87.7117,073104,08060,857896,014571,416665,829

NortheastDallas/Garland

867

53,215,960

5.2

3,897,056

7.3

8.3

142,265

-14,098

125,189

305,268

0

1,416,844

Plano

371

22,080,747

2.2

1,080,470

4.9

5.9

-76,788

-163,808

-44,311

1,325,326

0

37,664

Richardson

301

16,801,570

1.6

1,105,958

6.6

8.0

11,660

11,660

-111,367

0

0

102,273

Rockwall

57

4,351,051

0.4

55,962

1.3

1.4

-21,000

-21,000

97,331

225,000

0

0

NortheastDallasTotals

1,809

114,336,337

11

2.0

7,361,168

6.4

7.4

19.9

173,210

148,105

-83,166

127,699

2,751,608

571,416

2,222,610

NorthwestDallas

Denton

210

20,434,757

3,963,997

19.4

128,105

647,153

463,826

334,901

515,558

Lewisville

284

34,630,647

3.4

1,542,209

4.5

6.1

279,888

169,477

-126,551

2,025,305

79,736

79,736

Metropolitan/Addison

430

19,898,072

1.9

2,248,623

11.3

12.5

-58,981

-18,355

-318,779

101364

0

0

NorthStemmons/Valwood

631

49,251,017

4.8

2,595,564

5.3

5.8

310,103

476,283

232,254

185,086

0

0

NWDallasOutlying

18

2,547,700

0.2

657,112

25.8

25.8

0

0

269,374

0

0

0

%ofMarket

TotalSq.Ft.

Bldg.Count

DirectSq.Ft.

Qtr.Qtr.2025

DirectTotalTotal

Direct

%

Total%

VacancyNetAbsorption

Construction

2025

Deliveries

Qtr.

Deliveries

Active

NorthwestDallasTotals1,573126,762,1931211,007,5058.79.6679,115755,510703,4512,775,581414,637595,294

Source:CBREResearch,Q42025.

FIGURES|DALLAS/FORTWORTHINDUSTRIAL|Q42025

7CBRERESEARCH©2026CBRE,INC.

Figure8:DallasIndustrialMarketStats–SouthDallasandSouthStemmons

Inventory

%ofMarket

TotalSq.Ft.

Bldg.Count

DirectSq.Ft.

Qtr.Qtr.2025

DirectTotalTotal

Direct

%

Total%

VacancyNetAbsorption

Construction

2025

Deliveries

Qtr.

Deliveries

Active

SouthDallas

RedbirdAirport19321,739,7942.1687,8273.23.725,01665,016-61,882000

SoutheastDallas/I-45

330

80,328,089

7.8

9,305,807

11.6

12.2

2,540,271

2,540,271

5,140,255

1,542,685

0

424,276

SouthwestDallas/US67

121

19,809,321

1.9

705,344

3.6

3.7

116,773

227,373

510,216

0

0

434,700

SouthDallasTotals

644

121,877,204

11.9

2.0

10,698,978

8.8

9.3

6.3

2,682,060

-145,439

2,832,660

5,588,589

1,542,685

0

858,976

SouthStemmons

EastHinesNorth

622

20,034,440

1,106,720

5.5

-97,369

-216,638

0

0

0

EastBrookhollow

187

7,906,276

0.8

221,643

2.8

2.9

20,977

20,977

42,991

0

0

0

EasternLonestar/Turnpike

297

32,997,394

3.2

1,967,211

6.0

6.0

-30,870

-30,870

541,382

0

0

0

NorthTrinity

359

9,242,179

0.9

768,463

8.3

8.4

-90,300

-90,300

-34,466

0

0

0

WestHinesNorth

224

9,575,435

0.9

557,245

5.8

6.3

87,920

83,510

94,345

0

182884

182,884

WestBrookhollow

968

41,140,845

4.0

2,912,689

7.1

7.7

-52,155

-144,819

-237,733

111,081

412086

412,086

WesternLonestar/Turnpike

107

8,821,420

0.9

252,500

2.9

6.5

-16,180

-16,180

-32,723

260,056

0

0

SouthStemmonsTotals

2,764

129,717,989

12.7

7,786,471

6.0

6.6

-226,047

-275,051

157,158

371,137

594,970

594,970

Source:CBREResearch,Q42025.

FIGURES|DALLAS/FORTWORTHINDUSTRIAL|Q42025

8CBRERESEARCH©2026CBRE,INC.

Figure9:FortWorthIndustrialMarketStats–287CorridorandGreatSouthwest

Inventory

%ofMarket

TotalSq.Ft.

Bldg.Count

DirectSq.Ft.

Qtr.Qtr.2025

DirectTotalTotal

Direct

%

Total%

VacancyNetAbsorption

Construction

2025

Deliveries

Qtr.

Deliveries

Active

287Corridor

GreatSouthwestTotals1,379123,318,56212.08,553,2696.98.11,415,0051,384,9051,985,059455,44501,090,020

Mansfield/Midlothian16717,692,8541.72,419,42713.713.8411,510411,5101,636,4800030,220

Waxahachie/Ennis

18

7,830,849

0.8

315,000

4.0

4.0

0

0

0

0

0

0

287CorridorTotals

185

25,523,703

2.5

2,734,427

10.7

10.8

411,510

411,510

1,636,480

0

0

30,220

GreatSouthwest

Arlington

414

25,960,063

2.5

1,107,827

4.3

4.5

392,809

353,600

562,626

161,408

0

0

LowerGreatSouthwest

427

38,976,800

3.8

2,329,542

6.0

6.7

-42,811

-62,776

904,502

0

0

284,865

UpperGreatSouthwest

538

58,381,699

5.7

5,115,900

8.8

10.6

1,065,007

1,094,081

517,931

294,037

0

805,155

Source:CBREResearch,Q42025.

FIGURES|DALLAS/FORTWORTHINDUSTRIAL|Q42025

9CBRERESEARCH©2026CBRE,INC.

Figure10:FortWorthIndustrialMarketStats–NorthFortWorthandSouthFortWorth

Inventory

NorthFortWorth

MeachamField/FossilCreek44047,935,8054.72,335,9374.96.2213,884213,8842,267,132489,5820968,313

NortheastTarrant/Alliance

297

81,712,928

8.0

6,686,276

8.2

10.2

777,482

777,482

2,883,679

5,819,698

1,733,551

2,093,051

WestTarrant

68

6,568,643

0.6

501,935

7.6

7.6

-7,560

-7,560

-5,427

732,284

0

0

NorthFortWorthTotals

805

136,217,376

13.3

0.3

9,524,148

7.0

8.7

4.5

983,806

0

983,806

5,145,384

7,041,564

1,733,551

3,061,364

SouthFortWorth

Cleburne

11

2,896,400

129,283

4.5

0

0

0

0

0

EastFortWorth

654

27,557,241

2.7

2,903,128

10.5

10.6

14,055

43,021

-110,363

0

0

578,906

NorthCentralFortWorth

269

10,741,327

1.0

171,048

1.6

1.6

-5,452

-5,452

45,520

0

0

0

SouthCentralFortWorth

240

8,082,814

0.8

217,492

2.7

4.9

-40,082

-40,082

-168,196

0

0

0

SouthCentralTarrant

296

38,179,523

3.7

2,569,516

6.7

7.9

945,516

805,516

747,425

3,053,245