房地产 -2025年第四季度达拉斯 沃斯堡办公室数据 Dallas Fort Worth Office Figures Q4 2025

CBRE

FIGURES|DALLAS/FORTWORTHOFFICE|Q42025

Netabsorptionnearspost-pandemicrecord

highalongsideboostinactivedevelopment

27.4%

VacancyRate

878,639

SFNetAbsorption

0

SFConstructionDelivered

2.6M

SFUnderConstruction

$22.98

NNN/YRDirectLeaseRate

Note:Arrowsindicatechangefrompreviousquarter.

MARKETOVERVIEW

LeasingdemandremainshighforofficepropertiesofferingaprimelocationandpremiumamenitiesaspositiveClassAnetabsorptiondrovepositivenetabsorptionfortheoverallmarketinQ42025.

-ClassAnetabsorptionwaspositiveforthefifthconsecutivequarter,atmorethan900,000sq.ft.;ClassAnetabsorptionhastotalednearly1.5millionsq.ft.for2025.

-VacancyratesdeclinedacrossallclassesfromQ32025toQ42025.

-ClassAofficeaskingrentshaveshownthemostpronouncedgrowthofallotherclassesoverthelastthreeyearsat12.3%.

-Activeprojectsquarefootageisupto2.6millionsq.ft.followingtwogroundbreakingsduringQ42025.

FIGURE1:HistoricalAbsorption,Deliveries,andVacancy

Sq.Ft.millionsVacancy%

29

28

27

26

25

24

23

22

2.5

2.0

1.5

1.0

0.5

0.0(0.5)

(1.0)

(1.5)

(2.0)

NetAbsorptionDeliveriesVacancyRate

Source:CBREResearch,Q42025

1CBRERESEARCH©2026CBRE,INC.

FIGURES|DALLAS/FORTWORTHOFFICE|Q42025

2CBRERESEARCH©2026CBRE,INC.

Vacancy

Theoverallmetroofficevacancyratestoodat27.4%atyear-end2025,withClassAspaceat

26.5%,andClassBspaceat29.0%.Comparedtothepreviousquarter,theoverallvacancyratedeclinedby40basispoints(bps),withClassAfalling70bpsandClassBfalling10bps.Year-over-yearvacancyhasremainedunchangedacrossallclasses.However,overthepast3years,vacancyrateshaverisensignificantly:theoverallrateincreasedby290bps,ClassAhaverisenby160bpsandClassBhaverisenby530bps.

Subleasespace,whichistypicallyreportedintermsofavailabilityratherthanvacancy,

decreasedoverthequarterandstandsatjustover6.3millionsq.ft.,accountingfor10%ofthe63.1millionsq.ft.oftotalavailabilityand2.8%ofexistinginventory.Forcomparison,total

subleaseavailabilityatyear-end2019was5.7millionsq.ft.Intermsofbigblockorfullfloor

equivalentsubleaseavailability,onlyfivespaceswerenewlylistedduringQ42025,asharpdropfromlastquarter’s27newfullfloorlistings.TheQ42025newbigblocksubleaseavailabilitiesweremostlyinsuburbansubmarkets,plusonelistinginUptown.

AskingRent

Theaverageaskingrentwas$22.98persq.ft.netatthecloseofQ42025,ClassAaskingrentaveraged$26.40persq.ft.,andClassBaskingrentwas$16.33persq.ft.Overthelast3-yearsquarterlyaverageaskingrentwasup10.5%($2.19),12.3%($2.90)forClassA,and9.5%($1.42)forClassBrentalrates,anotherindicationofthegrowingdemandforhigher-endofficeproductacrossDallas/FortWorth.

TheUptown/TurtleCreeksubmarkethadthehighestaverageaskingrateofthemetroareaatyear-end,at$43.08persq.ft.net.ThePrestonCentersubmarket,whichalsoincludesthe

growingKnoxofficedistrict,hadthehighestaverageClassAaskingrate,at$47.74persq.ft.

net.Morevalue-addratescanbefoundinNortheastFortWorth,whichofferedanaveragedirectquotedrateof$14.79persq.ft.netatyear-end,and$15.56persq.ft.NNNinthe

StemmonsFreewaysubmarket.

FIGURE2:VacancyRatesbyClass

VacancyRate(%)

30

28

29

27

25

26

24

23

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURE3:Avg.DirectAskingRate(NNN/YR)byClass

$persq.ft.

27.0025.0023.00

21.00

19.0017.0015.00

13.00

OverallClassAClassB

Source:CBREResearch,Q42025

FIGURES|DALLAS/FORTWORTHOFFICE|Q42025

3CBRERESEARCH©2026CBRE,INC.

NetAbsorption

ClassAnetabsorptionwaspositiveforthefifthconsecutivequarter,atabout904,824sq.ft.,andultimatelyledtheoverallDFWofficemarketintopositivenetabsorptionterritoryforQ4

2025.Overallnetabsorptionwaspositive878,639sq.ftinQ42025,yieldingpositivenet

absorptionfortheyearat212,208sq.ft.ClassAnetabsorptionhastotaledpositive1.5millionsq.ft.overthelastfourquartersandistheonlyofficeclassinDFWtoyieldcumulativepositivenetabsorptioninthelastthreeyears.

SubmarketsthatreflectedhigherdemandoverthequarterincludedFarNorthDallas,

Richardson/Plano,andSouthFortWorth,whichallpostedmorethan100,000sq.ft.inpositivenetabsorption.Forthefullyear,FarNorthDallas,Uptown/TurtleCreek,andLasColinaswerethesubmarketsthatpostedthehighestnetabsorptionintheDFWofficemarket,logginga

combined1.1millionsq.ft.ofpositivenetabsorption.

ConstructionActivity

InQ42025therewere12projectsunderway,totaling2.6millionsq.ft.Underconstruction

activityacceleratedquarter-over-quarterfrom2.0millionsq.ftto2.6millionsq.ft.aftertwo

projectsbrokegroundduringQ42025.Constructionactivityisdownfrom2.7millionsq.ft.year-over-yearanddownfrom5.6millionsq.ft.threeyearsago.

Declininginterestratesshouldspurmoreconstructionactivityinthenearfuture,yetnew

constructionwillremainlimitedasmostplannedprojectswillrequirealeadtenant

precommitmentorreacha50%preleasingthresholdbeforebreakingground.TheUptown

submarketcurrentlyaccountsforhalfofthetotalsquarefootageunderconstruction,andsevenofthenineplannedofficedevelopmentshaveleadtenantrequirements.Ifconstruction

commencesontheseprojects,theywilladd3.5millionsq.ft.toUptown’sinventory.Additionally,existingownersmaytakeadvantageofmorefavorablelendingtermstoimprovetheirbuildingsandcapturedemandforhigh-qualityassetsinthemarket.

FIGURE4:NetAbsorptionTrend

Sq.Ft.millions

1.5

1.0

0.5

0.0(0.5)

(1.0)

(1.5)

(2.0)

ClassAClassBRolling4QAvg.

Source:CBREResearch,Q42025

FIGURE5:ConstructionActivity

Sq.Ft.millions

5.0

4.0

3.0

2.0

1.0

6.0

0.0

UnderConstructionDeliveries

Source:CBREResearch,Q42025

FIGURES|DALLAS/FORTWORTHOFFICE|Q42025

4CBRERESEARCH©2026CBRE,INC.

LeasingActivity

Officeleasingactivityfordeals10,000SFandlargertotaled1.3millionsq.ftleasedacross50leaseswith1.2millionsq.ftofthesetransactionssigninginClassAbuildings.Leasingactivityslowedquarter-over-quarter,falling1.6millionsq.ft.partiallyduetoQ32025beinganabove-averagequarterfor100,000sq.ft.andlargerdealssigned.Subletactivityreflectedjust3%ofquarterlyleasingvolume,asignificantdeclinefrompriorquartersandatrendtowatchas

subleasesexpireandrollbacktoadirectavailability.

AreaswithinDFWthatsawthehighestvolumeofoverall/grossleasingactivityrelativetotherestofthemarketincludedRichardson/Plano,FarNorthDallas,andLasColinas.Largetenantrequirementsactivelyseekingofficespaceremainedstablefromlastquarter’stotalsquare

footageandhasexpandedby48%sincethebeginningof2025.Thismetrictracksoccupierswhoareactivelyinthemarketfornewspace,leaserenewals,andexpansions.

FIGURE7:LeasingActivityTrend–10,000sq.ft.andup

Sq.Ft.millions

4.0

3.0

2.5

2.0

1.5

1.0

0.5

0.0

3.5

ClassAClassB

FIGURE6:LeasingbySubmarket–10,000sq.ft.andup

Richardson/PlanoFarNorthDallasLasColinas

Uptown/TurtleCreek SouthFortWorthCentralExpressway LBJFreeway Lewisville/DentonStemmonsFreewayDallasCBD

Mid-CitiesFortWorthCBD

307,451

179,763

86,215

67,224

64,593

40,820

38,317

30,557

26,200

18,243

10,799

436,522

Source:CBREResearch,Q42025

FIGURE8:KeyLeaseTransactions

Tenant

Sq.Ft.Leased

TransactionType

Address

Submarket

1Finity

69,231

NewLease

2380PerformanceDr

Richardson/Plano

LhoistNorthAmericaofTexas

56,081

Renewal

5600ClearforkMainSt

SouthFortWorth

UnleashedBrands

50,954

NewLease

600ELasColinasBlvd

LasColinas

UndisclosedSubtenant

50,776

NewLease

6500ChaseOaksBlvd

Richardson/Plano

Source:CBREResearch,Q42025

Source:CBREResearch,Q42025

FIGURES|DALLAS/FORTWORTHOFFICE|Q42025

5CBRERESEARCH©2026CBRE,INC.

MarketStatisticsbySubmarket

Avg.DirectAskingCurrentQuarterNet

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Rate(NNN/YR)

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

CentralExpressway

10,216,518

27.3

29.1

27.7

1.4

$25.71

(128,082)

(149,053)

0

78,758

DallasCBD

24,042,389

35.2

37.4

35.6

1.8

$24.12

16,881

(708,308)

0

0

EastDallas

2,695,105

33.9

36.9

21.4

15.5

$22.08

(21,413)

(105,850)

0

0

FarNorthDallas

47,452,108

28.3

28.9

24.9

4.0

$25.74

548,683

607,405

0

665,926

FortWorthCBD

6,822,121

14.2

15.8

15.4

0.3

$22.38

61,002

14,862

0

0

LBJFreeway

17,731,019

25.4

26.5

23.6

2.9

$16.74

57,463

(18,339)

0

0

LasColinas

33,393,562

29.7

31.4

28.3

3.1

$19.73

21,855

260,949

0

0

Lewisville/Denton

3,599,465

30.4

29.9

24.4

5.4

$22.07

26,194

25,701

0

0

Mid-Cities

13,957,071

31.0

31.0

28.1

2.9

$18.14

(68,301)

(26,473)

0

0

NorthFortWorth

2,822,356

33.0

33.0

27.2

5.8

$21.12

(3,060)

(315,942)

0

0

NortheastFortWorth

1,484,069

24.5

25.2

25.2

0.0

$14.79

(7,770)

(182,441)

0

0

PrestonCenter

4,561,434

6.6

7.2

6.8

0.4

$41.90

35,866

201,084

0

151,000

Richardson/Plano

25,146,139

22.5

24.7

22.2

2.5

$18.64

320,573

202,051

0

40,341

SouthFortWorth

5,058,623

15.5

13.2

12.1

1.1

$19.41

102,671

249,928

0

361,002

SouthwestDallas

1,616,157

51.0

19.4

19.4

0.0

$16.53

(4,264)

10,853

0

0

StemmonsFreeway

7,987,705

27.3

29.0

27.0

2.1

$15.56

(16,012)

(118,438)

0

0

Uptown/TurtleCreek

14,970,741

25.1

24.1

22.6

1.5

$43.08

(63,647)

264,219

0

1,300,126

Total

223,556,582

27.4

28.2

25.4

2.8

$22.98

878,639

212,208

0

2,597,153

FIGURES|DALLAS/FORTWORTHOFFICE|Q42025

6CBRERESEARCH©2026CBRE,INC.

ClassAMarketStatisticsbySubmarket

Avg.DirectAskingCurrentQuarterNet

NetRentableArea

TotalVacancy

TotalAvailability

DirectAvailability

SubleaseAvailability

Rate(NNN/YR)

Absorption

YTDNetAbsorption

Deliveries

UnderConstruction

CentralExpressway

6,891,444

27.7

31.1

29.1

2

$27.22

(104,067)

(5,635)

0

78,758

DallasCBD

19,740,519

35

37.7

35.5

2.2

$25.24

25,891

(671,464)

0

0

EastDallas

1,048,478

54.7

69.1

30.4

38.8

$38.00

(616)

(28,915)

0

0

FarNorthDallas

33,525,532

28

29.7

24.9

4.8

$29.25

505,765

660,611

0

665,926

FortWorthCBD

5,064,162

10.5

14.2

13.8

0.4

$24.71

55,871

83,834

0

0

LBJFreeway

10,691,642

22

25.3

23

2.3

$19.89

25,837

(34,194)

0

0

LasColinas

22,575,311

27.7

30.2

26.8

3.4

$22.41

37,911

578,363

0

0

Lewisville/Denton

797,194

38.6

36.9

36.9

0

$28.88

(11,194)

(39,783)

0

0

Mid-Cities

6,546,428

34.9

33.2

30.6

2.6

$21.82

(100,604)

(114,779)

0

0

NorthFortWorth

1,279,559

27.6

27.6

14.7

12.8

$18.28

0

29,537

0

0

NortheastFortWorth

415,921

28.5

28.5

28.5

0

$21.30

(5,500)

(113,500)

0

0

PrestonCenter

3,938,631

4.9

5.8

5.4

0.4

$47.74

26,936

219,484

0

151,000

Richardson/Plano

14,187,794

21.9

24.4

21.6

2.8

$20.63

415,187

441,185

0

0

SouthFortWorth

2,101,165

8

5.4

5.1

0.3

$24.44

69,971

162,326

0

361,002

SouthwestDallas

354,088

67.4

8.4

8.4

0

$14.79

(1,836)

2,941

0

0

StemmonsFreeway

4,373,804

22.5

18.9

18.1

0.8

$16.99

(14,174)

(41,058)

0

0

Uptown/TurtleCreek

13,512,219

24.9

23.5

22

1.4

$45.76

(20,554)

334,188

0

1,300,126

Total

147,043,891

26.5

28.1

25

3.1

$26.40

904,824

1,463,141

0

2,556,812

FIGURES|DALLAS/FORTWORTHOFFICE|Q42025

7CBRERESEARCH©2026CBRE,INC.

EconomicOverview

TheU.S.economyissendingsomemixedsignals.Financialmarketsarefocusedonthe

upside,particularlyAI’ssizablecontributiontogrowthinrecentquarters.Someindicatorsofbusinessactivity,suchascapitalgoodsorders,areimproving,andstrengtheningcredit

marketsarehelpingtousherrealestateintoanewcycle.

Thepicturegetsmoremelancholywhenlookingathouseholds.Consumerconfidence

remainsweak,withspendingreportedlydrivenbyasmallersegmentofaffluenthouseholds.ThismosaicofdatasuggeststhatannualaverageGDPgrowthwillbesteadyin2026,at2%,butatouchsofterthanin2025.Akeycatalystisasofterlabormarket,ascompaniesare

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

JobsAdded(000’s)

Dallas/FortWorthEmployment

400

300

200

100

0

(100)

(200)

OverallMetroOffice-Using

Source:BureauofLaborStatistics,January2026.

FIGURES|DALLAS/FORTWORTHOFFICE|Q42025

MarketAreaOverview

Definitions

AvailableSq.Ft.:Spaceinabuilding,readyforoccupancywithinsixmonths;canbeoccupiedorvacant.AvailabilityRate:Total

AvailableSq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaveragethatincludesnetandgross

leaserate,weightedbytheircorrespondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,

typicallytakenatthe“dripline”ofthebuilding.GrossActivity:Allsaleandleasetransactionscompletedwithinaspecifiedtimeperiod.Excludesinvestmentsaletransactions.GrossLeaseRate:Renttypicallyincludesrealpropertytaxes,buildinginsurance,

andmajormaintenance.NetAbsorption:ThechangeinOccupiedSq.Ft.fromoneperiodtothenext.NetLeaseRate:Rent

excludesoneormoreofthe”net”costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.OccupiedSq.Ft.:BuildingAreanotconsideredvacant.VacancyRate:TotalVaca