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Market Report

Dallas-Fort Worth Office Market Report

4Q 2022

Office Utilization Rising in the Second Half of 2022 as the Market
Shows Some Signs of Stabilizing

Workers are gradually returning to Metroplex workplaces. Kastle System's back-to-work barometer, which tracks weekday building access activity, is showing improved office utilization in Dallas. Using pre-pandemic admittance as a 100 percent baseline, the utilization rate in the metro approached 55 percent shortly after the Labor Day 2022 holiday, the highest point since the arrival of the health crisis. Leasing in the second and third quarters augment this utilization trend, showing substantial tenant interest persists for Dallas-Fort Worth offices in the age of remote and hybrid work. Net absorption eclipsed 550,000 square feet from April through June, marking the fourth time in five quarters with a positive reading. Major commitments since the culmination of that period include a 41,000-square-foot sublease by Omni Logistics in Coppell, and a 75,000-square-foot signing by cybersecurity firm Trellix in Plano.
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