Jul 25, 2024 - News
Charted: Dallas-Fort Worth's vacant office space
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Dallas-Fort Worth has a higher office vacancy rate than the national average, per data from Moody's.
Why it matters: The reliance on office space has drastically changed since the pandemic, with more people working remotely or only going into a workplace a couple times a week.
Zoom in: Though office vacancies are up from pre-pandemic levels, the D-FW market is one of the hottest for in-office work.
- The Dallas area has passed Chicago to become the third-largest metro for office-using jobs, per a recent report from real estate services company JLL.
Context: JLL found most of the office vacancies are confined to just 10% of buildings.
The intrigue: D-FW has become a hub for converting vacant office space into residential units.
- More than 3,800 Dallas-area apartments will be converted from office space in the next few years.