“The Dallas office market is on track for its best year since 2019, thanks in part to the ‘Y’all Street’ phenomenon.”

Andrew Senior
Research Manager
Cushman & Wakefield

… on Q3 Dallas commercial real estate insights, via LinkedIn.

“Leasing by financial firms is up 75.7% from last year,” Senior wrote in a post.

The research manager at commercial real estate firm Cushman & Wakefield shared five “fast facts” on Dallas-Fort Worth’s office market in Q3 2025. Per C&W:

• Net absorption turned positive for the third consecutive quarter, driving year-to-date absorption to positive 1.6 million square feet. Dallas/Fort Worth absorption is on pace for its best year since 2019.

•The “Y’all Street” phenomenon drove a rebound in leasing. New leasing activity totaled 11 million square feet year-to-date showing its strongest pace since 2022. New leasing by financial activities firms (the aforementioned 75.7%) accounted for 2.3 million square feet year-to-date.

•Vacancy continued to fall, declining 0.1% quarter-over-quarter to 24.7%. Vacancy fell in Uptown/Turtle Creek (-7.8% year-over-year) and Preston Center (-6.1% year-over-year).

•Construction activity fell even further. Following delivery of 23Springs, office construction fell to 1.7 million square feet, its lowest figure since 2013. A dearth of new deliveries will continue over the next several years.

•Asking rents set a fresh record. Despite higher vacancy, office rents rose 3.0% year-over-year to a new all-time high of $33.66 per square foot. Trophy properties continued to outperform, growing 4.7% year-over-year to reach $75.20 per square foot.

For more of who said what about all things North Texas, check out Every Last Word.

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