Demand for North Texas office space hit a post-pandemic high in the first quarter. Expanding and relocating businesses net leased more than 900,000 square...
Demand for North Texas office space hit a post-pandemic high in the first quarter.
Expanding and relocating businesses net leased more than 900,000 square feet of Dallas-Fort Worth office space, according to the latest report from commercial property firm Transwestern.“More companies are returning to the office and increasing headcounts at a robust pace,” Transwestern analysts said in the company’s just-released first-quarter report. “Space demand continues returning to normal levels.
The first-quarter recovery in net office leasing follows big declines in D-FW office demand during the last two years.“In some ways, the pace of recovery is better than expected as the future of work is being decided,” said Andrew Matheny, research manager in Transwestern’s Dallas office. “But in other ways, it’s not surprising given D-FW’s job creation.
“The strong rebound suggests there may not be a correlation between hybrid/remote work and space demand,” he said. “Companies still need office space if they want employees in the office three to four days per week.” During the year ending with the first quarter, net office leasing in the area totaled 1.7 million square feet.
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