By Korri Kezar Digital editor, Dallas Business Journal
As commercial construction slows in North Texas, the region is also seeing fewer tenants moving into available space.
According to new statistics released by Cushman & Wakefield, 632,068 square feet of office space was absorbed in the second quarter, down significantly from 1.4 million square feet absorbed during the same period in 2017.
For the year, absorption has also seen significant declines. Year to date, office tenants have moved into 963,495 square feet of space. In 2017, the region had already recorded 3 million square feet of absorption through Q2.
Overall, office vacancy stands at 18 percent, compared to 16 percent during the same time last year.
The lack of new tenancy mirrors a slowdown in construction across Dallas-Fort Worth. Total building in the region dropped 16 percent during the first five months of 2018 to $8.8 billion, as reported by Dodge Data & Analytics. That’s down from $10.4 billion during the same period in 2017.