More than a quarter of D-FW office space is empty and vacancies are still rising. And more new buildings are on the way.
The metro area’s vacancy amounts to almost twice the total building space that’s in all of downtown Dallas’ big office towers.“Depending on how you slice the numbers, we are back to the bad old days of the 1990s,” said Walter Bialas, senior analyst with commercial property firm Avison Young. “It’s hard to say where this is going to shake out. I’d like to see more green shoots than I’m seeing.”
Employers sent their office staff home during the pandemic, and they’ve been slow to return. Only about 62% of Dallas-area office employees are back in their buildings — and that’s only on the highest occupancy days, according to estimates from Kastle Systems, a security provider that tracks people entering and leaving office buildings. Less than 40% show up at the office on the lowest occupancy day of the week, usually on Friday.
“Employees still spend far less time working at the office than they did before the pandemic, according to our survey,” the report found. “In early 2020, as they adopted remote work and hybrid work in response to lockdowns and health concerns, office attendance in the metropolitan areas we studied dropped by up to 90%.More than 60% of the empty office space is in only about 10% of the buildings, according to an estimate by property firm Jones Lang LaSalle.
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