DALLAS—The Dallas/Fort Worth office market recorded some 1.66 million square feet of direct net absorption during the second quarter and is on pace to achieve its best year since 1999, according to a recent report released by PM Realty Group (PMRG).

With a year-to-date absorption count at nearly 3.2 million square feet, the market's overall direct occupancy rates have increased 70 basis points since the beginning of the year to 83.3 points.

“The number speak for themselves,” Kurt Cherry, executive vice president of PMRG, told GlobeSt.com. “Our diversified economy has not only allowed the DFW office market to weather the storm of falling crude oil prices, we've experienced greater absorption at mid-year than this time last year.”

Other key takeaways:

· With overall occupancy rates hovering around 13-year highs, numerous speculative construction projects have begun or have plans to begin construction across the metro area.

· Class A rents have reached record highs and are likely to continue growing as speculative new construction delivers to the competitive market.

· The office construction pipeline has increased 26 percent within the past year to more than 6.8 million square feet.

“Although past performance isn't a guarantee to future success, the way DFW continues to generate jobs the office market should see robust growth going forward,” Cherry says.