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Employment counts remained steady with the DFW economy ranking second in the US with a 2.7% job growth rate. As such, DFW continues to show a strong demand for new office product coming to market, according to CBRE’s Q1 DFW Office MarketView. There are 20 projects in the construction pipeline with a pre-lease rate of 57.7%, highlighting the demand for new office product. The market ended the first quarter with negative (470,212) square feet of absorption, mainly due to a sizeable corporation moving into its own building. Asking rates were dampened slightly for a DFW-wide average of $24.25, a decrease of 73 basis points from last quarter. A combination of corporate consolidations into smaller spaces and newly delivered construction kicked up vacancy rates by 90 basis points to 20.5%.—Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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