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A combination of new supply and weak economic conditions in Dallas/ Ft. Worth caused vacancy to increase across commercial property sectors over the past year. With the exception oflocal office properties, vacancy rates now exceed previous peak levels reported in the wake of the last recession. Construction has eased market-wide and starts should remain at reduced levels for some time, but developers finishing existing pipelines will deliver more new supply to the market this year than will be absorbed, applying further upward pressure on vacancy rates. Rents have taken a hit in recent quarters and will continue to slip, but the rate of decline will slow considerably, particularly in the apartment sector, where rents should begin to stabilize later this year as meaningful job creation resumes.

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