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Metroplex Vacancy Swell Mostly Confined Within
Newly Built and Large-Scale Industrial Facilities
Post-2020 builds lift space availability. From the start of 2021 through the midpoint of this year, Dallas-Fort Worth added nearly 130 million square feet of new supply. That inventory, built in 2021 or later, had a vacancy rate above 35 percent in the second quarter of this year, equating to about 46 million square feet of vacant stock, or roughly half of the Metroplex total. Subtracting that space, the vacancy rate for properties built in 2020 or earlier was below 6 percent in June 2024, more than 400 basis points under the market’s overall measure. That dynamic may continue as new supply slated to open in the second half had a pre-leasing rate below 20 percent entering the third quarter. The proposed pipeline is sizable for 2025 as well, at 36 million square feet. However, as of June, ground had been broken on less than 3 million square feet slated for delivery in 2024, signaling that developers may be reassessing project timelines.